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This book explores the potential for public banks to help finance
the expansion, democratization and sustainability of public water
services in Europe, with implications for public water financing
elsewhere in the world. Financing the UN's Sustainable Development
Goal 6 for water and sanitation will be enormously expensive and
will also depend largely on public water operators. Where will this
money to fund public water services come from? One option is public
banks. These state-owned institutions constitute just under 20% of
global banking assets, holding close to $50 trillion in assets.
Many public banks have explicit mandates to finance public water
management and related public goods, and they have been doing so
for decades. And yet, despite a resurgence of interest in public
banks, their roles and potential in funding public water services
have been largely ignored by researchers and policy makers. This
book aims to measure the scale and nature of interactions between
public banks and public water operators in the European region;
identify challenges and opportunities for deeper engagement between
public banks and public water operators; recognize promising
practices and how these might be transferred elsewhere in the
world; and assess possibilities for more democratic forms of public
bank and public water interactions. This volume will be of great
use to students and researchers interested in political ecology and
economy, development and cooperation, public policy as well as
water governance and management. The chapters in this book were
originally published as a special issue of Water International.
'Thomas Marois' book, States, Banks and Crisis, is highly
attractive to development scholars because of the combinations of
topics it discusses, the countries analyzed, and its
characterization of financial capital as dominant. In the last
century the states of Mexico and Turkey promoted robust economic
growth guided by powerful public banking organizations. The book
captures how this came to a halt since the 1980s through the
privatizing of economic activity, especially banking activities in
ways that induced steep banking crises that halted economic
development. Marois discusses the theory and history of Mexico and
Turkey in depth offering an excellent analysis of their neoliberal
experiences while proposing new alternatives to reshape the
linkages between the financial sector and economic growth.' - Noemi
Levy, National Autonomous University of Mexico (UNAM), Mexico City
Thomas Marois' groundbreaking interpretation of banking and
development in Mexico and Turkey builds on a Marxian-inspired
framework premised on understanding states and banks as social
relationships alongside crisis and labor as vital to finance today.
The book's rich historical and empirical content reveals definite
institutionalized relationships of power that mainstream political
economists often miss. While leading to a timely analysis of the
impact of the Great Recession on Mexico and Turkey, the major
contribution of States, Banks and Crisis in its account of emerging
finance capitalism. This is defined as the current phase of
accumulation wherein the interests of financial capital are fused
in the state apparatus as the institutionalized priorities and
overarching social logic guiding the actions of state managers and
government elites, often to the detriment of labor. This
interdisciplinary and accessible study on banking and development
will prove to be an important resource for upper-level
undergraduates, graduates, and scholars in economics, development
studies, political science, political economy, development finance,
sociology, international relations and international political
economy.
This volume provides a comprehensive study of Turkey's financial
transformation into one of the most dynamic, if not trouble-free,
emerging capitalisms. While this financial evolution has
underwritten Turkey's dramatic economic growth, it has done so
without ameliorating the persistently exploitative and unequal
social structures that characterize neoliberalism today. This
edited volume, written by an interdisciplinary range of political
economists, critically examines Turkey's financial transformation,
contributing to debates on the nature of peripheral
financialization. Eschewing economistic interpretations, The
Political Economy of Financial Transformation in Turkey underscores
both the quantitative significance of exponential growth in
financial flows and investments, and the qualitative importance of
the state's institutional restructuring around financial
imperatives. The book presents today's reality as historically
rooted. By understanding the choices made under the new Republic
(from 1923 onwards), one can better locate the changes launched as
a newly liberalizing society (since 1980). Likewise, the decisions
made in response to Turkey's 2001 financial crisis spurred a
tectonic break in state-market-society financial relations. The
waves of change have reached far and wide: from corporate
strategies of accumulation and growth to small- and medium-sized
enterprises' strategies of financial survival; from how finance has
penetrated the provisioning of housing to how households have
become financialized. Put together, one grasps the complexity and
historicity of the power of contemporary finance. One also sees
that the changes made have not been class-neutral, but have
entailed elevating the interests of major capital groups,
particularly financial capital, above the interests of the poor and
workers in Turkey. Nor are these changes constrained to its
national borders, as what transpires domestically contributes to
the making of a financialized world market. Through this 'Made in
Turkey' approach the contributions in this volume thus challenge
dominant understandings of financialization, which are derived from
the advanced capitalisms, by sharing the specificity of emerging
capitalisms such as Turkey.
