The Oxford Handbook of History and International Relations by Mlada Bukovansky;Edward Keene;Christian Reus-Smit;Maja Spanu;

Author:Mlada Bukovansky;Edward Keene;Christian Reus-Smit;Maja Spanu;
Language: eng
Format: epub
Publisher: Oxford University Press USA
Published: 2023-08-15T00:00:00+00:00

Informal Social Institutions

As much as formal organizations are key to the development of global financial governance, informal social institutions have also profoundly shaped this history. Formal governance arrangements reflect not just the preferences of actors at a given period of time, and the balance of power among them, but also the social attitudes, norms and routines that comprise shared understandings about how the economy functions. Any governance response toward financial activity may reflect a complex concatenation of demands, arising from functional requirements of governing capitalist development, and social pressures and incentives on the leaderships of organizations, from sovereign states to international organizations.

Governance responses are also tethered, in the sense that the range of possible options are constrained. They are constrained by the conditioning choices made in the past and also by broader social norms, ideologies and schematics which shape those making choices. By informal social institutions, here we specifically consider the axiomatic systems of gender, race, and nationality. Though these elements may manifest in official codifications at different times and places, ultimately they overflow the boundaries of the formal. They are thus part of governance in two senses; they both impose constraints on formal institutions, and also structure the transnational practices of finance more broadly. Their analysis requires a different approach to granularity from that taken previously. Whereas in the first section, we focused on key shifts in a dialectic, in the following section we examine both gender and Anglo-American relations as tethering continuities through longer stretches of the history of global financial governance.

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