Re-emergence Of Global Finance Research Articles

Seasons of Self-Delusion: Opium, Capitalism and the Financial Markets

AbstractTo grasp current trends within capitalism without abandoning the framework of Marx’sCapitalwe need to return to the category of ‘fictitious capital’ and make it central to our explanations. Based on the 2012 Isaac and Tamara Deutscher Memorial Lecture, this essay combines reflections on Marx’s account of ‘fictitious capital’; an investigation of the role of bills of exchange; and an analysis of the recent turmoil in British and US banking. It looks at the way the opium trade, financed through the London bill market, integrated a constellation of interests in the City with the labour of peasant households in India as parts of a unified accumulation process. Opium was vital to the fortunes of British capitalism for most of the nineteenth century. The merchant banks that were the mainstay of Britain’s form of capitalism were also the key element in the re-emergence of global finance in the postwar period. The concluding part of the paper deals with the current banking crisis and follows Hilferding in arguing that by providing liquidity to the markets for fictitious capital, speculation plays a crucial role in sustaining profitability for the bigger capitals.

What Next? An Explanation of the 2008–2009 Slump and Two Scenarios of the Shape of Things to Come

In order to build scenarios of possible futures and grasp the structural liabilities and tendencies of global financial markets, we do not need just historical analogies to past crises and collapses but also a conceptual-theoretical model that explains the characteristic mechanisms of financial markets. Firstly, I summarise the neoclassical understanding of financial markets and its characteristic effects. This understanding gave ex post legitimisation to the re-emergence of global finance in the early 1970s, and has subsequently justified and encouraged its rise to predominance in the world economy. I provide reasons to suspect that the orthodox account is misleading not only because it has been unable to anticipate the 2008–2009 crisis (or any other major crisis) but more fundamentally because it lacks insight even into the basic operations of financial markets. Secondly, I sketch an explanatory model of the 2008–2009 financial crisis, based on Keynes and Minsky as well as on concepts derived from Schumpeter, chaos theory and theory of collective action and rationality. This explanation provides the basis for two short-term scenarios of future developments, involving the possibility of a major crash in the late 2010s or around 2020; (also pathological) learning; and the emergence of green global-Keynesian policies and institutions. I conclude by suggesting that the era of neoliberalism is likely to come to an end by 2030, having lasted for about half a century. Para poder crear situaciones de posibles futuros financieros y llegar a comprender las responsabilidades legales y las tendencias de los mercados financieros globales, no necesitamos tan sólo analogías históricas de crisis y desplomes anteriores, sino también un modelo teórico conceptual que explica los mecanismos característicos de los mercados financieros. Primero, resumo el entendimiento neoclásico de los mercados financieros y sus efectos característicos. Este entendimiento dio una legitimación retrospectiva al resurgimiento de las finanzas globales a principio de la década de 1970, y subsecuentemente ha justificado e impulsado su subida al predominio en la economía mundial. Proporciono razones para sospechar que el informe ortodoxo es desorientador no sólo porque no ha sido capaz de anticipar la crisis de 2008–2009 (o ninguna otra crisis mayor), pero fundamentalmente porque carece de conocimiento profundo de las operaciones básicas de los mercados financieros. Segundo, esbozo un modelo explicativo de la crisis financiera, en base a Keynes y Minsky como en los conceptos derivados de Shumpeter, la teoría del caos y de la acción colectiva y de la racionalidad. Esta explicación provee la base para dos situaciones a corto tiempo de desarrollos futuros, incorporando la posibilidad de un desplome mayor a finales del 2010 ó alrededor del 2020; (también aprendizaje patológico); y el surgimiento de las políticas Keynesianas verdes globales y de las instituciones. Concluyo con la sugerencia que la era del neoliberalismo probablemente llegará a su fin antes de 2030, habiendo durado cerca de medio siglo.

The institutional foundations of US structural power in international finance: From the re-emergence of global finance to the monetarist turn

ABSTRACT This essay argues that existing interpretations of US structural power in international finance do not pay sufficient attention to its institutional basis and specifities. It reviews some of the contributions to the literature and offers an account of the re-emergence of global finance during the 1960s to the monetarist turn and its aftermath. The conclusion offers some thoughts on the implications of the analysis for our understanding of US financial power in the current era.

New Actors in a Financialised Economy and the Remaking of Capitalism

The term capitalism comes with a great deal of anachronistic, non-reflexive, non-deconstructed baggage. The ‘c word’ evokes the idea of a reified system with an immanent inner principle so that cap...

The re-emergence of global finance – Gary Burn

The re-emergence of global finance – Gary Burn

Review: States and the Reemergence of Global Finance

Review: States and the Reemergence of Global Finance

The Politics of Finance in Developing Countries.Stephan Haggard , Chung H. Lee , Sylvia MaxfieldStates and the Reemergence of Global Finance: From Bretton Woods to the 1990s.Eric Helleiner

Previous articleNext article No AccessBook ReviewsThe Politics of Finance in Developing Countries. Stephan Haggard , Chung H. Lee , Sylvia Maxfield States and the Reemergence of Global Finance: From Bretton Woods to the 1990s. Eric Helleiner Jeannette MoneyJeannette Money Search for more articles by this author PDFPDF PLUS Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinkedInRedditEmail SectionsMoreDetailsFiguresReferencesCited by The Journal of Politics Volume 57, Number 4Nov., 1995 Sponsored by the Southern Political Science Association Article DOIhttps://doi.org/10.2307/2960428 Views: 4Total views on this site Copyright 1995 University of Texas PressPDF download Crossref reports no articles citing this article.

States and the Re-emergence of Global Finance: From Bretton Woods to the 1990s.

States and the Re-emergence of Global Finance: From Bretton Woods to the 1990s.

States and the reemergence of global finance: from Bretton Woods to the 1990s

Journal Article States and the reemergence of global finance: from Bretton Woods to the 1990s Get access States and the reemergence of global finance: from Bretton Woods to the 1990s. By Eric Helleiner. Ithaca, NY: Cornell University Press. 1994. 244pp. Index. £24.95. ISBN 0 8014 2859 9. Malcolm Sawyer Malcolm Sawyer 1University of Leeds Search for other works by this author on: Oxford Academic Google Scholar International Affairs, Volume 71, Issue 2, April 1995, Pages 382–383, https://doi.org/10.2307/2623472 Published: 01 April 1995

Finance and World Politics: Markets, Regimes and States in the Post-Hegemonic Era. Edited by Philip G. Cerny. Brookfield: Edward Elgar, 1993. 234p. $59.95. - States and the Reemergence of Global Finance: From Bretton Woods to the 1990s. By Eric Helleiner. Ithaca: Cornell University Press, 1994. 244p. $29.95.

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States and the Reemergence of Global Finance: From Bretton Woods to the 1990s

States and the Reemergence of Global Finance: From Bretton Woods to the 1990s

States and the reemergence of global finance: from Bretton Woods to the 1990s

States and the reemergence of global finance: from Bretton Woods to the 1990s

Book Review: Eric Helleiner, States and the Reemergence of Global Finance: From Bretton Woods to the 1990s (Ithaca, NY: Cornell University Press, 1994, 209 pp., £24.95 hbk.)

Book Review: Eric Helleiner, States and the Reemergence of Global Finance: From Bretton Woods to the 1990s (Ithaca, NY: Cornell University Press, 1994, 209 pp., £24.95 hbk.)

States and the Reemergence of Global Finance: From Bretton Woods to the 1990s

States and the Reemergence of Global Finance: From Bretton Woods to the 1990s