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This accessible yet rigorous book examines the development of ‘financial socialism’ in advanced capitalist economies in the decade since the global financial crisis of 2007–2009. This new term refers to an attempt to resolve the accumulation crisis of capital through coordinated central bank activism, where state circuits of monetary capital assume a critical role in the reproduction of capitalist social relations. The book explains the dynamics of the crisis as it has developed and assesses the response of monetary elites to systemic financial risk in the global economy. Their failure to re-engineer growth following the technology boom of the late 1990s and the global financial crisis are driving fundamental changes in the form and function of capitalist money, which have yet to be theorized adequately. Finance, Accumulation and Monetary Power presents a revealing and radical critique of the failure of the International Political Economy to apprehend changes taking place within capitalism, employing a critical-theoretical analysis of contradictions in the capitalist reproduction scheme. The book will be of key interest to scholars, students and readers of international political economy, critical political economy, heterodox economics, globalization, international relations, international political sociology, business studies and finance.
This accessible yet rigorous book examines the development of 'financial socialism' in advanced capitalist economies in the decade since the global financial crisis of 2007-2009. It explains the dynamics of the crisis as it has developed and assesses the response of monetary elites to systemic financial risk in the global economy.
Geert Reuten offers a systematic exposition of the capitalist system, showing that the capitalist economy and the capitalist state constitute a unity.
Speculation is often associated with financial practices, but The Time of Money makes the case that it not be restricted to the financial sphere. It argues that the expansion of finance has created a distinctive social world, one that demands a speculative stance toward life in general. Replacing a logic of extraction, speculation changes our relationship to time and organizes our social worlds to maximize the productive capacities of populations around flows of money for finance capital. Speculative practices have become a matter of survival, and defining features of our age are hardwired to their operations—stagnant wages, indebtedness, the centrality of women's earnings to the household, workfarism, and more. Examining five features of our contemporary economy, Lisa Adkins reveals the operations of this speculative rationality. Moving beyond claims that indebtedness is intrinsic to contemporary life and vague declarations that the social world has become financialized, Adkins delivers a precise examination of the relation between finance and society, one that is rich in empirical and analytical detail.
As the recent financial crisis has revealed, the state is central to the stability of the money system, while the chaotic privately-owned banks reap the benefits without shouldering the risks. This book argues that money is a public resource that has been hijacked by capitalism. Mary Mellor explores the history of money and modern banking, showing how finance capital has captured bank-created money to enhance speculative leveraged profits as well as destroying collective approaches to economic life. Meanwhile, most individuals, and the public economy, have been mired in debt. To correct this obvious injustice, Mellor proposes a public and democratic future for money. Ways are put forward for structuring the money and banking system to provision societies on an equitable, ecologically sustainable sufficiency basis. This fascinating study of money should be read by all economics students looking for an original analysis of the economy during the current crisis.
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
This Manual offers guidelines for the presentation of monetary and financial statistics. It provides a set of tools for identifying, classifying, and recording stocks and flows of financial assets and liabilities, describes the standard, analytically oriented frame works in which the statistics may be presented, and identifies a set of analytically useful aggregates within those frameworks. The concepts and principles set out in the Manual are harmonized with those of the System of National Accounts 1993.
For the last decade, progressive scholars determined to understand the 2008 financial crisis have examined the growth of US subprime mortgage debt in the period leading up to the collapse and how government policy supported this accumulation. However, the long history of the subprime crisis, its connection to the patterns of financial risk designated by the postwar international monetary system, has been all too often overlooked. This book explores the long history of the subprime crisis through an original theoretic lens that sheds light on the institutional basis of global debt markets and the role of US Treasury debt in the international financial system.
When Vladimir Putin first took power in 1999, he was a little-known figure ruling a country that was reeling from a decade and a half of crisis. In the years since, he has reestablished Russia as a great power. How did he do it? What principles have guided Putin's economic policies? What patterns can be discerned? In this new analysis of Putin's Russia, Chris Miller examines its economic policy and the tools Russia's elite have used to achieve its goals. Miller argues that despite Russia's corruption, cronyism, and overdependence on oil as an economic driver, Putin's economic strategy has been surprisingly successful. Explaining the economic policies that underwrote Putin's two-decades-long rule, Miller shows how, at every juncture, Putinomics has served Putin's needs by guaranteeing economic stability and supporting his accumulation of power. Even in the face of Western financial sanctions and low oil prices, Putin has never been more relevant on the world stage.
Winner of the American Sociological Association PEWS Award (1995) for Distinguished Scholarship The Long Twentieth Century traces the epochal shifts in the relationship between capital accumulation and state formation over a 700-year period. Giovanni Arrighi masterfully synthesizes social theory, comparative history and historical narrative in this account of the structures and agencies which have shaped the course of world history over the millennium. Borrowing from Braudel, Arrighi argues that the history of capitalism has unfolded as a succession of "long centuries"—ages during which a hegemonic power deploying a novel combination of economic and political networks secured control over an expanding world-economic space. The modest beginnings, rise and violent unravel-ing of the links forged between capital, state power, and geopolitics by hegemonic classes and states are explored with dramatic intensity. From this perspective, Arrighi explains the changing fortunes of Florentine, Venetian, Genoese, Dutch, English, and finally American capitalism. The book concludes with an examination of the forces which have shaped and are now poised to undermine America's world power.