Policy Press

State, Capitalism and Finance in Emerging Markets

Between Subordination and Statecraft

Edited by Johannes Petry and Andreas Nölke

Published

May 1, 2025

Page count

272 pages

Browse the series

Business, Finance and International Development

ISBN

978-1529243345

Dimensions

234 x 156 mm

Imprint

Bristol University Press

Published

May 1, 2025

Page count

272 pages

Browse the series

Business, Finance and International Development

ISBN

978-1529243369

Dimensions

234 x 156 mm

Imprint

Bristol University Press

Johannes Petry is Postdoctoral Researcher at Goethe University Frankfurt.

Andreas Nölke is Professor of Political Science at Goethe University Frankfurt.

1. Introduction – Johannes Petry and Andreas Nölke

Part 1: Conceptual Tools

2. International Financial Subordination: From Genesis to Varieties of Financial Statecraft – Ilias Alami

3. Unpacking ‘State Capacity’ for Financial Statecraft: Theorizing Trade-Offs for Policymakers – Leslie Elliott Armijo

Part 2: Country Cases

4. South African Financial Innovation and Subordination within Extreme Socio-Economic Crisis – Patrick Bond

5. Brazil in the International Financial Order: How Domestic Politics Trigger an Ambiguous Contestation – Pedro Lange Netto Machado and Luiz Fernando de Paula

6. Russian Financial Markets after February 2022: De-Globalization, Defensive Statecraft and Capital Markets – Ilja Viktorov and Alexander Abramov

7. Seeking Autonomy beyond Subordination: Chinese Financial Statecraft and the e-CNY – Christopher McNally

8. Relaxing the survival constraint: India's financial statecraft in search of domestic autonomy – Anush Kapadia and Fathimath Musthaq

Part 3: Comparative Analyses

9. The Role of the State in Subordinate Financialised Capitalism: Comparing Brazil and Turkey – Elif Karacimen and Annina Kaltenbrunner

10. Tools of Subordination or Statecraft? A Comparative Analysis of Stock Exchanges in the BRICS – Johannes Petry

11. Central Bank Digital Currencies: A Comparative Account of Projects in China, Russia and the Eurozone – Carola Westermeier, Roxana Ehlke and Tim Salzer

12. Afterword – Ingrid Kvangraven