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Globalisation and the State: Theoretical Paradigms

The article identifies five theoretical positions in the debate on the effect of globalisation on national policies and institutions with focus on issues of financial liberalisation in emerging economies. These positions are distinguished in terms of their assumptions about the main systemic level of causal influences on national policies and their assumption about convergence/divergence of national policies and institutions. Five levels of systemic impact are identified: transnational economic influence; national political influence; international, transnational and global political influences. The article concludes with a discussion of prospects for ‘unpacking’ and combining the theories with examples relating to East Asian financial policies.