Download PDF The New Masters of Capital (Cornell Studies in Political Economy (Hardcover)), by Timothy J. Sinclair
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The New Masters of Capital (Cornell Studies in Political Economy (Hardcover)), by Timothy J. Sinclair
Download PDF The New Masters of Capital (Cornell Studies in Political Economy (Hardcover)), by Timothy J. Sinclair
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From the Inside Flap
"In this volume Timothy J. Sinclair systematically and thoroughly explores a major but little-known dimension of world affairs. The extensive expansion of international capital mobility in recent years has accorded bond-rating agencies a central place in the dynamics of globalization and Sinclair does a masterful job of explicating the various ways in which these new masters of capital exercise their power and perform their roles."—James N. Rosenau, University Professor of International Affairs, The George Washington University "In The New Masters of Capital, Timothy J. Sinclair investigates the world of bond rating agencies. These private institutions have immense power, as their judgments can profoundly affect the financial conditions faced by corporations, cities, and countries. Their ratings can determine whether or not poor countries or struggling municipalities can borrow on private markets, a consideration of profound importance to their economic success. Sinclair explores how the bond rating agencies function, and how they can malfunction, as part of the broader international political economy. The New Masters of Capital will be interesting and informative for all those concerned to understand the operation of today’s global financial markets. James Carville once famously said that when he was reincarnated he wanted to come back as the bond market, because ‘then you can intimidate everyone.’ If Carville had read Sinclair’s book, he would have chosen to come back as a bond rating agency, because then he could even intimidate the bond market!"—Jeffry A. Frieden, Stanfield Professor of International Peace, Harvard University "Timothy J. Sinclair offers an admirably jargon-free account of bond rating agencies. This book will be widely read, as it is the first to systematically tackle this aspect of the politics of economic globalization. The New Masters of Capital makes a strong and intriguing argument about the role of power and authority in the social construction of knowledge in international market settings."—Kathleen McNamara, Georgetown University
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About the Author
Timothy J. Sinclair teaches international political economy at the University of Warwick. He is the coauthor of Approaches to World Order and the editor of Global Governance: Critical Concepts in Political Science, Structure and Agency in International Capital Mobility, and Approaches to Global Governance Theory.
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Product details
Series: Cornell Studies in Political Economy (Hardcover)
Hardcover: 204 pages
Publisher: Cornell University Press (July 31, 2008)
Language: English
ISBN-10: 0801443288
ISBN-13: 978-0801443282
Product Dimensions:
6.6 x 0.8 x 9.6 inches
Shipping Weight: 1.1 pounds (View shipping rates and policies)
Average Customer Review:
4.3 out of 5 stars
3 customer reviews
Amazon Best Sellers Rank:
#1,080,073 in Books (See Top 100 in Books)
A journey into a cavern of capitalism that is rarely explored.The assessment of financial risk in society evolves. In this volume, one gets a guide to the inner working and evolution of Moody’s, Fitch and Standard & Poors. Yet, it is vastly more than that.As Associate Professor of International Political Economy at the University of Warwick, Sinclair’s methodology and commentary are simply magnificent. With such a paucity of books authored on this subject, I searched and selected this volume. I am very glad I did.The honesty that guides the author’s analysis is refreshing:“Rating, as it exists today, is not rocket science. It attempts to meld quantitative and qualitative variables that are not commensurate and therefore cannot be placed into an equation. It is crucial to understand this point for much of the commentary in the financial media passes over the inherent subjectivity of bond rating. Ratings are not deducible. They reflect the application of rules of thumb. What follows from this observation is that ratings are judgments – the realization that ratings are actually more contestable than they may appear.†(p. 176).In a society where quantitative modeling seems to lead to “leaving it to the experts†– the realization that subjectivity in risk assessment remains an all too often overlooked element within this reality. Sinclair’s chapter on Blown Calls (and the footnotes therein) are tangible evidence of this fact.The chapter entitled “Unconscious Power†was absolutely fascinating. The ever-increasing global power that these entities exercise over humanity is an awareness that did not go unnoticed by this reader.This book is a gem, crafted by an incredibly capable and insightful scholar. Timothy J. Sinclair is a superb guide.I HIGHLY recommend it.
This book was written about the ratings agencies a few years before it's latest gaffe. I absolutely thought it was a useful book in writing about it's affect and power in influencing borrowing costs for all sorts of issuers. I enjoyed the stories about the power to influence global markets and how one of the ratings firm can even shut down the access to capital for so many issuers. But what I find amazing in hindsight is how the ratings agents are still respected until 2008. That is when the subprime borrowing issues cascaded and put the financial markets in turmoil. At that stage it actually became a joke whatever S&P and Moodys rated and I wonder how long until they are respected again. This is a great introduction to the ratings business and it's worth reading for anyone interested.
Few writers have closely examined the work of bond rating agencies - even though their decisions can move markets, open or close the doors to capital, and even bring down governments. Timothy J. Sinclair manages to keep his prose relatively accessible, despite his many references to research that could only appeal to academics. Although his detailed analysis of various sociological characterizations of agency power may be of little interest to the general reader, we believe that his main point - rating agencies exercise power and influence well beyond the bond markets - deserves careful consideration by anyone interested in economics, finance, politics or the issue of globalization.
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