The Financial Statecraft of Emerging Powers: Shield and Sword in Asia and Latin America (International Political Economy Series)

Our book, Financial Statecraft of Emerging Powers , came out of the collaboration of three initiators, Carol Wise, Leslie Elliott Armijo, and Saori N. Katada, who were fortunate to receive generous funding from a grant jointly awarded by the Latin American Studies Association (LASA) and the Andrew W. Mellon Foundation in 2011. After we collectively steered the project through its initial workshop stage, two of us went on to edit this book. As scholars of international political economy focusing on East Asia and Latin America, we have been intrigued by the rise of emerging powers from these regions and the way they now use such newly gained economic powers to promote their foreign policy agendas. We feel very privileged that first-rate scholars in this field have joined us to advance this project in this collective book. We thank John Echeverri-Gent, Natasha Hamilton-Hart, Ignacio Labaqui, Injoo Sohn, and Ulrich Volz, not only for their brilliant chapters, but also for their patience and commitment as we have brought this project to fruition. Scholarship is a product of intellect, imagination, and hard work, but it thrives largely because of the community that values and supports such efforts. We feel blessed to be living in such a community, fostered by generous funders, inspiring mentors, and exciting colleagues. In the process of producing this book, we have been particularly indebted to our common mentor and dear friend, Benjamin "Jerry" Cohen, who has kindly contributed a foreword to this book. His admirable scholarship and personal generosity has been an on-going inspiration to us bothnot to mention his helpful role in originally introducing the two editors to one another! We also owe significant debts to other scholars who helped us through this project, with their participation in two workshops, both held at University of Southern California. The participants and other colleagues provided us with pertinent criticisms and valuable suggestions that moved the project forward. We thank 'Financial statecraft' goes beyond sanctions against rogue states. National governments manipulate money, credit, and exchange rate resources to achieve a range of foreign policy goals. The aims of financial statecraft may be defensive or offensive, its targets bilateral or systemic, and its instruments financial or monetary. Since the global financial crisis of 2008-9, rising multipolarity in international relations has given 'new kids on the block' such as China, India, and Brazil the opportunity - and desire - to move beyond the old forms of defensive financial statecraft, such as debt default, to new and assertive types of international financial statecraft, including collective pressure on the industrial democracies to expand the IMF quotas of emerging powers. An open question for the future is whether the leaders of major emerging powers will continue to cooperate with the United States, Western Europe, and Japan in global financial governance - or whether some of them will move toward more direct challenges to the existing system's governing principles or its power hierarchy Front Matter....Pages i-xx New Kids on the Block: Rising Multipolarity, More Financial Statecraft....Pages 1-20 Who’s Afraid of Reversing Neoliberal Reforms? Financial Statecraft in Argentina and Venezuela....Pages 21-46 Brave New World? The Politics of International Finance in Brazil and India....Pages 47-76 The End of Monetary Mercantilism in Southeast Asia?....Pages 77-102 All Politics Is Local: The Renminbi’s Prospects as a Future Global Currency....Pages 103-137 Regionalism as Financial Statecraft: China and Japan’s Pursuit of Counterweight Strategies....Pages 138-161 The Financial Statecraft of Emerging Powers: How, Why, and So What?....Pages 162-183 Back Matter....Pages 185-189 Financial statecraft' goes beyond sanctions against rogue states. The aims of financial statecraft may be defensive or offensive, its targets bilateral or systemic, and its instruments financial or monetary. Regions and countries profiled include Argentina, Venezuela, Brazil, India, Southeast Asia, China, and Japan.