Publications

Books

Petry, J. & A. Nölke (2024). BRICS and the global financial order: Liberalism contested? Cambridge: Cambridge University Press.

The global financial system is the economic bedrock of the contemporary liberal economic order. In contrast to other areas of the global economy, finance is less frequently analyzed in discussions on contestations of economic liberalism. However, a quite comprehensive process of external contestation of the global financial order (GFO) is under way. This contestation, we argue, takes place through the rising share of emerging market economies within global finance in recent years, especially the rise of the BRICS economies. This book investigates whether and how the BRICS contest the contemporary GFO by conducting a systematic empirical analysis across seven countries, eleven issues areas and three dimensions. This contestation takes place across issue areas but is mostly concentrated on the domestic and transnational dimension, not the international level on which much research focuses. Rather than all BRICS as a whole, it is especially China, Russia and India that contest liberal finance.

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Petry, J. & A. Nölke (eds.) (2025). State, capitalism and finance in emerging markets: Between subordination and statecraft. Bristol: Bristol University Press.

What is the role of emerging markets within the global financial system? Are they completely subordinated within global financial hierarchies? Or do they have autonomy, even power, to use finance to pursue state objectives? Combining insights from the literatures on financial subordination, financial statecraft and comparative capitalism, this book explains commonalities and differences in state-finance relationships between emerging markets. On the one hand, we see considerable amounts of state activism in and growing entanglement with finance across emerging markets, both at the domestic level and with respect to ‘global’ financial markets. On the other hand, we also observe significant variation in state-finance relationships – ranging from financial subordination towards actively and successfully utilising finance for pursuing economic policy. This book demonstrates that the state in large emerging economies is not necessarily a helpless victim of financialization. Even under conditions of a subordinated position within the global financial system, it is able to exercise control over the domestic financial sector and even engage in powerful financial statecraft internationally. However, emerging economies differ substantially in the degree to which they can mobilize this potential state capacity. By drawing on comparative capitalism literature which analyses the role and power of the state within the institutional configurations of national capitalisms, we explain variation in the degree and reach of state capacity and how it conditions different patterns in the relationship between states and domestic as well as global finance.

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Pape, F., J. Petry & L. Rethel (2025) Special Section: How does the rise of Asia reshape international financial affairs? International Affairs, 101 (5).

The rules, norms and procedures that govern contemporary cross-border money and finance were put in place by western powers after the end of the Bretton Woods era. The recent rise of novel, often state-linked, Asian financial actors and practices poses questions for the continued centrality of liberal and free-market ideas in global finance. This special section asks: how do Asian financial actors integrate into the global financial system? Do they contest, co-opt or comply with liberal norms of market organization? Conversely, how do global financial actors interact with Asian financial systems? And what are the geopolitical and geo-economic implications of these developments? We offer three avenues of investigation: first, while Asian forms of financial capitalism remain distinct, their resilience in the face of liberal global norms has not hindered a dynamic transformation as local financial systems internationalize and interact with the global order. Second, the internationalization of Asian finance has introduced novel financial practices into the global system that rewrite existing practices in areas as diverse as debt, development and exchange rate management, demonstrating the growing agency of Asian countries in regional and global financial affairs. Third, in these activities Asian finance is seen from the outside at times as a friendly competitor and at other times as an outright threat, creating potential fault-lines subject to growing geopolitical contestations. Through these insights, we move beyond the existing literature that continues to see Asia, and countries within Asia, merely as respondents to financial change and globalization, rather than as increasingly powerful agents in their own right.

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Peer-reviewed articles

Kullick, P. N. & Petry, J. (2025) From Adorno to 50 Cent: Financialized platform capitalism, Spotify, and the culture industry in the twenty-first century. Finance & Society (this paper was discussed in/by Frankfurter Allgemeine Zeitung, Tagesanzeiger, The Conversation, Internazionale, Atlantico, El Confidential, The Week, Wissen.de, HipHop Canada, Yahoo).

Petry, J. (2025). China’s quest for pricing power: Financial hierarchy, autonomy and commodity futures markets. International Affairs, 101 (5), 1747–1768.

Pape, F., Petry, J. & Rethel, L. (2025) How does the rise of Asia reshape international financial affairs? International Affairs, 101 (5), 1553–1565.

Petry, J. (2025). Wall Street in China: the malleability of global finance in the age of geopolitics. Review of International Political Economy, 32(4), 970–1001 (this paper was discussed in/by The Conversation, IR-Impact, Asia Times, European Business Magazine).

Petry, J. (2024). China’s rise, weaponised interdependence and the increasingly contested geographies of global finance. Finance and Space, 1(1), 49-57.

