The War in Ukraine and the End of the American Financial Order?

Ilene Grabel

Review of Radical Political Economics, 2023, vol. 55, issue 4, 547-556

Abstract: The crises of 1997–98, 2008, and the pandemic accelerated contradictory changes in global financial governance. Taken together, the change and stasis propelled by these crises is coalescing around a fragmented “post-American financial order.†The war in Ukraine represents another inflection point. The war has facilitated the reassertion of American financial power and cooperation among rich nations. However, like previous crises, the war is creating fissures in financial governance. The landscape offers risks and opportunities against a backdrop of heightened financial fragilities, authoritarianism and fascism, inequalities, devastation associated with the pandemic and war, and climate crisis. In such moments, Hirschman’s “possibilism†is both elusive and necessary. In this context, we might aspire to “permissive multilateralism s †rather than nostalgia for a new Bretton Woods. JEL Classification: F02, F51

Keywords: post-American financial order; war in Ukraine; global financial governance; Albert Hirschman; Antonio Gramsci (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:55:y:2023:i:4:p:547-556

DOI: 10.1177/04866134231166988

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