Abstract
Since the term globalization erupted in public and academic discourses in the late-1980s, the hyperglobal perspective has been a prominent framing offered to understand global phenomena. Despite important challenges, it has remained extremely popular with its rhetoric exerting a powerful influence across the political spectrum, and in business and policy circles. This article argues that one reason for this durability is its inadvertent reproduction by the traditional understandings of “local” and “global” utilized in frameworks critiquing the hyperglobal perspective. More specifically, as scholars have noted, the global-local tends to be marked by dichotomous binaries and placed in a scalar hierarchy where the global overpowers the local. To side-step the issues emerging from the global-local approach, a conceptual rubric focusing on the “global-particular” relationship is offered as an alternative. This orientation helps prevent the importation of the dichotomous binaries and scalar hierarchies that reproduce hyperglobal imaginaries. As a result, it is easier to retain the complexity and contingency of global dynamics, and by extension, challenge hyperglobal framings. A case study of the global foreign exchange market is used to elaborate on the framework and to show why it provides a stronger point of departure for researching and theorizing globalization.
Acknowledgments
I would like to thank Jonathan Larson for his very helpful comments and suggestions. Hilary Kahn, Zsuzsa Gille, Deirdre McKay, Manuela Ciotti, and Sean Metzger have also provided important insights that inform this article. In addition, the scholarship of all the Framing the Global fellows have shaped, and continue to influence, my own perspective.
References
Adam, B. 1995. Timewatch: The Social Analysis of Time. Cambridge: Polity.Search in Google Scholar
Adams, L. L. 2008. “Globalization, Universalism, and Cultural Form.” Comparative Studies in Society and History 50 (3): 614–40. https://doi.org/10.1017/s0010417508000273.10.1017/S0010417508000273Search in Google Scholar
Amin, A. 2002. “Spatialities of Globalization.” Environment and Planning A 34: 385–99. https://doi.org/10.1068/a3439.10.1068/a3439Search in Google Scholar
Appadurai, A. 2010. “How Histories Make Geographies: Circulation and Context in a Global Perspective.” Transcultural Studies 1: 4–13, https://doi.org/10.11588/ts.2010.1.6129.Search in Google Scholar
Aron, D. P., G. Bullitt, and D. Jed. 2017. “Regulation of U.S. Currency Transactions.” Journal on the Law of Investment & Risk Management Products 37 (5): 1–25.Search in Google Scholar
Carr, E. S., and M. Lempert. 2016. “Introduction: Pragmatics of Scale.” In Scale: Discourse and Dimensions of Social Life, edited by E. S. Carr and M. Lempert. Berkeley: University of California Press, 1–21.10.1525/9780520965430-003Search in Google Scholar
Bank for International Settlements. 2001. Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity. Basel: Bank for International Settlements.Search in Google Scholar
Bank for International Settlements. 2004. Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity. Basel: Bank for International Settlements.Search in Google Scholar
Bank for International Settlements. 2007. Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity. Basel: Bank for International Settlements.Search in Google Scholar
Bank for International Settlements. 2010. Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity. Basel: Bank for International Settlements.Search in Google Scholar
Bank for International Settlements. 2013. Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity. Basel: Bank for International Settlements.Search in Google Scholar
