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Thesis Eleven, Vol. 53, No. 1, 19-28 (1998)
DOI: 10.1177/0725513698053000006
© 1998 Thesis Eleven Pty, Ltd., SAGE Publications

Insuring Risk: Systems of Global Finance

Ann Capling

Michael Crozier

Critical analyses of international financial markets tend to explain changes over recent decades in terms of a resurgent liberalism. This paper employs a systems theoretical approach to argue that there has been a far more fundamental transformation in the operations of these financial markets than simply a shift towards more liberalized regimes of regulation. The use of risk as resource and the systematic randomness of these new operational trends have perverse implications not only for the integrity of political systems but also for the neoliberal promoters and players inside the new complex system of global finance.

Key Words: financial markets • globalization • neoliberalism • risk • systems theory


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