This book tells the story of financial power in American
capitalism, from the collapse of the J.P. Morgan's vast empire to
the rise of finance behemoth BlackRock. It traces the making and
remaking of the American ruling class as the postwar "Golden Age"
of industrial hegemony gave way to the powerful revival of finance
in the neoliberal period. Following the 2008 crisis, this remaking
culminated in the reorganization of our financial system around the
unprecedented economic power of the "Big Three" asset management
firms. Maher and Aquanno elucidate the transformations of ruling
class power across these periods, highlighting how transitions from
one phase to another were shaped by profound crises and marked by
the restructuring of corporations and the state. Contrary to what
has become the common sense view, advanced by figures from Hillary
Clinton to Bernie Sanders, Maher and Aquanno insist that
financialization did not imply the decline of capitalism, 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 - all with the
support of an increasingly authoritarian state.
General
Imprint: |
Verso Books
|
Country of origin: |
United Kingdom |
Release date: |
February 2024 |
Authors: |
Scott Aquanno
• Stephen Maher
|
Dimensions: |
234 x 153mm (L x W) |
Format: |
Paperback
|
Pages: |
272 |
ISBN-13: |
978-1-83976-526-1 |
Categories: |
Books
|
LSN: |
1-83976-526-7 |
Barcode: |
9781839765261 |
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