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Governments throughout the world are having an increasingly harder time insulating their nations' economic destinies from the onslaughts of multinational corporations and other transnational players. No area has become more global in its operations, more volatile, and thus more difficult to monitor and control than international banking. In this book, international banker and political economist Ethan Kapstein explores the actions that governments have taken to cope with the economic and political consequences associated with the globalization of international finance. Kapstein traces the development of the state response to globalization through an examination of the Bretton Woods crisis in the early 1970s, the financial shocks associated with the oil crises of 1973-74 and 1978-79, the Third World debt crisis, and the collapse of the Bank of Credit and Commerce International, BCCI. He also examines the Basle Accord - the most important international regulatory agreement reached in the field of banking thus far - and banking regulation in the European Community. In response to these crises, Kapstein argues, states have entered into a regime of international agreements based on home country control. Their aim has been to create a political structure for global financial markets that eases the tension between the desire of central bankers and other regulators to maintain a stable, effective, international financial marketplace and the need for private bankers to be competitive in the global market. Kapstein also analyzes the politics of international financial negotiations, and reveals who writes the rules.