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The growth of global finance since 1960 constitutes one of the most important transformations in social relations during the twentieth century. Using historical, statistical, and graphical techniques, State Institutions, Private Incentives, and Global Capital examines three important aspects of this phenomenal shift in the international political economy. First, Andrew Sobel explores the reawakening of the international financial markets, mapping their extraordinary transformation since the early 1960s and discussing the role of politics in that metamorphosis. The author then offers a fresh understanding of the systematic differences in access for borrowers in this rapidly transforming and expanding global capital pool. He then demonstrates the influence of political factors in producing differential access to the global capital pool. Showing how the character and stability of a country's political system affects investors's decisions to invest in that country, Sobel breaks new ground in understanding the basis for the frequent admonitions by the World Bank and others that a stable political and legal system are essential for states to attract significant foreign investment. With the growing debate about the effect of financial interdependence on the ability of states to conduct economic policy and indeed to preserve their independence in the face of unprecedented economic linkages, this book will be of interest to political scientists and economists as well as policy makers concerned with the impact of financial globalization and the causes of differentials in access to capital.

Vigorous debates swirl around issues of globalization, as global political economic relations in a nation-state system are complex and incompletely understood phenomena. The experiences of the late 1800's and first half of the twentieth century suggest that globalization requires nurturing to ensure that societies garner the advantages offered by globalization and manage the risks and fears unleashed by such dramatic transformation in social affairs. Featuring contributions by experts from a variety of disciplinary backgrounds including economics, political science and law, this edited volume offers a timely examination of the complexities surrounding modern globalization. Through discussion and evaluation of the problems associated with immigration, social welfare and income inequality, and global governance the book offers a significant contribution to the continuing globalization debate. Providing both an overview of the debate and detailed discussion of specific examples, Challenges of Globalization will be of great interest to scholars of international political economy, international relations and globalization studies. 1. Opportunities and Challenges Andrew Sobel 2. Sustainable Labor Migration Policies in a Globalizing World Philip Martin 3. The Last Bastions of State Sovereignty: Immigration and Nationality Go Global Stephen Legomsky 4. The Era of Free Migration: Lessons for Today Kevin O’Rourke 5. Cultural Communities in a Global Labor Market: Immigration Restrictions as Residential Segregation Howard Chang 6. Economics Versus Identity: Mass and Elite Attitudes Toward Trade, Migration and Outsourcing Mariana Medina and Andrew Sobel 7. Globalization and Inequality in Latin America and the Carribean Evelyene Huber and John Stephens 8. Capital Mobility and State Social Welfare Provisions in the Late 1800s Zahra Egal and Andrew Sobel 9. Global Governance Redefined Miles Kahler Andrew C. Sobel is a member of the Department of Political Science, a Resident Fellow in the Center in Political Economy, and on the Board of Directors of the Center for the New Institutional Social Sciences at Washington University in St. Louis. He is the author of three books and specializes in the politics of international finance with a focus upon domestic explanations of international behaviour.