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Financial deregulation and the role of statecraft : lessons from Britain’s 1971 competition and credit control measures

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Copley, Jack (2017) Financial deregulation and the role of statecraft : lessons from Britain’s 1971 competition and credit control measures. New Political Economy, 22 (6). pp. 692-708. doi:10.1080/13563467.2017.1311849

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Official URL: http://dx.doi.org/10.1080/13563467.2017.1311849

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Abstract

Within the financialisation literature, a number of approaches identify the coexistence of financial expansion and productive stagnation. Yet there is no consensus on which direction causality operates between these two phenomena. This impasse has been widened by the lack of attention paid to the role of statecraft strategies in mediating possible causal mechanisms. This article contributes to rectifying this shortcoming by focusing on the governance advantages granted to states through financial deregulation. By presenting archival evidence on Britain’s 1971 Competition and Credit Control deregulation, this article lends support to financialisation accounts that argue that weaknesses in the productive economy spurred financial expansion, yet it also indicates that the state’s desire for depoliticised forms of governance played a crucial role in mediating this relationship. This further suggests that International Political Economy should focus on the strategic manner in which states relate to markets.

Item Type: Journal Article
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
Divisions: Faculty of Social Sciences > Politics and International Studies
Library of Congress Subject Headings (LCSH): Credit control -- Great Britain -- History, Competition -- Great Britain -- History
Journal or Publication Title: New Political Economy
Publisher: Routledge
ISSN: 1356-3467
Official Date: 10 April 2017
Dates:
DateEvent
10 April 2017Published
22 March 2017Accepted
Volume: 22
Number: 6
Page Range: pp. 692-708
DOI: 10.1080/13563467.2017.1311849
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access

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