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Whose fault are financial crises, and who is responsible for stopping them, or repairing the damage? Impunity and Capitalism develops a new approach to the history of capitalism and inequality by using the concept of impunity to show how financial crises stopped being crimes and became natural disasters. Trevor Jackson examines the legal regulation of capital markets in a period of unprecedented expansion in the complexity of finance ranging from the bankruptcy of Europe's richest man in 1709, to the world's first stock market crash in 1720, to the first Latin American debt crisis in 1825. He shows how, after each crisis, popular anger and improvised policy responses resulted in efforts to create a more just financial capitalism but succeeded only in changing who could act with impunity, and how. Henceforth financial crises came to seem normal and legitimate, caused by impersonal international markets, with the costs borne by domestic populations and nobody in particular at fault.
"Whose fault are financial crises, and who is responsible for stopping them or repairing the damage? Impunity and Capitalism develops a new approach to the history of capitalism and inequality by using the concept of impunity to show how financial crises stopped being crimes and became natural disasters. Trevor Jackson examines the legal regulation of capital markets in a period of unprecedented expansion in the complexity of finance ranging from the bankruptcy of Europe's richest man in 1709, to the world's first stock market crash in 1720, to the first Latin American debt crisis in 1825. He shows how, after each crisis, popular anger and improvised policy responses resulted in efforts to create a more just financial capitalism but succeeded only in changing who could act with impunity, and how. Henceforth, financial crises came to seem normal and legitimate, caused by impersonal international markets, with the costs borne by domestic populations and nobody in particular at fault"--
An analysis of contemporary violence as the new commodity of today's hyper-consumerist stage of capitalism. “Death has become the most profitable business in existence.” —from Gore Capitalism Written by the Tijuana activist intellectual Sayak Valencia, Gore Capitalism is a crucial essay that posits a decolonial, feminist philosophical approach to the outbreak of violence in Mexico and, more broadly, across the global regions of the Third World. Valencia argues that violence itself has become a product within hyper-consumerist neoliberal capitalism, and that tortured and mutilated bodies have become commodities to be traded and utilized for profit in an age of impunity and governmental austerity. In a lucid and transgressive voice, Valencia unravels the workings of the politics of death in the context of contemporary networks of hyper-consumption, the ups and downs of capital markets, drug trafficking, narcopower, and the impunity of the neoliberal state. She looks at the global rise of authoritarian governments, the erosion of civil society, the increasing violence against women, the deterioration of human rights, and the transformation of certain cities and regions into depopulated, ghostly settings for war. She offers a trenchant critique of masculinity and gender constructions in Mexico, linking their misogynist force to the booming trade in violence. This book is essential reading for anyone seeking to analyze the new landscapes of war. It provides novel categories that allow us to deconstruct what is happening, while proposing vital epistemological tools developed in the convulsive Third World border space of Tijuana.
The recent boom in the “history of capitalism” has neglected one of the most noted and maligned features of its subject: the connection between capitalism and inequality. To address this gap, this dissertation develops and employs the concept of “economic impunity.” It argues that impunity is a function of three variables acting with the sphere of the economy, each of which changed over time even as the structure of the economy itself changed. The first variable is prosecutorial discretion, whether contingent and corrupt or institutionalized in the limits of jurisprudence. The second is technical knowledge, as financial instruments became increasingly esoteric and economic theory became increasingly formalized across the eighteenth century. The third is international mobility, of both capital and its owners, since European capital markets integrated sooner and more thoroughly than markets for land, labor, or commodities. To test this approach, this dissertation uses documents from twenty-three archives in four countries to analyze the disparity between the increasing complexity of international financial instruments and the simultaneously limited scope of securities regulation in Britain and France to argue that the Financial Revolution witnessed the first expansion of economic impunity from the sovereign to the technical managers of capital, culminating in the world’s first international financial crisis in 1720. The second chapter shows how eighteenth century economic thought tried to solve the conceptual and political problems this crisis raised. The third chapter uses the financial records of the speculator Étienne Clavière to illustrate the normal workings of eighteenth century finance and how that systems came apart during the French Revolution, turning impunity into a nationalized and politicized attribute. The fourth chapter investigates the revolutionary interregnum through a pair of case studies in Dublin and Strasbourg. The final chapter shows how international private banks like Barings, Rothschilds, and Laffitte reconstituted the European financial system after 1815, culminating with their efforts to contain the first crisis of the nineteenth century gold standard in 1825. This dissertation accomplishes three things: it injects a tractable approach to inequality into the new “history of capitalism” that goes beyond national income accounting or cultural representations by using the concept of impunity to illustrate how institutional exceptions allow for the frequent but disavowed episodes of dispossession that accompanied the rise of modern finance. It illuminates why a constitutive element of the modern, self-authorizing economic sphere is that great moral and material harm can take place within it despite nobody being legally at fault or politically held accountable. Finally, it allows for a method of historicizing financial crises, which otherwise are taken to be eternal, inevitable, and above all, natural. This last moves the recent effort to historicize “the economy” towards an approach that grapples with how economies fail rather than how they grow.
