The international political economy of money, macro-money theories and methods

Carla Norrlof

Review of International Political Economy, 2017, vol. 24, issue 4, 718-736

Abstract: The 2008 financial crisis exposed the fragility of advanced economies to financial caprice and the centrality of the United States in the global monetary order. Understanding the power structures behind global monetary orders, their distributional effects, as well as the systemic consequences associated with practices within domestic financial systems, particularly within financial centres, remains a priority. In a recent commentary, Cohen argues that the field is fragmented and that excessive attention to social scientific method is to blame. I agree with Cohen that the field of international political economy (IPE) of money is fragmented but I disagree that social scientific method is the cause. The fragmentation, and slow progress in the IPE of money, to which Cohen refers, is rather attributable to a lack of social scientific method, resulting in conceptual and empirical ambiguity, and unclear standards. Finally, I outline how social science methods could produce the kind of systemic analysis Cohen is calling for, ‘macro-money theories’, the flip side of the ‘micro-money theories’ embodied by open economy politics.

Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/09692290.2017.1355332 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:rripxx:v:24:y:2017:i:4:p:718-736

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/rrip20

DOI: 10.1080/09692290.2017.1355332

Access Statistics for this article

Review of International Political Economy is currently edited by Gregory Chin, Juliet Johnson, Daniel Mügge, Kevin Gallagher, Ilene Grabel and Cornelia Woll

More articles in Review of International Political Economy from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().