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The City, as London's financial centre is known, is the world's biggest international banking and foreign exchange market, shaping the development of global capital. It is also, as this groundbreaking book reveals, a crucial part of the mechanism of power in the world economy. Based on the author's twenty years' experience of City dealing rooms, The City is an in-depth look at world markets and revenues that exposes how this mechanism works. All big international companies-not just the banks-utilize this system, and The City shows how the operations of the City of London are critical both for British capitalism and for world finance. Tony Norfield details, with shocking and insightful research, the role of the US dollar in global trading, the network of British-linked tax havens, the flows of finance around the world and the system of power built upon financial securities. Why do just fifty companies now have control of a large share of world economic production? The City explains how this situation came about, examining the history of the world economy from the post-war period to the present day.
Provides an examination of the relationship between the core capitalist countries and the rest of the world in the age of neoliberal globalization. Deploying a Marxist methodology, Smith begins by tracing the production of certain iconic commodities--the T-shirt, the cup of coffee, and the iPhone--and demonstrates how these generate enormous outflows of money from the countries of the Global South to transnational corporations headquartered in the core capitalist nations of the Global North. From there, Smith draws on his empirical findings to theorize the current shape of imperialism. He argues that the core capitalist countries need no longer rely on military force and colonialism (although these still occur) but increasingly are able to extract profits from workers in the Global South through market mechanisms and, by aggressively favoring places with lower wages, the phenomenon of labor arbitrage. --From publisher description.
Award-winning book showcases case studies uncovering the exploitation of labor and class in the Global South Winner of the 2018 Paul M. Sweezy—Paul A. Baran Memorial Award for original work regarding the political economy of imperialism, Value Chains examines the exploitation of labor in the Global South. Focusing on the issue of labor within global value chains, this book offers a deft empirical analysis of unit labor costs that is closely related to Marx’s own theory of exploitation. Value Chains uncovers the concrete processes through which multinational corporations, located primarily in the Global North, capture value from the Global South. We are brought face to face with various s...
A behind the scenes look at the way that individual printmakers work: inspirations, strategies, techniques and problem solving.
Setting out from an unapologetic Marxist perspective, The Long Depression argues that the global economy remains in the throes of a depression. Making the case that the profitability of capital is too low, and the debt built up before the Great Recession too high, leading radical economist Michael Roberts persuasively presents his case that this depression will persist until the profitability of capital is restored through yet another slump.
For 200 years after 1650 the West Indies were the most fought-over colonies in the world, as Europeans made and lost immense fortunes growing and trading in sugar - a commodity so lucrative that it was known as white gold. Young men, beset by death and disease, an ocean away from the moral anchors of life in Britain, created immense dynastic wealth but produced a society poisoned by war, sickness, cruelty and corruption. The Sugar Barons explores the lives and experiences of those whose fortunes rose and fell with the West Indian empire. From the ambitious and brilliant entrepreneurs, to the grandees wielding power across the Atlantic, to the inheritors often consumed by decadence, disgrace and madness, this is the compelling story of how a few small islands and a handful of families decisively shaped the British Empire.
Most mainstream economists view capitalism’s periodic breakdowns as nothing more than temporary aberrations from an otherwise unbroken path toward prosperity. For Marxists, this fundamental flaw has long been acknowledged as a central feature of the free-market system. This groundbreaking volume brings together Marxist scholars from around the world to offer an empirically grounded defense of Marx’s law of profitability and its central role in explaining capitalist crises. “World in Crisis has a specific aim: to provide empirical validity to the hypothesis that the cause of recurring economic crises or slumps in output, investment, and employment in modern economies can be found in Marx’s law of the tendential fall in the rate of profit. Marx believed, and we agree, that this is ‘the most important law in political economy.’” —from the preface
Keynes is one of the most important and influential economists who ever lived. It is almost universally believed that Keynes wrote his magnum opus, The General Theory of Employment, Interest and Money, to save capitalism from the socialist, communist, and fascist forces that were rising up during the Great Depression era. This book argues that this was not the case with respect to socialism. Tracing the evolution of Keynes’s views on policy from WWI until his death in 1946, Crotty argues that virtually all post-WWII "Keynesian" economists misinterpreted crucial parts of Keynes’s economic theory, misunderstood many of his policy views, and failed to realize that his overarching political ...
For big business in Germany and around the world, Hitler and his National Socialist party were good news. Business was bad in the 1930s, and for multinational corporations Germany was a bright spot in a world suffering from the Great Depression. As Jacques R. Pauwels explains in this book, corporations were delighted with the profits that came from re-arming Germany, and then supplying both sides of the Second World War. Recent historical research in Germany has laid bare the links between Hitler's regime and big German firms. Scholars have now also documented the role of American firms — General Motors, IBM, Standard Oil, Ford, and many others — whose German subsidiaries eagerly sold eq...
How London was bought and sold by the Super-Rich, and what it means for the rest of us Who owns London? Today, the city is the epicentre of the world’s financial markets, an elite cultural hub, and a place to hide one’s wealth. In Alpha City, Rowland Atkinson tells the story of eager developers, sovereign wealth, and grasping politicians, all of which paved the way for the plutocratic colonisation of the cityscape. Atkinson moves through the gated communities and the mega-houses of the urban elite, charting how the rich live and their influence on the disturbing rise in evictions and displacements from the city. The book, fully updated, also looks at the capital’s prospects in the aftermath of Brexit and the pandemic, showing how the super-rich may capitalise on the crisis, increasing inequality and hardship.