Weinhardt, C., & Petry, J. (2024). Contesting China’s developing country status: Geoeconomics and the public–private divide in global economic governance. The Chinese Journal of International Politics, 17(1), 48-74.

Fichtner, J., R. Jaspert & J. Petry (2024) Mind the ESG capital allocation gap: The role of index providers, standard-setting, and “green” indices for the creation of sustainability impact. Regulation & Governance, 18(2), 479-498 (this paper was discussed in/by Bloomberg, Financial Times, European Commission, The Conversation, FT again, Bloomberg again, Jacobin, ESG Insights, Best Execution and TabbFORUM).

Pape, F. & J. Petry (2023) East Asia and the politics of global finance: a developmental challenge to the neoliberal consensus? Review of International Political Economy, 31(1), 224-252 (this paper was discussed in/by the China Times, Commercial Times, Yahoo, OXI-Blog and Asia Global Institute).

Chen, M. & J. Petry (2023) What about the dragon in the room? Incorporating China into international political economy (IPE) teaching. Review of International Political Economy, 30(3): 801-822 (open access).

Petry, J. (2023) ‘Beyond ports, roads and railways: Chinese economic statecraft, the Belt and Road Initiative and the politics of financial infrastructures‘, European Journal of International Relations, 29(2): 319-351 (open access) (this paper was discussed in/by the official report of the Munich Security Conference).

Petry, J., K. Koddenbrock & A. Nölke (2023) ‘State capitalism and capital markets: Comparing securities exchanges in emerging markets’ Environment and Planning A: Economy & Space, 55(1): 143-164 (open access) (this paper was discussed in/by The Conversation, Asia Times, Yahoo, LawFare Blog & Moneyweb).

Petry, J. (2021) ‘Same same, but different: Varieties of capital markets, Chinese state capitalism & the global financial order’, Competition & Change, 25(5): 605-630 (open access) (this paper was discussed by the East Asia Forum, Economic Sociology & Political Economy, The Conversation, Yahoo & Asia Times).

Petry, J., J. Fichtner & E. Heemskerk (2021) ‘Steering capital: The growing private authority of index providers in the age of passive asset management’, Review of International Political Economy, 28(1): 152-176 (open access) (this paper was discussed in/by Financial Times, Bloomberg, Forbes, Washington Post, BBC Business, Guardian, Investment & Pension Europe, Brussels Morning, Medium, Morningstar, Jacobin, The National Interest, Notes on the Crisis, Yahoo, Lexology, TabbFORUM, Developing Economics, ForeignAffairs & Financiel Dagblad).

Petry, J. (2021) ‘From national marketplaces to global providers of financial infrastructures: Exchanges, infrastructure and power in global finance’, New Political Economy, 26(4): 574-597 (open access) (this paper was discussed in/by Financial Times, European Parliament, ETF Stream (2x), Business Standard, Brussels Morning, TabbFORUM, Yahoo Finance, Brave New Europe, Net Interest).

Petry, J. (2020) ‘Financialization with Chinese characteristics: Exchanges, control and capital markets in authoritarian capitalism’, Economy & Society, 49(2): 213-238 (open access) (this paper was discussed in/by the East Asia Forum, France24, ETF Stream, Developing Economics, Economic Sociology & Political Economy, The Conversation, Yahoo & Asia Times).

Dutta, S., F. Pape, R. Kremers & J. Petry (2020) ‘Critical macro-finance: An introduction’, Finance & Society, 6(1): 34-44 (open access).

Dutta, S., F. Pape, R. Kremers & J. Petry (2020) Special Forum on ‘Critical macro-finance’, Finance & Society, 6(1) (open access).

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Book chapters

Fichtner, J. & Petry, J. (forthcoming) Global finance. In:  G.K. Wilson & M. Maguir (eds) Elgar Encyclopedia of Business and Government. Cheltenham: Edward Elgard (pre-print).

Petry, J. (2025) From ratings to infrastructure: Connecting the micro-foundations and politics of global finance. In: B. Clift & C. Clarke (eds) The Social Foundations of Global Finance. London: Agenda Publishing, 61-75.

Petry, J. (2025) Tools of Subordination and/or Statecraft? A Comparative Analysis of Stock Markets in Large Emerging Markets. In: Petry, J. & A. Nölke (eds) (2025). State, capitalism and finance in emerging markets: Between subordination and statecraft. Bristol: Bristol University Press, 209-230.