This volume provides a comprehensive study of Turkey's financial
transformation into one of the most dynamic, if not trouble-free,
emerging capitalisms. While this financial evolution has
underwritten Turkey's dramatic economic growth, it has done so
without ameliorating the persistently exploitative and unequal
social structures that characterize neoliberalism today. This
edited volume, written by an interdisciplinary range of political
economists, critically examines Turkey's financial transformation,
contributing to debates on the nature of peripheral
financialization. Eschewing economistic interpretations, The
Political Economy of Financial Transformation in Turkey underscores
both the quantitative significance of exponential growth in
financial flows and investments, and the qualitative importance of
the state's institutional restructuring around financial
imperatives. The book presents today's reality as historically
rooted. By understanding the choices made under the new Republic
(from 1923 onwards), one can better locate the changes launched as
a newly liberalizing society (since 1980). Likewise, the decisions
made in response to Turkey's 2001 financial crisis spurred a
tectonic break in state-market-society financial relations. The
waves of change have reached far and wide: from corporate
strategies of accumulation and growth to small- and medium-sized
enterprises' strategies of financial survival; from how finance has
penetrated the provisioning of housing to how households have
become financialized. Put together, one grasps the complexity and
historicity of the power of contemporary finance. One also sees
that the changes made have not been class-neutral, but have
entailed elevating the interests of major capital groups,
particularly financial capital, above the interests of the poor and
workers in Turkey. Nor are these changes constrained to its
national borders, as what transpires domestically contributes to
the making of a financialized world market. Through this 'Made in
Turkey' approach the contributions in this volume thus challenge
dominant understandings of financialization, which are derived from
the advanced capitalisms, by sharing the specificity of emerging
capitalisms such as Turkey.
'Thomas Marois' book, States, Banks and Crisis, is highly
attractive to development scholars because of the combinations of
topics it discusses, the countries analyzed, and its
characterization of financial capital as dominant. In the last
century the states of Mexico and Turkey promoted robust economic
growth guided by powerful public banking organizations. The book
captures how this came to a halt since the 1980s through the
privatizing of economic activity, especially banking activities in
ways that induced steep banking crises that halted economic
development. Marois discusses the theory and history of Mexico and
Turkey in depth offering an excellent analysis of their neoliberal
experiences while proposing new alternatives to reshape the
linkages between the financial sector and economic growth.' - Noemi
Levy, National Autonomous University of Mexico (UNAM), Mexico City
Thomas Marois' groundbreaking interpretation of banking and
development in Mexico and Turkey builds on a Marxian-inspired
framework premised on understanding states and banks as social
relationships alongside crisis and labor as vital to finance today.
The book's rich historical and empirical content reveals definite
institutionalized relationships of power that mainstream political
economists often miss. While leading to a timely analysis of the
impact of the Great Recession on Mexico and Turkey, the major
contribution of States, Banks and Crisis in its account of emerging
finance capitalism. This is defined as the current phase of
accumulation wherein the interests of financial capital are fused
in the state apparatus as the institutionalized priorities and
overarching social logic guiding the actions of state managers and
government elites, often to the detriment of labor. This
interdisciplinary and accessible study on banking and development
will prove to be an important resource for upper-level
undergraduates, graduates, and scholars in economics, development
studies, political science, political economy, development finance,
sociology, international relations and international political
economy.
Public banks are banks located within the public sphere of a state.
They are pervasive, with more than 900 institutions worldwide, and
powerful, with tens of trillions in assets. Public banks are
neither essentially good nor bad. Rather, they are dynamic
institutions, made and remade by contentious social forces. As the
first single-authored book on public banks, this timely
intervention examines how these institutions can confront the
crisis of climate finance and catalyse a green and just transition.
The author explores six case studies across the globe,
demonstrating that public banks have acquired the representative
structures, financial capacity, institutional knowledge,
collaborative networks, and geographical reach to tackle
decarbonisation, definancialisation, and democratisation. These
institutions are not without contradictions, torn as they are
between contending public and private interests in class-divided
society. Ultimately, social forces and struggles shape how and if
public banks serve the public good.
The global economic crisis has exposed the limits of neoliberalism
and dramatically deepened social polarization. Yet, despite
increasing social resistance and opposition, neoliberalism prevails
globally. Radical alternatives, moreover, are only rarely debated.
And if they are, such alternatives are reduced to new Keynesian and
new developmental agendas, which fail to address existing class
divisions and imperialist relations of domination. This collection
of essays polarizes the debate between radical and reformist
alternatives by exploring head-on the antagonistic structure of
capitalist development. The contributors ground their proposals in
an international, non-Eurocentric and Marxian inspired analysis of
capitalism and its crises. From Latin America to Asia, Africa to
the Middle East and Europe to the US, social and labour movements
have emerged as the protagonists behind creating alternatives. This
book's new generation of scholars has written accessible yet
theoretically informed and empirically rich chapters elaborating
radical worldwide strategies for moving beyond neoliberalism, and
beyond capitalism. The intent is to provoke critical reflection and
positive action towards substantive change.
Public banks are banks located within the public sphere of a state.
They are pervasive, with more than 900 institutions worldwide, and
powerful, with tens of trillions in assets. Public banks are
neither essentially good nor bad. Rather, they are dynamic
institutions, made and remade by contentious social forces. As the
first single-authored book on public banks, this timely
intervention examines how these institutions can confront the
crisis of climate finance and catalyse a green and just transition.
The author explores six case studies across the globe,
demonstrating that public banks have acquired the representative
structures, financial capacity, institutional knowledge,
collaborative networks, and geographical reach to tackle
decarbonisation, definancialisation, and democratisation. These
institutions are not without contradictions, torn as they are
between contending public and private interests in class-divided
society. Ultimately, social forces and struggles shape how and if
public banks serve the public good.
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