New Actors in a Financialised Economy and the Remaking of Capitalism

Abstract

Click to increase image sizeClick to decrease image size The authors would like to thank colleagues in the ESRC Centre for Research in Socio-Cultural Change (CRESC) Cultural Economy Theme, especially Sarah Green, for their discussions on the remaking of capitalism. The views expressed here are those of the three authors. Notes 1. David Held, Anthony McGrew, David Goldblatt & Jonathon Perraton, Global Transformations (Stanford University Press, 1999); Saskia Sassen, The Global City: New York, London, Tokyo, 2nd edn (Princeton University Press, 2001). 2. Gordon Clark, Pension Fund Capitalism (Oxford University Press, 2000); Julie Froud, Sukhdev Johal & Karel Williams, ‘Financialisation and the Coupon Pool’, Capital and Class, Vol. 78 (2002), pp. 119–52. 3. Johnna Montgomerie, ‘The Financialization of the American Credit Card Industry’, Competition and Change, Vol. 10, No. 3 (2003), pp. 301–19; Andrew Leyshon & Nigel Thrift, ‘The Capitalisation of Almost Everything: The Future of Finance and Capitalism’, paper presented at the IWGF Inaugural Conference, Financialiation in Retrospect and Prospect, London, 11–12 February 2007. 4. OECD, Improving Financial Literacy (OECD, 2005). 5. International Herald Tribune, 8 March 2005. 6. Spiegel online, 5 May 2005. 7. Financial Times, 30 January 2007. 8. Susan Strange, ‘The Persistent Myth of Lost Hegemony’, International Organization, Vol. 41, No. 4 (1987), pp. 551–74; Barry Eichengreen, Towards a New International Financial Architecture: A Practical Post-Asia Agenda (Institute for International Economics, 1999); Susanne Soederberg, ‘The New International Financial Architecture: A Procrustean Bed for Emerging Markets?’, Third World Quarterly, Vol. 23, No. 4 (2002), pp. 607–20; Jacqueline Best, ‘From the Top–Down: The New Financial Architecture and the Re-embedding of Global Finance’, New Political Economy, Vol. 8, No. 3 (2003), pp. 363–84; Leonard Seabrooke, ‘Everyday Legitimacy and International Financial Orders: The Social Sources of Imperialism and Hegemony in Global Finance’, New Political Economy, Vol. 12, No. 1 (2007), pp. 1–18. 9. Karl Polanyi, The Great Transformation: The Political and Economic Origins of our Time (Beacon Press, 1944). 10. John Gerard Ruggie, ‘International Regimes, Transactions and Change: Embedded Liberalism in the Postwar Economic Order’, International Organization, Vol. 35, No. 2 (1982), pp. 379–415. 11. Eric Helleiner, States and the Re-emergence of Global Finance: From Bretton Woods to the 1990s (Cornell University Press, 1994). 12. Best, ‘From the Top–Down’. 13. Ibid., p. 364. 14. Jan Aart Scholte, ‘Civil Society and Democracy in Global Governance’, Global Governance, Vol. 8, No. 3 (2002), pp. 281–304. 15. Susan Soederberg, Georg Menz & Philip Cerny, Internalizing Globalization: The Rise of Neo-liberalism and the Decline of National Varieties of Capitalism (Palgrave, 2005). 16. Peter Hall & David Soskice, Varieties of Capitalism: The Institutional Foundation of Comparative Advantage (Oxford University Press, 2001). 17. Ibid., p. 16. 18. Bruno Amable, The Diversity of Modern Capitalism (Oxford University Press, 2003). 19. Ben Thirkell-White, ‘The International Financial Architecture and the Limits of Neo-liberal Hegemony’, New Political Economy, Vol. 12, No. 1 (2007), pp. 19–41. 20. Montgomerie, ‘The Financialization of the American Credit Card Industry’. 21. Timothy J. Sinclair, ‘Bond Rating Agencies’, New Political Economy, Vol. 8, No. 1 (2003), pp. 147–61. 22. Leonard Seabrooke, ‘The Bank for International Settlements’, New Political Economy, Vol. 11, No. 1 (2005), pp. 141–9. 23. Peter A. Hall & Kathleen Thelen, ‘The Politics of Change in Varieties of Capitalism’, paper presented at the annual conference of the American Political Science Association, 1–4 September 2005; Richard Deeg & Gregory Jackson, ‘Towards a More Dynamic Theory of Capitalist Variety’, Socio-Economic Review, Vol. 5, No. 1 (2007), pp. 149–79. 24. Colin Crouch, Capitalist Diversity and Change. Recombinat Governance and Institutional Entrepreneurs (Oxford University Press, 2005); Colin Crouch, ‘Models of Capitalism’, New Political Economy, Vol. 10, No. 4 (2005), pp. 439–56. 25. Deeg & Jackson ‘Towards a More Dynamic Theory of Capitalist Variety’. 26. Amable, The Diversity of Modern Capitalism; David Coates (ed.), Varieties of Capitalism, Varieties of Approaches (Palgrave Macmillan, 2005). 27. Michael Jensen, ‘The Eclipse of the Public Corporation’, Harvard Business Review (September–October 1989), pp. 61–74. 28. William Lazonick & Mary O'Sullivan, ‘Maximising Shareholder Value: A New Ideology for Corporate Governance’, Economy and Society, Vol. 29, No. 1 (2000), pp. 13–35. 29. Julie Froud, Sukhdev Johal, Adam Leaver & Karel Williams, Financialization and Strategy: Narrative and Numbers (Routledge, 2006). 30. See, for example, Mary A. O'Sullivan, Acting Out Institutional Change: Understanding the Recent Transformation of the French Financial Systems, Working Paper, The Wharton School, February 2006. 31. Randy Martin, The Financialization of Daily Life (Temple, 2002); Nigel Thrift, ‘“It's the Romance, not the Finance That Makes the Business Worth Pursuing”: Disclosing a New Market Culture’, Economy and Society, Vol. 30, No. 4 (2001), pp. 412–32. 32. Paul Langley, ‘In the Eye of the ‘Perfect Storm’: The Final Salary Pension Crisis and the Financialisation of Anglo-American Capitalism', New Political Economy, Vol. 9, No. 4 (2004), pp. 539–58. 33. Froud et al., Financialization and Strategy; Julie Froud, Colin Haslam, Sukhdev Johal & Karel Williams, ‘Shareholder Value and Financialization: Consultancy Promises, Management Moves’, Economy and Society, Vol. 29, No. 1 (2000), pp. 80–110. 34. Donald MacKenzie & Yuval Millo, ‘Constructing a Market, Performing Theory: The Historical Sociology of a Financial Derivatives Exchange’, American Journal of Sociology, Vol. 109, No. 1 (2003), pp. 107–45. 35. Peter Folkman, Julie Froud, Sukhdev Johal & Karel Williams, ‘Working for Themselves: Capital Market Intermediaries and Present Day Capitalism’, Business History, Vol. 49, No. 4 (2007).