Strange, Susan, 1923- (1998) What theory? The theory in mad money. Working Paper. University of Warwick. Centre for the Study of Globalisation and Regionalisation, Coventry.

Preview

PDF WRAP_Strange_wp1898.pdf - Requires a PDF viewer such as GSview, Xpdf or Adobe Acrobat Reader Download (818Kb)

Abstract

Mad Money (Manchester University Press, 1998) is the completely rewritten and updated version of Casino Capitalism (Blackwells, 1986). It has been suggested--of both volumes--that there was no theory underlying Strange's discussion of the international financial system in them. This, she argues in this Working Paper, is emphatically not the case. Both volumes always implicitly, and often explicitly, are underpinned by the dominant themes that are reflected in Strange's work since the publication of 'International Relations and International Economics: A Case of Mutual Neglect', International Affairs, 46 (2) 1970. These themes are threefold: Firstly a need to privilege the politics of the international financial system in the study of international relations; a discipline too long myopic in its focus on violent conflict and war between states at the expense of all else. (ii) A need to go beyond liberal political and economic theory and recognise the significance of 'structural power' in the international system. (iii) A need to recognise that 'the areas of significant ignorance' in our understanding of the role of the international financial system in an era of technological revolution and globalisation are becoming greater rather than smaller. For Strange, the structural power of capital is not constant and, therefore, cannot be accommodated in the logic of liberal economics. Thus, using the dictionary definition of mad--erratic, unpredictable, irrational behaviour, damaging not only to sufferers but also to others--we have, as she puts it 'mad money'.

Item Type:	Working or Discussion Paper (Working Paper)
Subjects:	H Social Sciences > HC Economic History and Conditions
Divisions:	Faculty of Social Sciences > Centre for the Study of Globalisation and Regionalisation
Library of Congress Subject Headings (LCSH):	Strange, Susan, 1923- Mad money : when markets outgrow governments, International economic relations, Economic theory, Finance, Money
Series Name:	Working papers (University of Warwick. Centre for the Study of Globalisation and Regionalisation)
Publisher:	University of Warwick. Centre for the Study of Globalisation and Regionalisation
Place of Publication:	Coventry
Date:	December 1998
Number:	No.18/
Number of Pages:	31
Status:	Not Peer Reviewed
Access rights to Published version:	Open Access
URI:	http://wrap.warwick.ac.uk/id/eprint/2107

Request changes to a record

Actions (login required)

View Item