Blog 3

  I was extremely interested to learn about the global financial structure as outlined by Susan Strange in her 1990 article, “Finance, Information, and Power.”  Strange describes how structural power is tied to the finances of a country and makes note of all the nuances of the discrepancies in finances between countries, like exchange rates, credit systems, and rates of interest.  This article raised my attention to an international system, which I had never really considered to be an aspect of international relations before, the global financial system.  Strange explains how this system has grown to become more global in recent times, stating how the system “has shifted from being a predominantly state-based system with some transnational links to being a predominantly global system with some local differences (Strange 260).”  In this course, we have covered so much material that describes how nations cannot come together and how conflicts arise, as well as how forming international bodies can be so difficult, however, the global financial system is something that everyone relies on for countless aspects of daily life and therefore something that nations can come together in order to make agreements and relationships.  Despite this system being a good example of an international system, it also highlights the inequalities and imbalances of power between nations.  Nations with more wealth have greater control, and because of this, a power imbalance is created between different wealth classes.  This allows for certain nations to make the rules of the global financial system, which can disproportionately harm poorer nations.  The structure of power within this system allows for wealthier nations to maintain their wealth and influence, while poorer nations are bound to the decisions that their  wealthier counterparts make.

Strange’s article allowed for me to understand an aspect of international politics in a more tangible sense.  Oftentimes in class we discuss situations that are far removed from the daily lives of most students, however, the economy is something that is prevalent in our daily lives.   In addition to this, imbalances within the economy is an issue that is relevant in the United  States and a topic which many are familiar with, therefore making this concept easy to understand and relate to.  As Strange’s article was published more than thirty years ago, I question what other issues have arisen in the global financial system in the time since its publication, especially since technology has changed many aspects of this system.  I also question what new issues the global financial system will face in the future, as out world is changing so rapidly and inequalities between nations are only becoming greater.

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