Invested interests: the politics of national economic policies in a world of global finance

  title={Invested interests: the politics of national economic policies in a world of global finance},
  author={Jeffry Frieden},
  journal={International Organization},
  pages={425 - 451}
  • J. Frieden
  • Published 1 September 1991
  • Economics
  • International Organization
Capital moves more rapidly across national borders now than it has in at least fifty years and perhaps in history. This article examines the effects of capital mobility on different groups in national societies and on the politics of economic policymaking. It begins by emphasizing that while financial markets are highly integrated within the developed world, many investments are still quite specific with respect to firm, sector, or location. It then argues that contemporary levels of… 

The Power of Money: Global Capital and Policy Choices in Developing Countries

Extant studies of the impact that international phenomena have on policy choices, and those focused on the political economy of exchange-rate regimes in particular, are incomplete because they do not

Globalization of Capital and National Policymaking

Through a combination of economic, political, and technological changes, capital has become increasingly mobile across borders. This globalization of capital markets has created constraints on

Monetary Politics in Southeast Asia: External Imbalances in Regional Context

Rather than conforming to a single model of export-driven growth, countries across the Asia-Pacific vary in terms of their external imbalances and the domestic politics of monetary policy that

Capital mobility, trade, and the domestic politics of economic policy

The conventional wisdom about the domestic political effects of economic internationalization in recent decades is overdrawn and too simple. Increasing exposure to trade and capital mobility has not

International Capital Flows and Political Transition in Europe: Historical Perspectives

The relationship of international capital flows and the stability of national political regimeshas become a focal point of interest recently among political scientists. Jeffrey Frieden notes several

An Introduction to Varieties of Capitalism

Political economists have always been interested in the differences in economic and political institutions that occur across countries. Some regard these differences as deviations from 'best

Room to Move: International Financial Markets and National Welfare States

  • L. Mosley
  • Economics, Political Science
    International Organization
  • 2000
A central research question in international political economy concerns the influence of financial markets on government policy outcomes. To what extent does international capital mobility limit

Structural Dependence: A Simple Marxian Analysis of the Limits to Redistribution with International Capital Transfers

  • B. Coram
  • Economics
    British Journal of Political Science
  • 1994
States in liberal democracies are said to be structurally dependent on the decisions of private investors in the sense that governments do not directly control the level of investment and economic

Global Markets and National Politics: Collision Course or Virtuous Circle?

Increasing exposure to trade, foreign direct investment, and liquid capital mobility have not prompted a pervasive policy race to the neoliberal bottom among the OECD countries. One reason is that

National financial structures, capital mobility, and international economic rules: The normative consequences of East Asian, European, and American distinctiveness

  • L. Pauly
  • Economics, Political Science
  • 1994
In addressing the relationship between the structures of national financial markets, capital mobility, and the rules governing international trade and investment, this article combines theory and



International Corporations: The Industrial Economics of Foreign Investment

As trade follows the flag, so does applied economics follow the newspapers. Urgent issues of public policy have in the past decade or so called forth a great deal of new factual evidence on the

National Saving and Economic Performance

The past decade has witnessed a decline in saving throughout the developed world—the United States has the dubious distinction of leading the way. The consequences can be serious. For individuals,

Capital Mobility and Stabilization Policy Under Fixed and Flexible Exchange Rates

The world is still a closed economy, but its regions and countries are becoming increasingly open. The trend, which has been manifested in both freer movement of goods and increased mobility of

Real-Financial Linkages Among Open Economies

The contributions in this book identify and take up an important problem in international economics - the split in theoretical and empirical work in international finance and in internatiopal trade.

The Making of Exchange Rate Policy in the 1980s

This paper, written for an NBER conference on "American Economic Policy in the 1980s," discusses the dollar from the standpoint, not of what moved the exchange rate or what policies might have been

National tax systems versus the European capital market

Capital taxation Alberto Giovannini The current structure of taxes on capital income across EC countries can be exploited by corporations to reduce tax burdens. Skilled individuals can indulge in

Dependent Development: The Alliance of Multinational, State, and Local Capital in Brazil

  • P. Evans
  • Political Science, Economics
  • 1979
In order to analyze Brazil's recent accumulation of capital in the light of its continued dependence, Peter Evans focuses on the relationships among multinational corporations, local private

The Appropriate Use of Monetary and Fiscal Policy under Fixed Exchange Rates

This paper deals with the problem of achieving internal stability and balance-of-payments equilibrium in a country that considers it inadvisable to alter the exchange rate or to impose trade

Third World indebted industrialization: international finance and state capitalism in Mexico, Brazil, Algeria, and South Korea

The past fifteen years have seen two important developments in the international economic system: the rapid industrialization of many less developed countries (LDCs) and their increasing indebtedness

Global Hegemony and the Structural Power of Capital

dimensions. These distinctions are elaborated to help explain aspects of the changing nature of present-day capitalism, with particular reference to aspects of transformation in the 1980s and beyond.