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Argues "that social scientists, governments and citizens need now to re-engage with the political dimensions of financial markets." - cover.
-Showing how 'exit strategies' are reviving neoliberalism.
This account of the financial crisis of 2008–2009 compares banking systems in the United States and the United Kingdom to those of Canada and Australia and explains why the system imploded in the former but not the latter. Central to this analysis are differences in bankers’ beliefs and incentives in different banking markets. A boom mentality and fear of being left behind by competitors drove many U.S. and British bank executives to take extraordinary risks in creating new financial products. Intense market competition, poorly understood trading instruments, and escalating system complexity both drove and misled bankers. Formerly illiquid assets such as mortgages and other forms of debt...
The all-encompassing embrace of world capitalism at the beginning of the twenty-first century was generally attributed to the superiority of competitive markets. Globalization had appeared to be the natural outcome of this unstoppable process. But today, with global markets roiling and increasingly reliant on state intervention to stay afloat, it has become clear that markets and states aren't straightforwardly opposing forces. In this groundbreaking work, Leo Panitch and Sam Gindin demonstrate the intimate relationship between modern capitalism and the American state. The Making of Global Capitalism identifies the centrality of the social conflicts that occur within states rather than between them. These emerging fault lines hold out the possibility of new political movements that might transcend global markets.
Historical materialism as Marx understood this was always an integrated conception or field of research, not one divided into separate disciplines. The essays gathered in this volume are a remarkable example of how this works across a wide range of subjects as diverse as agrarian history, capitalism, Hegel’s influence on Marx, and class struggles in India. They were written over some fifty years of both activism and academic work, embodying Banaji’s lifelong engagement with Marxist theory. His recent papers on merchant capitalism can also be found here, along with a biographical sketch that sets all of his work in context.
Demolishing the Blairite opposition in 2015, Jeremy Corbyn saw off an attempted coup against his leadership under the banner of the "soft left" one year on. This unassuming antiwar socialist now leads Labour with a huge mandate. For the first time in decades, socialism is back on the agenda-and for the first time in Labour's history, it defines the leadership. This book tells the story of how Corbyn's rise was made possible by the long decline of Labour and a deep crisis in British democracy. It surveys the makeshift coalition of trade unionists, young and precarious workers, and students who rallied to Corbyn. It shows how a novel social media campaign turned the media's "Project Fear" on its head, making a virtue of every accusation thrown at him. And finally it asks, with all the artillery that is still ranged against Corbyn, given the crisis-ridden Labour Party that he has inherited, the devastating impact of the coup attempt and the fall-out from Brexit, what it would mean for him to succeed.
Our world is in the grips of the most calamitous economic crisis since the Great Depression—and its epicenter is the imperial United States, where hallowed investment banks have disappeared overnight, giants of industry have gone bankrupt, and the financial order has been shaken to the core. While many around the globe are increasingly wondering if another world is indeed possible, few are mapping out potential avenues – and flagging wrong turns – en route to a post-capitalist future. In this groundbreaking analysis of the meltdown, renowned radical political economists Albo, Gindin, and Panitch lay bare the roots of the crisis, which they locate in the dynamic expansion of capital on ...
Banks of all sorts are troubled institutions. The cost of public bail-outs associated with the subprime crisis in the United States alone may be as high as US$5 trillion. What is the problem with banks? Why do they seem to be at the centre of economic and financial turmoil down through the ages? In this provocative and timely book, Rethel and Sinclair seek answers to these questions, arguing that banks suffer from perennial problems, and that developments in the financial markets and government in recent decades have simply exacerbated these issues. The book examines banking activity in America, Asia and Europe, and how specific historical circumstances have transformed banks' behaviour and attitude to risk. While many see government as a constraint on banks, Sinclair and Rethel argue that what governments do in terms of regulation shapes banks and their motivations, as can be seen in the shortcomings of current reform proposals. Instead, more far-reaching, alternative ways of regulating and shaping banks are needed. A concise, essential overview of a pressing global issue.
This book is about the neglect of gender and race in explanations of the Global Financial Crisis. It is also about the sexual scandals and gendered austerity policies that have relegated public debate, and the crisis itself. We need to look at the activities and the privileges of the advantaged - the "TED women" of the crisis -- as much as the victimization of the disadvantaged - to fully grasp the interplay between gender and economy in this age of restoration.
This book will broaden the public and policy discourse on the importance of well-being by examining psychological, social, environmental, economic, organizational, institutional and political determinants of individual well-being. The public po