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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. Subsequently, the literature has considered the financial crisis as somehow disconnected from the specific evolution of the Bretton Woods financial system and the perceived safety of US Treasury bonds. With this, an important opportunity has been lost to develop critical political economy literature on financial markets. 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. This book will introduce new ideas and appeal to university students and faculty interested in learning more about US financial power and the origins of the subprime crisis.
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.
How Wall Street concocted a more volatile and dangerous capitalism The Fall and Rise of American Finance traces the collapse and reconstitution of American financial power from the disintegration of robber baron J. P. Morgan’s vast empire to the rise of finance behemoth BlackRock. Contrary to what is taken for common sense by figures from Hillary Clinton to Bernie Sanders, Maher and Aquanno insist that financialization did not imply the hollowing out of the “real” economy or the retreat of the state. Rather, it served to intensify competitive discipline to maximize efficiency, profits, and the exploitation of labor—with the support of an increasingly authoritarian state.
This revised and expanded book focuses on Hilferding's major work, Finance Capital. In revisiting this influential book from a methodological point of view, both historical and intellectual, the authors affirm Hilferding's place in the Marxist tradition. Hilferding's ideas are used to criticise incumbent approaches in economics and enrich existing discussions and debates about the nature of modern capitalism. In doing so, this book highlights the importance of Hilferding's work in analysing and understanding modern capitalism and corporate developments. New material looking at Hilferding’s economic journalism, debates around his work in Poland, and Eugene Varga’s perspective on his work is also included.The book aims to explore Hilferding’s central ideas on the political economy, as well as its historical context and relation to Marx. It will be relevant to students and researchers interested in the political economy, the history of economic thought, and European politics.
Ontario is the most populous province in Canada and perhaps the most complex. It encompasses a range of regions, cities, and local cultures, while also claiming a long-standing pre-eminence in Canadian federalism. The second edition of The Politics of Ontario aims to understand this unique and ever-changing province. The new edition captures the growing diversity of Ontario, with new chapters on race and Ontario politics, Black Ontarians, and the relationship of Indigenous Peoples and Ontario. With contributors from across the province, the book analyses the political institutions of Ontario, key areas such as gender, Northern Ontario, the intricate Ontario political economy, and public policy challenges with the environment, labour relations, governing the GTA, and health care. Completely refreshed from the earlier edition, it emphasizes the evolution of Ontario and key public policy challenges facing the province. In doing so, The Politics of Ontario provides readers with a thorough understanding of this complicated province.
The Fall and Rise of American Finance traces the collapse and reconstitution of American financial power from the disintegration of robber baron J. P. Morgan's vast empire to the rise of finance behemoth BlackRock. Contrary to what is taken for common sense by figures from Hillary Clinton to Bernie Sanders, Maher and Aquanno insist that financialization did not imply the hollowing out of the "real" economy or the retreat of the state. Rather, it served to intensify competitive discipline to maximize efficiency, profits, and the exploitation of labor-with the support of an increasingly authoritarian state.
The 2010 election serves as a bookend to one of the remarkable political periods in recent U.S. history. Amidst a profound economic crisis, Americans elected an African American to the presidency and massive Democratic majorities to Congress. Beginning in 2009, the President and Congress put forward a sweeping agenda to both address the economic crisis and enact progressive policies that liberals had been advocating for decades. Within a year and a half, they would pass health care reform and financial reform alongside a stimulus package of nearly a trillion dollars. Democrats also rescued the auto industry via a partial government takeover and expanded the Bush administration's incipient pr...
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 ...
The focus of the book is the cost of empire, particularly the cost in the American case – the internal burden of American global leadership. The book builds an argument about the propensity of external responsibilities to undermine the internal strength, raising the question of the link between weakening and the global spread of American power.
In the decades following the Second World War, autoworkers were at the forefront of the labour movement. Their union urged members to rally in the streets and use the ballot box to effect change for all working-class people. But by the turn of this century, the Canadian Auto Workers union had begun to pursue a more defensive political direction. Shifting Gears traces the evolution of CAW strategy from transformational activism to transactional politics. Class-based collective action and social democratic electoral mobilization gave way to transactional partnerships as relationships between the union, employers, and governments were refashioned. This new approach was maintained when the CAW merged with the Communications, Energy and Paperworkers Union in 2013 to create Unifor, Canada’s largest private-sector union. Stephanie Ross and Larry Savage explain how and why the union shifted its political tactics, offering a critical perspective on the current state of working-class politics.