Bank for International Settlements. 2016. Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity. Basel: Bank for International Settlements.Search in Google Scholar
Bank for International Settlements. 2019. Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity. Basel: Bank for International Settlements.Search in Google Scholar
Çakmaklı, A. D., A. van Witteloostuijn, and C. Boone. 2017. “When Does Globalization Lead to Local Adaptation? The Emergence of Hybrid Islamic Schools in Turkey, 1985–2007.” American Journal of Sociology 122 (6): 1822–68.10.1086/691347Search in Google Scholar
Cetina, K. K. 2007. “Global Markets as Global Conversations.” Text & Talk 27 (5–6): 705–34. https://doi.org/10.1515/text.2007.032.10.1515/TEXT.2007.032Search in Google Scholar
Cetina, K. K., and U. Bruegger. 2002. “Global Microstructures: The Virtual Societies of Financial Markets.” American Journal of Sociology 107 (4): 905–50.10.1086/341045Search in Google Scholar
Ciotti, M. 2014. “Forms: Art Institutions as Global Forms in India and beyond.” In Framing the Global: Entry Points for Research, edited by H. Kahn, 51–66. Bloomington: Indiana University Press.Search in Google Scholar
Clark, G. L., and N. Thrift 2005. “The Return of Bureaucracy: Managing Dispersed Knowledge in Global Finance.” In The Sociology of Financial Markets, edited by K. K. Cetina and A. Preda, 229–49. Oxford: Oxford University Press.Search in Google Scholar
Cohen, D., and L. J. Frazier. 2014. “Scale: Exploring the ‘Global 68’.” In Framing the Global: Entry Points for Research, edited by H. Kahn, 253–75. Bloomington: Indiana University Press.Search in Google Scholar
Collier, S. J. 2006. “Global Assemblages.” Theory, Culture & Society 23 (2–3): 399–401. https://doi.org/10.1177/026327640602300269.10.1177/026327640602300269Search in Google Scholar
Crow, G., and S. Heath. 2002. Social Conceptions of Time: Structure and Process in Work and Everyday Life. Basingstoke: Palgrave McMillan.10.1057/9780230501928Search in Google Scholar
de Sousa Santos, B. 2006. “Globalizations.” Theory, Culture & Society 23 (2–3): 393–9. https://doi.org/10.1177/026327640602300268.10.1177/026327640602300268Search in Google Scholar
Dicken, P. 2015. Global Shift: Mapping the Changing Contours of the World Economy, 7th ed. New York: The Guilford Press.Search in Google Scholar
Escobar, A. 2001. “Culture Sits in Places: Reflections on Globalism and Subaltern Strategies of Localization.” Political Geography 20: 139–74. https://doi.org/10.1016/s0962-6298(00)00064-0.10.1016/S0962-6298(00)00064-0Search in Google Scholar
Evans, M. D. D., and D. Rime. 2019. “Working Paper: Microstructure of Foreign Exchange Markets.” Norges Bank Research 6: 31, http://dx.doi.org/10.2139/ssrn.3345289.10.2139/ssrn.3345289Search in Google Scholar
Friedman, T. L. 1999. The Lexus and the Olive Tree. New York: Farrar, Straus, and Giroux.Search in Google Scholar
Friedman, T. L. 2005. The World is Flat: A Brief History of the Twentieth-First Century. New York: Farrar, Straus and Giroux.Search in Google Scholar
Gibson-Graham, J. K. 2002. “Beyond Global vs. Local: Economic Politics Outside the Binary Frame.” In Geographies of Power: Placing Scale, edited by A. Herod and M. W. Wright, 25–60. London: Blackwell Publishing.10.1002/9780470773406.ch1Search in Google Scholar
Gille, Z. 2014. “Materiality: Transnational Materiality.” In Framing the Global: Entry Points for Research, edited by H. Kahn, 51–66. Bloomington: Indiana University Press.Search in Google Scholar
Haass, R. N. 2020. “Deglobalization and its Discontents.” Project Syndicate. https://www.project-syndicate.org/commentary/deglobalizaton-discontents-by-richard-n-haass-2020-05.Search in Google Scholar
