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Reforming World Finance: Geopolitical Challenges - Essay Example
Finance & Accounting
Pages 14 (3514 words)
Reforming World Finance: Geopolitical Challenges Name: Institution: REFORMING WORLD FINANCE: GEOPOLITICAL CHALLENGES Introduction Bankers and policy makers, of late, have been keen to make clear commitments to lift debilitating uncertainties that have weighed down on the global financial systems…
Changes in the structure of the global financial systems are not visible as of yet, partly because bankers and policy makers have delayed reform implementation in various places, whether intentionally or unintentionally, as well as resistance to these reforms. The current challenges are of an economic and geopolitical nature. Recent international affairs have seen the convergence of two trends. One has been the rebalancing of the configuration of geopolitical power while the second has seen a strong re-emergence of states in global finance. This convergence will most likely result in sustained turbulence, in global politics and uncertainties, in international financial systems. This is expected to be a major challenge in reformation of global financial systems. The Anglo-Saxon system seems to have reached its failing point with the current downturn in the global financial systems blamed, primarily on this failure. The state’s role is making a comeback as globalization is rolled back. President Obama makes this obvious in the United States as he moves the country towards a bigger and more activist government. The quasi-nationalization of automotive and banking industries and the reform pending for its financial system makes this clear (Altman, 2009: p4). ...
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