Abstract

The 2008 crisis has triggered a great debate on the transformation of global financial governance. The traditional state-market dichotomy has been widely used to describe the reconfiguration of financial regulation, which as a pendulum would have shifted from market to state in response to the failure of the pre-crisis practices and governance arrangements. In this article, the problem of global financial governance will be addressed from a different theoretical perspective, and a more complex image than the state-market dichotomy will be presented by adopting some assumptions and approaches derived from critical International Political Economy (IPE). In particular, a Coxian approach will be adopted to illustrate the emergence, consolidation and resistance of the neoliberal global financial order, as well as the main challenges to its survival.