Harvey, R. 2013. “The Legal Construction of the Global Foreign Exchange Market.” Journal of Comparative Economics 41 (2): 343–54. https://doi.org/10.1016/j.jce.2013.03.006.10.1016/j.jce.2013.03.006Search in Google Scholar
Harvey, R. 2014. “The Particular: The Persistence of the Particular in the Global.” In Framing the Global: Entry Points for Research, edited by H. Kahn, 182–205. Bloomington: Indiana University Press.Search in Google Scholar
Hay, C., and D. Marsh. 2000. “Introduction: Demystifying Globalization.” In Demystifying Globalization, edited by C. Hay and D. Marsh, 1–20. New York: St. Martin’s Press, Inc.10.1057/9780230554504_1Search in Google Scholar
Held, D., A. McGrew, D. Goldblatt, and J. Perraton. 1999. Global Transformations: Politics, Economics, and Culture. Stanford: Stanford University Press.10.1057/9780333981689_2Search in Google Scholar
Hirst, P., and G. Thompson. 1995. “Globalization and the Future of the Nation State.” Economy and Society 24: 408–42. https://doi.org/10.1080/03085149500000017.10.1080/03085149500000017Search in Google Scholar
James, P., and M. B. Steger. 2014. “A Genealogy of ‘Globalization’: The Career of a Concept.” Globalizations 11 (4): 417–34. https://doi.org/10.1080/14747731.2014.951186.10.1080/14747731.2014.951186Search in Google Scholar
Jones, A. 2010. Globalization: Key Thinkers. Cambridge, UK and Malden, MA: Polity Press.Search in Google Scholar
King, M. R., C. Osler, and D. Rime. 2011. “Foreign Exchange Market Structure, Players, and Evolution.” Working Paper, Norges Bank.10.2139/ssrn.1935858Search in Google Scholar
Kumar, R. 2014. Strategies of Banks and Other Financial Institutions. Oxford: Elsevier Inc.10.1016/B978-0-12-416997-5.00001-4Search in Google Scholar
Levitt, T. 1983. “The Globalization of Markets.” Harvard Business Review 61 (3): 92–102. https://doi.org/10.1002/tie.5060250311.10.1002/tie.5060250311Search in Google Scholar
Lyons, R. K. 2002. “The Future of the Foreign Exchange Market.” Brookings-Wharton Papers on Financial Services, 253–92.10.1353/pfs.2002.0014Search in Google Scholar
Marston, S. A., J. P. JonesIII, and K. Woodward. 2005. “Human Geography without Scale.” Transactions of the Institute of British Geographers 30 (4): 416–32. https://doi.org/10.1111/j.1475-5661.2005.00180.x.10.4324/9781315236285-24Search in Google Scholar
Marston, S. A., K. Woodward, and J. P. JonesIII. 2007. “Flattening Ontologies of Globalization: The Nollywood Case.” Globalizations 4 (1): 45–63. https://doi.org/10.1080/14747730701245608.10.1080/14747730701245608Search in Google Scholar
Massey, D. 2004. “Geographies of Responsibility.” Geografiska Annaler, Series B, Human Geography 86 (1): 5–18. https://doi.org/10.1111/j.0435-3684.2004.00150.x.10.1111/j.0435-3684.2004.00150.xSearch in Google Scholar
McKay, D. 2014. “Affect: Making the Global Through Care.” In Framing the Global: Entry Points for Research, edited by H. Kahn, 18–36. Bloomington: Indiana University Press.Search in Google Scholar
Mehrling, P. 2011. The New Lombard Street. Princeton: Princeton University Press.10.1515/9781400836260Search in Google Scholar
Merry, S. E. 2006. “Transnational Human Rights and Local Activism: Mapping the Middle.” American Anthropologist 108 (1): 38–51. https://doi.org/10.1525/aa.2006.108.1.38.10.1007/978-94-007-4710-4_10Search in Google Scholar
Moore, A. 2008. “Rethinking Scale as a Geographical Category: From Analysis to Practice.” Progress in Human Geography 32 (2): 203–25. https://doi.org/10.1177/0309132507087647.10.1177/0309132507087647Search in Google Scholar
Nussbaum, M. C. 1990. Love’s Knowledge: Essays on Philosophy and Literature. Oxford: Oxford University Press.Search in Google Scholar
