When Things Don't Fall Apart: Global Financial Governance and Developmental Finance in an Age of Productive...

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Ilene Grabel (University of Denver) Dani Rodrik (Rafiq Hariri Professor of International Political Economy, Harvard University)

When Things Don't Fall Apart

Global Financial Governance and Developmental Finance in an Age of Productive Incoherence

Ilene Grabel (University of Denver), Dani Rodrik (Rafiq Hariri Professor of International Political Economy, Harvard University)

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English

MIT Press
06 August 2019

EU & European institutions; International economics; Development economics; Credit & credit institutions

Series: The MIT Press

"An account of the significant though gradual, uneven, disconnected, ad hoc, and pragmatic innovations in global financial governance and developmental finance induced by the global financial crisis.

InWhen Things Don't Fall Apart, Ilene Grabel challenges the dominant view that the global financial crisis had little effect on global financial governance and developmental finance. Most observers discount all but grand, systemic ruptures in institutions and policy. Grabel argues instead that the global crisis induced inconsistent and ad hoc discontinuities in global financial governance and developmental finance that are now having profound effects on emerging market and developing economies. Grabel's chief normative claim is that the resulting incoherence in global financial governance is productive rather than debilitating. In the age of productive incoherence, a more complex, dense, fragmented, and pluripolar form of global financial governance is expanding possibilities for policy and institutional experimentation, policy space for economic and human development, financial stability and resilience, and financial inclusion. Grabel draws on key theoretical commitments of Albert Hirschman to cement the case for the productivity of incoherence. Inspired by Hirschman, Grabel demonstrates that meaningful change often emerges from disconnected, erratic, experimental, and inconsistent adjustments in institutions and policies as actors pragmatically manage in an evolving world.

Grabel substantiates her claims with empirically rich case studies that explore the effects of recent crises on networks of financial governance (such as the G-20); transformations within the IMF; institutional innovations in liquidity support and project finance from the national to the transregional levels; and the ""rebranding"" of capital controls. Grabel concludes with a careful examination of the opportunities and risks associated with the evolutionary transformations underway."

By: Ilene Grabel (University of Denver)
Foreword by: Dani Rodrik (Rafiq Hariri Professor of International Political Economy Harvard University)
Imprint: MIT Press
Country of Publication: United States
Dimensions: Height: 229mm, Width: 152mm, Spine: 19mm
ISBN: 9780262538527
ISBN 10: 0262538520
Series: The MIT Press
Pages: 400
Publication Date: 06 August 2019
Audience: Professional and scholarly , Undergraduate
Format: Paperback
Publisher's Status: Active

Ilene Grabel is Distinguished University Professor at the University of Denver, where she is also Professor of International Finance at the Josef Korbel School of International Studies. Dani Rodrik is Ford Foundation Professor of International Political Economy at Harvard's John F. Kennedy School of Government.

Winner of <PrizeName>Winner, 2018 British International Studies Association International Political Economy Group Book Prize</PrizeName> 2018
Winner of <PrizeName>Winner, 2019 International Studies Association Best Book Award, International Political Economy Section</PrizeName> 2018
Winner of <PrizeName>Winner, 2019 Myrdal Prize, awarded by the European Association for Evolutionary Political Economy (EAEPE)</PrizeName> 2018