What role do emerging markets play in the global financial system? Are they subordinated within global financial hierarchies? Or do they have autonomy, even power, to use finance to pursue state objectives?

In this edited volume, leading scholars explore these questions, focusing on state–finance interactions globally. The book combines literatures on international financial subordination, financial statecraft and comparative capitalism to analyse state–finance relationships in emerging markets, particularly the BRICS: Brazil, Russia, India, China, and South Africa. It reveals that these states can control their domestic financial sectors despite global subordination, though their ability to do so varies significantly.

This essential volume offers profound insights into how emerging markets are reshaping global finance for scholars and policy makers.