Oberlechner, T., T. Slunecko, and N. Kronberger. 2004. “Surfing the Money Tides: Understanding the Foreign Exchange Market through Metaphors.” British Journal of Social Psychology 43: 133–56. https://doi.org/10.1348/014466604322916024.10.1348/014466604322916024Search in Google Scholar
O’Brien, R. 1992. Global Financial Integration: The End of Geography. London: Royal Institute of International Affairs.Search in Google Scholar
Ohmae, K. 1995. The Borderless World: Power and Strategy in the Interlinked Economy. New York: Harper Business.Search in Google Scholar
Ortega, A. 2020. The Deglobalisation Virus. European Council on Foreign Relations. Also available at https://www.ecfr.eu/article/commentary_the_deglobalisation_virus.Search in Google Scholar
Osler, C. 2010. “Market Microstructure, Foreign Exchange.” In Complex Systems in Finance and Econometrics, edited by R. A. Meyers, 510–614. New York: Springer.10.1007/978-1-4419-7701-4_33Search in Google Scholar
Pieterse, J. N. 2012. “Periodizing Globalization: Histories of Globalization.” New Global Studies 6 (2): 1–25.Search in Google Scholar
Ram, U. 2004. “Glocommodification: How the Global Consumes the Local – McDonald’s in Israel.” Current Sociology 52 (1): 11–31. https://doi.org/10.1177/0011392104039311.10.1177/0011392104039311Search in Google Scholar
Robertson, R. 1992. Globalization: Social Theory and Global Culture. London: Sage.Search in Google Scholar
Rodrik, D. 2019. “Globalization’s Wrong Turn: And How it Hurt America.” Foreign Affairs 98 (4): 26–33.Search in Google Scholar
Roubini, N. 2020. “The Specter of Deglobalization and the Thucydides Trap.” Horizons: Journal of International Relations and Sustainable Development, Winter (15): 130–9. https://doi.org/10.2307/48573642.Search in Google Scholar
Sassen, S. 2006. Territory, Authority, Rights: From Medieval to Global Assemblages. Princeton: Princeton University Press.Search in Google Scholar
Schrimpf, A., and V. Sushko. 2019a. “Sizing up Global Foreign Exchange Markets.” BIS Quarterly Review: 21–38, December.Search in Google Scholar
Schrimpf, A., and V. Sushko. 2019b. “FX Trade Execution: Complex and Highly Fragmented.” BIS Quarterly Review: 39–50, December.Search in Google Scholar
Tokyo Foreign Exchange Market Committee. 1999a. Minutes of the 27th Meeting of the Tokyo Foreign Exchange Market Committee. Tokyo Foreign Exchange Market Committee. https://www.fxcomtky.com/reports/pdf_file/TFEMC27.pdf.Search in Google Scholar
Tokyo Foreign Exchange Market Committee. 1999b. Minutes of the 29th Meeting of the Tokyo Foreign Exchange Market Committee. Tokyo Foreign Exchange Market Committee. https://www.fxcomtky.com/reports/pdf_file/TFEMC29.pdf.Search in Google Scholar
Tokyo Foreign Exchange Market Committee. 2001a. Minutes of the 42nd Meeting of the Tokyo Foreign Exchange Market Committee. Tokyo Foreign Exchange Market Committee. https://www.fxcomtky.com/reports/pdf_file/TFEMC42.pdf.Search in Google Scholar
Tokyo Foreign Exchange Market Committee. 2001b. Minutes of the 43rd Meeting of the Tokyo Foreign Exchange Market Committee. Tokyo Foreign Exchange Market Committee. https://www.fxcomtky.com/reports/pdf_file/TFEMC43.pdf.Search in Google Scholar
Tokyo Foreign Exchange Market Committee. 2001c. Minutes of the 41st Meeting of the Tokyo Foreign Exchange Market Committee. Tokyo Foreign Exchange Market Committee. https://www.fxcomtky.com/reports/pdf_file/TFEMC41.pdf.Search in Google Scholar
Tokyo Foreign Exchange Market Committee. 2001d. Minutes of the 46th Meeting of the Tokyo Foreign Exchange Market Committee. Tokyo Foreign Exchange Market Committee. https://www.fxcomtky.com/reports/pdf_file/TFEMC46.pdf.Search in Google Scholar