"Classical theorists once predicted that monarchy must eventually give way to capitalism. But is monarchy really dead--an archaic institution from the feudal past? In Royal Capitalism: The Monarchy, Wealth, and Social Classes in Thailand, Puangchon Unchanam examines one particularly successful monarchy: that of Thailand's King Bhumibol Adulyadej or Rama IX, whose seven-decade reign not only survived but thrived amid the country's transition to industrial capitalism. Indeed, the Thai crown's active role in national politics, the market economy, and popular culture has made it not only the dominant institution in the kingdom, but also the wealthiest monarchy in the world today. Tracing Rama IX's reign (1946-2016), Puangchon shows how the Thai crown was transformed into a 'bourgeois monarchy,' distinctive in several key ways. Rather than representing only royal and religious values, the monarchy rebranded itself by embracing the traditional middle-class ethic of hard work, frugality, and self-sufficiency. Rather than only relying upon coercion, the crown sought political legitimacy. And rather than simply controlling national assets, the crown became the country's major broker, connecting business elites, patronizing their industries, and partnering with giant corporations. Thanks to these distinctive features that it has recently embodied, the Thai monarchy enjoys hegemonic status in the capitalist state, preeminent status in the market, and popular support from the urban bourgeoisie"
An analysis of contemporary violence as the new commodity of today's hyper-consumerist stage of capitalism. “Death has become the most profitable business in existence.” —from Gore Capitalism Written by the Tijuana activist intellectual Sayak Valencia, Gore Capitalism is a crucial essay that posits a decolonial, feminist philosophical approach to the outbreak of violence in Mexico and, more broadly, across the global regions of the Third World. Valencia argues that violence itself has become a product within hyper-consumerist neoliberal capitalism, and that tortured and mutilated bodies have become commodities to be traded and utilized for profit in an age of impunity and governmental austerity. In a lucid and transgressive voice, Valencia unravels the workings of the politics of death in the context of contemporary networks of hyper-consumption, the ups and downs of capital markets, drug trafficking, narcopower, and the impunity of the neoliberal state. She looks at the global rise of authoritarian governments, the erosion of civil society, the increasing violence against women, the deterioration of human rights, and the transformation of certain cities and regions into depopulated, ghostly settings for war. She offers a trenchant critique of masculinity and gender constructions in Mexico, linking their misogynist force to the booming trade in violence. This book is essential reading for anyone seeking to analyze the new landscapes of war. It provides novel categories that allow us to deconstruct what is happening, while proposing vital epistemological tools developed in the convulsive Third World border space of Tijuana.
The bestselling author of No Logo shows how the global "free market" has exploited crises and shock for three decades, from Chile to Iraq In her groundbreaking reporting, Naomi Klein introduced the term "disaster capitalism." Whether covering Baghdad after the U.S. occupation, Sri Lanka in the wake of the tsunami, or New Orleans post-Katrina, she witnessed something remarkably similar. People still reeling from catastrophe were being hit again, this time with economic "shock treatment," losing their land and homes to rapid-fire corporate makeovers. The Shock Doctrine retells the story of the most dominant ideology of our time, Milton Friedman's free market economic revolution. In contrast to the popular myth of this movement's peaceful global victory, Klein shows how it has exploited moments of shock and extreme violence in order to implement its economic policies in so many parts of the world from Latin America and Eastern Europe to South Africa, Russia, and Iraq. At the core of disaster capitalism is the use of cataclysmic events to advance radical privatization combined with the privatization of the disaster response itself. Klein argues that by capitalizing on crises, created by nature or war, the disaster capitalism complex now exists as a booming new economy, and is the violent culmination of a radical economic project that has been incubating for fifty years.
From the author of Aftershock and The Work of Nations, his most important book to date—a myth-shattering breakdown of how the economic system that helped make America so strong is now failing us, and what it will take to fix it. Perhaps no one is better acquainted with the intersection of economics and politics than Robert B. Reich, and now he reveals how power and influence have created a new American oligarchy, a shrinking middle class, and the greatest income inequality and wealth disparity in eighty years. He makes clear how centrally problematic our veneration of the “free market” is, and how it has masked the power of moneyed interests to tilt the market to their benefit. Reich exposes the falsehoods that have been bolstered by the corruption of our democracy by huge corporations and the revolving door between Washington and Wall Street: that all workers are paid what they’re “worth,” that a higher minimum wage equals fewer jobs, and that corporations must serve shareholders before employees. He shows that the critical choices ahead are not about the size of government but about who government is for: that we must choose not between a free market and “big” government but between a market organized for broadly based prosperity and one designed to deliver the most gains to the top. Ever the pragmatist, ever the optimist, Reich sees hope for reversing our slide toward inequality and diminished opportunity when we shore up the countervailing power of everyone else. Passionate yet practical, sweeping yet exactingly argued, Saving Capitalism is a revelatory indictment of our economic status quo and an empowering call to civic action.
This book uses a series of high-profile cases to illustrate the key elements of transnational bribery law. It analyzes the law through the lenses of two competing theoretical approaches: the OECD paradigm and the anti-imperialist critique. It ultimately defends an alternative distinctively inclusive and experimentalist approach to transnational bribery law.
Though pillage, profit, and plunder have been a mainstay of war since pre-colonial times, there is little contemporary focus on the role of finance and economics in today's "Drug Wars"—despite the fact that they boost US banks and fill our prisons with poor people. They feed political campaigns, increase the arms trade, and function as long-term fixes to capitalism's woes, cracking open new territories to privatization and foreign direct investment. Combining on-the-ground reporting with extensive research, Dawn Paley moves beyond the usual horror stories, beyond journalistic rubbernecking and hand-wringing, to follow the thread of the Drug War story throughout the entire region of Latin America and all the way back to US boardrooms and political offices. This unprecedented book chronicles how terror is used against the population at large in cities and rural areas, generating panic and facilitating policy changes that benefit the international private sector, particularly extractive industries like petroleum and mining. This is what is really going on. This is drug war capitalism. Dawn Paley is a freelance journalist who has been reporting from South America, Central America, and Mexico for over ten years. Her writing has been published in the Nation, the Guardian, Vancouver Sun, Globe and Mail, Ms. magazine, the Tyee, Georgia Straight, and NACLA, among others.