Download Geography of Power: Making Global Economic Policy by Richard Peet PDF

By Richard Peet

This paintings appears to be like at how modern international financial regulations are made: wherein associations, less than what ideologies, and the way they're enforced. the writer finds the crucial roles performed by means of companies resembling the IMF and the realm financial institution in supervising the livelihoods of over 2.5 billion humans. He exhibits that neoliberal monetary coverage is enforced by way of a couple of thousand unelected and unaccountable specialists within the North and has did not bring tolerable dwelling stipulations for the negative. the realization makes a favorable contribution through exploring coverage choices that time the best way ahead.

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We might call the form of capitalism resulting from the interaction of abstraction upwards, expansion outwards and fusion inwards global finance capital, meaning that finance is the leading fraction of capital, that finance normally operates on a global scale, including through global governance. The term ‘finance capital’ comes originally from Rudolf Hilferding (1981), an Austrian Marxist theoretician writing in the early twentieth century. Hilferding was talking about the increasing concentration and centralization of capital in large corporations, cartels, trusts and banks, together with a change in the structure of the capitalist economy towards the export of capital from the industrial countries in search of higher rates of profit elsewhere.

Here the connection with large blocks of capital is crucial because underwriters have to ‘take up’ any unsold shares or bonds in any new issue (Bloch 1986). Since repeal of Glass-Steagall in 1999, commercial banks, such as Chase Manhattan Corporation and Citibank, have developed, or acquired, investment banking facilities, as well as a range of insurance and stock brokerage services, to produce gigantic, enormously profitable financial conglomerates. Of the 100 biggest global corporations, onefifth are banking, insurance and other financial service companies.

In A Brief History of Neoliberalism, David Harvey (2005: 31–8) argues that ownership (shareholders) and management (CEOs especially) of capitalist enterprises have fused together as upper management is paid with stock options. Increasing the price of the stock becomes the objective of corporate operations. Additionally, Harvey says, corporations heavily involved in production – automobile or steel makers, for example – have become increasingly financial in orientation, diversifying into credit, insurance, real estate, etc.

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