Description
Book SynopsisThe Fall and Rise of American Finance traces the collapse and reconstitution of American financial power from the disintegration of robber baron J. P. Morgan's vast empire to the rise of finance behemoth BlackRock. Contrary to what is taken for common sense by figures from Hillary Clinton to Bernie Sanders, Maher and Aquanno insist that financialization did not imply 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-with the support of an increasingly authoritarian state.
Trade ReviewWorthy heirs to their teacher, the great Leo Panitch, Maher and Aquanno sketch an alternative history of the last century that every critical scholar of finance must now engage and contend with. -- Quinn Slobodian, author of
Crack-Up CapitalismA groundbreaking historical work with vital implications for theory and politics. The Fall and Rise of American Finance changes our vision of the present-and the future. -- Clara E. Mattei, author of
The Capital Order Critical political economists tend to separate finance and 'the real economy,' seeing the former as parasitic on the latter. But what if finance has always been there and has always been the mechanism that disciplined capitalism as a whole? Maher and Aquanno explore this alternative reading of financialization. It is a compelling and convincing account. -- Mark Blyth, Professor of International Economics at Brown University
Table of ContentsPreface1: The Latest Phase of American Capitalist DevelopmentThe Fall and Rise of American Finance
A New Picture of Financialization
Rethinking Finance and the Corporation
2: Classical Finance Capital and the Modern StateFinancial Capital and Industrial Capital
From Bank Capital to Finance Capital
Finance Capital and Competition
State Power, Class Power, and Crisis
3: Managerialism and the New Deal StateRemaking Capitalist Finance
The New Industrial Order
Class Struggle and the Crisis of Managerialism
4: Neoliberalism and Financial HegemonyThe Financialization of the Non-Financial Corporation
Asset-Based Accumulation and Market-Based Finance
Financialization and Authoritarian Statism
The 2008 Crisis and the Question of Decline
5: The New Finance Capital and the Risk StateCrisis Management and the Risk State
The Rise of the Big Three
The New Finance Capital
Private Equity, Hedge Funds, and Finance Capital
6: Crises, Contradictions, and PossibilitiesThe Statization of Market-Based Finance
The Macroeconomic Policy of Finance Capital
The False Promise of Universal Ownership
Democratizing Finance
NotesIndex
