Description
Book SynopsisThis accessible yet rigorous book examines the development of âfinancial socialismâ in advanced capitalist economies in the decade since the global financial crisis of 2007â2009. This new term refers to an attempt to resolve the accumulation crisis of capital through coordinated central bank activism, where state circuits of monetary capital assume a critical role in the reproduction of capitalist social relations.
The book explains the dynamics of the crisis as it has developed and assesses the response of monetary elites to systemic financial risk in the global economy. Their failure to re-engineer growth following the technology boom of the late 1990s and the global financial crisis are driving fundamental changes in the form and function of capitalist money, which have yet to be theorized adequately.
Finance, Accumulation and Monetary Power presents a revealing and radical critique of the failure of the International Political Economy to apprehend changes taking pl
Trade Review
"In Finance, Accumulation and Monetary Power, Daniel Woodley expertly depicts and uncovers the key structural problems that contemporary 'postliberal' capitalism faces. As the book shows, we are moving towards what Woodley terms ‘financial socialism’, in which nation-states and international organisations are required to stabilise an increasingly unstable global capitalism, using monetary policy to prop up the value of money and assets – and in doing so, to sow the seeds of the next crisis. The book is a must-read for anyone with an interest in the ongoing stagnation of the global economy, and the likely sources of the current crisis to come. At the end of a ten-year period of quantitative easing and ultra-loose monetary policy we still exist in a period of 'secular stagnation' – this book goes beyond the surface-level explanations of both mainstream and heterodox economics, to show why this is the case." David J. Bailey, University of Birmingham, UK
Table of ContentsPart I: Theorizing the crisis 1. The failure of neoclassical economics 2. Heterodox aproaches to capitalist crisis 3. Critical value theory Part II: Financial socialism 4. Accumulation and monetary power in postliberal capitalism 5. Postliberal capitalism 6. Monetary internationalism 7. Conclusion