Petry, J. & A. Nölke (2025) Introduction: Subordination, Statecraft, and Comparative Capitalism. In: Petry, J. & A. Nölke (eds) (2025). State, capitalism and finance in emerging markets: Between subordination and statecraft. Bristol: Bristol University Press, 3-21.

Petry, J. (2025) Exchanges: infrastructure, power & the differential organisation of capital markets. In: In: C. Westermeier, M. Campbell-Verduyn & B. Brandl (eds) The Cambridge Global Handbook of Financial Infrastructure. Cambridge: Cambridge University Press, 167-178 (open access).

Fichtner, J., R. Jaspert & J. Petry (2025) ESG: the socio-technical infrastructure of ‘sustainable’ investing. In: C. Westermeier, M. Campbell-Verduyn & B. Brandl (eds) The Cambridge Global Handbook of Financial Infrastructure. Cambridge: Cambridge University Press, 274-284 (open access).

Fichtner, J, E. Heemskerk & J. Petry (2022) ‘The new gatekeepers of financial claims: States, passive markets, and the growing power of index providers’, B. Braun & K. Koddenbrock (eds) Capital claims: Following finance across borders (RIPE Series). London: Routledge (pre-print).

Petry, J. (2020) ‘Securities exchanges: Subjects & agents of financialization’, P. Mader, D. Mertens & N. van der Zwan (eds) The Routledge International Handbook of Financialization. London: Routledge, 253-264 (pre-print).

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Other academic publications

Petry, J. (2025) Zwischen Interdependenz und Fragmentierung: Geoökonomie des globalen Finanzsystems. Politikum, 4/2025 (December).

Hofman, B. & J. Petry (2025) Internationalization of the RMB: Status, Options and Risks. The Hague: China Knowledge Network.

Fichtner, J, R. Jaspert & J. Petry (2023)  Mind the ESG Gaps: Transmission Mechanisms and the Governance of and by Sustainable Finance. Danish Institute for International Studies, DIIS Working Paper 2023-04.

Petry, J (2022) Global financial reallocation towards China: Implications for the liberal financial script. SCRIPTS Working Paper No. 17. Berlin: “Contestations of the Liberal Script” Cluster of Excellence.

Petry, J. (2019) ‘Schmalz, Stefan (2018): Machtverschiebungen im Weltsystem. Der Aufstieg Chinas und die große Krise’ (book review), Politische Vierteljahresschrift, 61(1), 219-221 (pre-print).

Petry, J. (2018) ‘Investor trust, uncertainty and markets: Progress and challenges in the internationalisation of China’s capital markets’, China Watch, 28 (3/2018), 31-35.

Petry, J. (2018) ‘投资者信任、不确定与市场：中国资本市场国际化国家化进程中的发展与挑战’, 中国观, 78 期(2018 年第3 期总第), 25-27. [China Watch translation]

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Non-academic publications

Petry, J. , F. Pape & T. Pforr (2025) Drei Szenarien für das Ende der Dollarherrschaft. Frankfurter Allgemeine Zeitung, 11 December.

Pape, F., J. Petry & T. Pforr (2025) Is the dominance of the US dollar unravelling under Trump? The Conversation, 5 December.Petry, J. (2025) A state-led financial empire. Phenomenal World, 30 October.

Petry, J. & P. N. Kullick (2025) From art form to asset: our study found popular songs are becoming more generic. The Conversation, 3 October.

Petry, J. (2025) Die globale Finanzordnung wird politisiert. Frankfurter Allgemeine Zeitung, 11 September.

Petry, J. (2025) Wall Street caught between a rock and a hard place as tensions between US and China rise. The Conversation, 17 April.

Petry, J. (2024) Globales Finanzsystem: Wie sich die BRICS-Staaten vom Dollar lösen. Frankfurter Allgemeine Zeitung, 1 December.

Petry, J. (2024) Für Banken ist China „too big to ignore“. Frankfurter Allgemeine Zeitung, 5 September.

Petry, J., J. Fichtner & R. Jaspert (2023) Who decides what ESG is and how to make investments greener. The Conversation, 4 July.

Fichtner, J., R. Jaspert & J. Petry (2023) ESG Funds and the Question of Sustainability Impact. Oxford Business Law Blog, 4 July.

Petry, J. & R. Jaspert (2023) ‘Woke’ capital won’t decarbonize the economy. Jacobin, 2 July.

Petry, J. & F. Pape (2023) Why Asia Matters: Tectonic shifts in the global financial system. Asia Global Online, 23 March.

Fichtner, J, R. Jaspert & J. Petry (2023) What needs to change for green funds to be truly green. Danish Institute for International Studies, DIIS Policy Brief, 14 March.