Tokyo Foreign Exchange Market Committee. 2002a. Minutes of the 59th Meeting of the Tokyo Foreign Exchange Market Committee. Tokyo Foreign Exchange Market Committee. https://www.fxcomtky.com/reports/pdf_file/TFXMC59.pdf.Search in Google Scholar
Tokyo Foreign Exchange Market Committee. 2002b. Minutes of the 54th Meeting of the Tokyo Foreign Exchange Market Committee. Tokyo Foreign Exchange Market Committee. https://www.fxcomtky.com/reports/pdf_file/TFXMC54.pdf.Search in Google Scholar
Tokyo Foreign Exchange Market Committee. 2002c. Minutes of the 51th Meeting of the Tokyo Foreign Exchange Market Committee. Tokyo Foreign Exchange Market Committee. https://www.fxcomtky.com/reports/pdf_file/TFXMC51.pdf.Search in Google Scholar
Tokyo Foreign Exchange Market Committee. 2003. Minutes of the 67th Meeting of the Tokyo Foreign Exchange Market Committee. Tokyo Foreign Exchange Market Committee. https://www.fxcomtky.com/reports/pdf_file/TFXMC67.pdf.Search in Google Scholar
Tokyo Foreign Exchange Market Committee. 2005. Minutes of the 86th Meetingof the Tokyo Foreign Exchange Market Committee. Tokyo Foreign Exchange Market Committee. https://www.fxcomtky.com/reports/pdf_file/TFXMC86.pdf.Search in Google Scholar
Tokyo Foreign Exchange Market Committee. 2010. Minutes of the 131st Meeting of the Tokyo Foreign Exchange Market Committee. Tokyo Foreign Exchange Market Committee. https://www.fxcomtky.com/reports/pdf_file/TFEMC131.pdf.Search in Google Scholar
Tokyo Foreign Exchange Market Committee. 2011. Minutes of the 138th Meeting of the Tokyo Foreign Exchange Market Committee. Tokyo Foreign Exchange Market Committee. https://www.fxcomtky.com/reports/pdf_file/TFEMC138.pdf.Search in Google Scholar
Tokyo Foreign Exchange Market Committee. 2014a. Minutes of the 169th Meeting of the Tokyo Foreign Exchange Market Committee. Tokyo Foreign Exchange Market Committee. https://www.fxcomtky.com/reports/pdf_file/TFEMC169.pdf.Search in Google Scholar
Tokyo Foreign Exchange Market Committee. 2014b. Minutes of the 172nd Meeting of the Tokyo Foreign Exchange Market Committee. Tokyo Foreign Exchange Market Committee. https://www.fxcomtky.com/reports/pdf_file/TFEMC172.pdf.Search in Google Scholar
Tokyo Foreign Exchange Market Committee. 2014c. Minutes of the 177th Meeting of the Tokyo Foreign Exchange Market Committee. Tokyo Foreign Exchange Market Committee. https://www.fxcomtky.com/reports/pdf_file/TFEMC177.pdf.Search in Google Scholar
Tsing, A. 2000. “The Global Situation.” Cultural Anthropology 15 (3): 327–60. https://doi.org/10.1525/can.2000.15.3.327.10.2307/j.ctv1ddcz0j.11Search in Google Scholar
van den Scott, L.-Jo K. 2014. “Beyond the Time Crunch: New Directions in the Sociology of Time and Work.” Sociology Compass 8 (5): 478–90.10.1111/soc4.12151Search in Google Scholar
Weber, K., G. F. Davis, and M. Lounsbury, 2009. “Policy as Myth and Ceremony? The Global Spread of Stock Exchanges, 1980–2005.” Academy of Management Journal, 52 (6): 1319–47. https://doi.org/10.5465/amj.2009.47085184.10.5465/amj.2009.47085184Search in Google Scholar
Williams, R. G. 2006. The Money Changers. London: Zed.10.5040/9781350223288Search in Google Scholar
Wriston, W. B. 1997. “Bits, Bytes, and Diplomacy.” Foreign Affairs 76: 172–82. https://doi.org/10.2307/20048207.10.2307/20048207Search in Google Scholar
Wrong, D. H. 2005. The Persistence of the Particular. New Brunswick: Transaction.Search in Google Scholar
Zaheer, S. 1995. “Circadian Rhythms: The Effects of Global Market Integration in the Currency Trading Industry.” Journal of International Business Studies 26 (4): 699–728. https://doi.org/10.1057/palgrave.jibs.8490817.10.1057/palgrave.jibs.8490817Search in Google Scholar
© 2020 Walter de Gruyter GmbH, Berlin/Boston
