National Security and National Finance : Locating the Origins of Modern Financial Capitalism

@inproceedings{Carney2004NationalSA,
  title={National Security and National Finance : Locating the Origins of Modern Financial Capitalism},
  author={Richard L. Carney},
  year={2004}
}
Modern political economies are distinguished from each other by the institutions that mediate actors’ interactions, falling somewhere along a spectrum between pure market and non-market mechanisms. But how did these institutions originally emerge? With regard to the financial sector, I argue that higher levels of national security threats in combination with economic backwardness lead to a financial system more dominated by banking relationships. To evaluate the argument, I conduct a focused… CONTINUE READING