Globalization of Financial Capitalism and its Impact on Financial Sovereignty

In: World review of political economy: journal of the World Association for Political Economy, Band 6, Heft 2

Open Access

Abstract

Under the influence of neo-liberalism, financial liberalization initiated by developed countries has transformed industrial capitalism into financial capitalism and subsequently brought about the globalization of financial capitalism. Despite the respite after the financial crisis of 2008, the resurgence of globalization of financial capitalism will be unavoidable. Globalization of financial capitalism, an economic phenomenon as well as a social, political, and legal phenomenon, may have a significant impact on the financial sovereignty of countries around the world. In an era of globalization of financial capitalism, how to safeguard the financial sovereignty has become a serious challenge for all countries, especially developing countries.