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Cambridge Journal of Economics 2004 28(6):809-827; doi:10.1093/cje/beh043
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Cambridge Journal of Economics, Vol. 28, No. 6, © Cambridge Political Economy Society 2004; all rights reserved

The Asian crisis and the shaping of ‘proper’ economies

Jakob Vestergaard*

Address for correspondence: Copenhagen Business School, Department of Management, Politics and Philosophy; email: jvj.lpf{at}cbs.dk

The latter half of the 1990s saw a new international agenda develop: the ‘strengthening of the international financial system’ through the globalisation of standards and codes of ‘best practice’. The author calls for critical reflection on this normalisation of ‘free market’ capitalism and its global enforcement through a comprehensive system of economic standardisation and surveillance. To this end, Michel Foucault's analysis of liberalism is shown to be highly relevant.

Key Words: International finance • Globalisation • Post-Washington Consensus • Liberalism • Michel Foucault

JEL classifications: B30, F02, F42, P51

Manuscript received April 8, 2002; final version received November 22, 2002.


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