Capital Ungoverned : Cornell University Press : 9780801482816 : 080148281X : 23 Jan 1997 : Japan, South Korea, Mexico, France, and Spain once exercised significant control over the allocation of credit, and used that control to facilitate economic adjustment and industrial development. In the 1980s all that changed. Why and how these states dismantled their activist credit policies is the subject of Capital Ungoverned. The volume brings together five specialists in the economics and politics of these various states to assess the internal and global changes that prompted them to adopt financial liberalization. Comparison reveals the distinctive political and institutional logic that guided liberalization in each country?from the role of a newly dominant capitalist class in Korea to the replacement of state financing by private financing and self-financing in Japan, from the maneuvers of the banking establishment in Spain to attempts to attract foreign capital in Mexico. At the same tim