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Books > Business & Economics > Economics > Financial crises & disasters
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The Ascendancy of Finance (Hardcover)
Loot Price: R1,523
Discovery Miles 15 230
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The Ascendancy of Finance (Hardcover)
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The global financial crisis of 2008 ushered in a system of informal
decision-making in the grey zone between economics and politics.
Legitimized by a rhetoric of emergency, ad hoc bodies have usurped
democratically elected governments. In line with the neoliberal
credo, the recent crisis has been used to realize the politically
impossible and to re-align executive power with the interests of
the finance industry. In this important book, Joseph Vogl offers a
much longer perspective on these developments, showing how the
dynamics of modern finance capitalism have always rested on a
complex and constantly evolving relationship between private
creditors and the state. Combining historical and theoretical
analysis, Vogl argues that over the last three centuries, finance
has become a "fourth estate," marked by the systematic
interconnection of treasury and finance, of political and private
economic interests. Against this historical background, Vogl
explores the latest phase in the financialization of government,
namely the dramatic transfer of power from states to markets in the
latter half of the 20th century. From the liberalization of credit
and capital markets to the privatization of social security, he
shows how policy has actively enabled a restructuring of the
economy around the financial sector. Political systems are
"imprisoned" by the regime of finance, while the corporate model
suffuses society, enclosing populations in the production of
financial capital. The Ascendancy of Finance provides valuable and
unsettling insight into the genesis of modern power and where it
truly resides.
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