The Fall and Rise of American Finance
from J.P. Morgan to Blackrock
Published on 13. February 2024
272 pages
978-1-83976-528-5 (ISBN)
Description
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.
More details
Edition
Ebook UK & RoW
Language
English
Place of publication
London
United Kingdom
Product notice
Reflowable
ISBN-13
978-1-83976-528-5 (9781839765285)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
Additional editions
Book
02/2024
Verso Books
€25.00
Available immediately
Persons
Stephen Maher is Assistant Professor of Economics at SUNY Cortland, and Associate Editor of the Socialist Register. He is also the author of Corporate Capitalism and the Integral State: General Electric and a Century of American Power (Palgrave, 2022).
Scott M. Aquanno is Assistant Professor of Political Science at Ontario Tech University, and a Visiting Associate at the Global Labour Research Centre at York University. He is the author of Crisis of Risk: Subprime Debt and US Financial Power from 1944 to Present (Edward Elgar, 2021).
Scott M. Aquanno is Assistant Professor of Political Science at Ontario Tech University, and a Visiting Associate at the Global Labour Research Centre at York University. He is the author of Crisis of Risk: Subprime Debt and US Financial Power from 1944 to Present (Edward Elgar, 2021).
Content
- Cover Page
- Halftitle Page
- Title Page
- Copyright Page
- Contents
- Dedication
- Preface
- 1: The Latest Phase of American Capitalist Development
- The Fall and Rise of American Finance
- A New Picture of Financialization
- Rethinking Finance and the Corporation
- 2: Classical Finance Capital and the Modern State
- Financial Capital and Industrial Capital
- From Bank Capital to Finance Capital
- Finance Capital and Competition
- State Power, Class Power, and Crisis
- 3: Managerialism and the New Deal State
- Remaking Capitalist Finance
- The New Industrial Order
- Class Struggle and the Crisis of Managerialism
- 4: Neoliberalism and Financial Hegemony
- The Financialization of the Non-Financial Corporation
- Asset-Based Accumulation and Market-Based Finance
- Financialization and Authoritarian Statism
- The 2008 Crisis and the Question of Decline
- 5: The New Finance Capital and the Risk State
- Crisis Management and the Risk State
- The Rise of the Big Three
- The New Finance Capital
- Private Equity, Hedge Funds, and Finance Capital
- 6: Crises, Contradictions, and Possibilities
- The Statization of Market-Based Finance
- The Macroeconomic Policy of Finance Capital
- The False Promise of Universal Ownership
- Democratizing Finance
- Notes
- Index