Trinkle, A., F. Garten, J. Petry, B. Yang & Y. Zhang (2022) How to successfully carry out China Research in challenging times – A perspective from junior scholars. SCRIPTS Think Piece No. 14, Berlin: SCRIPTS Cluster of Excellence.

Nölke, A., K. Koddenbrock & J. Petry (2022) Capital markets in emerging countries: state-capitalist stock exchanges? SAFE Leibniz Institute for Financial Research, 18 February.

Petry, J. (2021) China’s tech and finance crackdown is a challenge to western ideas that cuts across developing world, The Conversation, 3 November.

Petry, J. (2021) U.S. Investment in China’s Capital Markets and Military-Industrial Complex. Expert Testimony before the U.S.-China Economic and Security Review Commission (USCC), 19 March (discussed in/by the Financial Times, South China Morning Post).

Fichtner, J. & J. Petry (2021) The New “Passive” Wall Street Counterparts for States in the Global South. Developing Economics, 5 January.

Petry, J. (2020) Finance under state capitalism: Re-conceptualising capital markets through China’s financial transformation, ES/PE –Economic Sociology & Political Economy, 15 December.

Petry, J., J. Fichtner & E. Heemskerk (2020) It’s the index, stupid! Our New Not-So-Neutral Financial Market Arbiters. Notes on the Crisis, 12 December.

Petry, J. (2020) Financial opening with Chinese characteristics. East Asia Forum, 21 November.

Fichtner, J, E. Heemskerk & J. Petry (2020) ‘Guest Viewpoint: The growing influence of index providers‘ Investment & Pension Europe, September (Magazine).

Petry, J. (2020) ‘London Stock Exchange vs EU: Refinitiv battle reveals unease over power of modern stock markets‘ The Conversation, 28 August.

Petry, J. (2020) ‘Why do financial infrastructures matter? The structural power of exchanges in global finance‘ Political Economy Research Centre, 13 July.

Petry, J. (2020) ‘Wall Street beyond the Chinese Wall: Market infrastructures and the slow opening of China’s capital markets‘, ETF Stream, 25 June.

Dutta, S., R. Kremers, F. Pape & J. Petry (2020) ‘Critical macro-finance: Eine Einführung‘, Dezernat Zukunft, 25 June.

Petry, J.(2020) ‘Financializing state capitalism: Exchanges, financial infrastructures & the active management of capital markets in China‘, Developing Economics, 10 June.

Fichtner, J, E. Heemskerk & J. Petry (2020) ‘Three financial firms could change the direction of the climate crisis – and few people have any idea‘ The Conversation, 24 February (with J. Fichtner & E. Heemskerk).

Fichtner, J, E. Heemskerk & J. Petry (2020) ‘Index funds might sound boring. But who decides which countries and companies to include?‘ Washington Post, 8 January (with J. Fichtner & E. Heemskerk).

Petry, J. (2019) ‘China, state capitalism & the global financial order‘, Centre for International Policy Studies, University of Ottawa, 11 May 2019.

Petry, J. (2017) “Why does fieldwork matter? Some reflections on immersion, the everyday and knowledge creation from researching financial markets in Hong Kong”, Social Science Works, 10 November.

Petry, J. (2016) “Intellectual monocultures, black swans & the failure of economics: lessons from the global financial crisis and austerity”, Social Science Works, 7 November.

Kaja, O & J. Petry (2016) “The ECB’s corporate bond purchase programme: More distortions”, Deutsche Bank Research, 14 June (this paper was discussed in/by Die Welt and El Economista).

Deutsche Börse (2015) Corporate Report 2014. 16 March, Frankfurt (co-editor/author).

Deutsche Börse (2015) Deutsche Börse Group: From trading floor to electronic trading marketplace. June, Frankfurt (co-editor/co-author).

Petry, J. (2014) “Bailing out global finance: the origins and consequences of ‘too big to fail’”, Pinpoint Politics, 4 February.

Petry, J. (2013) “Constructing the Eurozone crisis: a tale of PIIGS, debt, and austerity”, Pinpoint Politics, 8 December.

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Work in progress

Wall Street, China and the Remaking of Global Capitalism (book manuscript)

Methodological Pluralism in Finance Research (special issue forthcoming in Finance & Space; with Guadalupe Moreno & Ruben Kremers)

State capitalism & the liberal financial order: contestation or convergence? (with Andreas Nölke)

A comparative analysis of global equity ownership patterns (with Robin Jaspert)

The rise of index capitalism (with Gaston Bronstering, Jan Fichtner & Eelke Heemskerk)

 Western firms, decoupling and the self-undermining liberal international order (with Tobias ten Brink)