A Bretton Woods moment? The 2007-2008 crisis and the future of global finance
Bibliographic Data
| ID | 4035544 |
|---|---|
| Authors | Eric Helleiner (0000-0002-5083-5394, Balsillie School of International Affairs, corresponding author) |
| Year | 2010 |
| Volume | 86 |
| Issue | 3 |
| Pages | 619-636 |
| Publication date | 2010-05-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | International Affairs (JOURNAL) |
| Journal identifiers | ISSN: 0020-5850 • E-ISSN: 1468-2346 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/j.1468-2346.2010.00901.x |
| OpenAlex | W1985586364 |
| Language | EN |
| Citations received | 65 |
The 2007–2008 global financial crisis encouraged speculation about the prospects for a ‘Bretton Woods moment’ in which the global financial system would be radically redesigned. Many of those hoping for this outcome have since become disillusioned with the limited nature of the international financial reform agenda. But the success and innovation of the Bretton Woods conference was made possible by unique political conditions that are not present today, notably concentrated power in the state system; a transnational expert consensus; and wartime conditions. Moreover, a close reading of history reveals that the Bretton Woods system did not emerge from a single moment but rather from a much more extended historical process. If a new international financial system is being born today, it will be a slower and more incremental development process that can be divided into four phases: a legitimacy crisis; an interregnum; a constitutive phase; and an implementation phase. Viewed from this perspective, post-crisis developments look more significant. The crisis of 2007–2008 has already intensified twin legitimacy crises relating to international financial policy and leadership. It has also generated an international reform initiative that has been unusual for its speed and internationally coordinated nature. Many of the details of this reform initiative remain unresolved and its content and breadth are hotly contested in various ways. We thus find ourselves in more of an interregnum than a constitutive phase. It remains unclear how quickly, if at all, the latter might emerge and in what form
Economics · Financial crisis · Interregnum · Keynesian economics · Legitimacy · Political economy · Political science · Politics · Finance · Global Financial Crisis and Policies · International Development and Aid · Law · State Capitalism and Financial Governance
Brics
The New G20 Politics of Global Economic Governance
The Global Financial Crisis in Comparative Perspective
The Public and Its Problems
Putting the Pieces Together
Policy Diffusion, Policy Learning and Local Politics
Rhetoric, Legitimation, and Grand Strategy
Not your grandfather's IMF
After crisis scenarios for Europe
Contesting New Monetary Policy
Global Monetary Order and the Liberal Order Debate
Emerging Powers and Differentiation in Global Climate Institutions
Ruling the Interregnum
Politics of household indebtedness in Turkey
L atin A merica in the G 20
Two Steps Forward? Assessing Latin American Regionalism Through Celac
Beyond the neoliberal orthodoxy
Tracing policy influence of diffuse interests
Governance and Democratization since the 2008 Financial Crisis
The G20 and ad hoc Embedded Liberalism
The ontology of financial markets and the policy paradigm of financial regulation
India and global governance
Conceptualising Ideational Novelty
Economic Ideas and the Political Construction of the Financial Crash of 2008
Preparedness, Crisis Management and Policy Change
Money power of Capital and Production of ‘New State Spaces’
The New Political Economy of the Macroprudential Ideational Shift
The ‘Old’ and ‘New’ Politics of Financial Services Regulation in the European Union
Varieties of Economic Crisis, Varieties of Ideational Change
Global Financial Governance and Development Finance in the Wake of the 2008 Financial Crisis
The Long Quest for an International Order with C hinese Characteristics
Introduction
The rebranding of capital controls in an era of productive incoherence
Innovation and deadlock in global financial governance
Managing and transforming policy stigmas in international finance
The Systemic Approach to International Financing for Development and the Need for a World Tax and Financial Organization
Gunboats of soft power’
International Economic Law at a Crossroads
The New Age of Hybridity and Clash of Norms
How much is global governance changing? The G20 as international practice
Financializing space, spacing financialization
Credit/debt and human capital
On the terrorism of money and national policy-making in emerging capitalist economies
Economic Multilateralism in Peril
The prospects for transnational advocacy across the Ibsa bloc – a view from Brazil
Capital Account Regulation and National Autonomy
Economic globalization in the global post-crisis of 2008
A lucratividade dos bancos norte-americanos após a crise de 2007/2008
Global Shifts and the Limits of the EU’s Transformative Power in the European Periphery
Commentary
The gradual transformation? The incremental dynamics of macroprudential regulation
Financial industry groups' adaptation to the post‐crisis regulatory environment
The Relevance of an Incremental Approach to Ideational Change
The Political Economy of Global Finance
The power of economic ideas – through, over and in – political time
Democracy and Financial Crisis
Financial industry mobilisation and securities markets regulation inEurope
The retreat from neoliberalism that was not
Understanding the 2007–2008 Global Financial Crisis
Lost in internal evaluation? Accountability and insulation at the World Bank
Regulating international finance and the diversity of capitalism
Reforming the global financial architecture
Precarious Work and the Challenge for Asia
Deep finance
An important failure
| Unique citing works | 65 |
|---|---|
| Citations per year | 4,06 |
| Citation span | 2010 - 2024 (15) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 59 |