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The Resource Finance Capital Today : Corporations and Banks in the Lasting Global Slump

Finance Capital Today : Corporations and Banks in the Lasting Global Slump

Finance Capital Today : Corporations and Banks in the Lasting Global Slump
Finance Capital Today
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Corporations and Banks in the Lasting Global Slump
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Historical Materialism Book Series
Finance Capital Today : Corporations and Banks in the Lasting Global Slump
Finance Capital Today : Corporations and Banks in the Lasting Global Slump
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  • Contents -- Acknowledgements -- List of Figures, Tables, and Boxes -- Introduction -- No End to Crisis in View -- Finance Capital and Financial Capital -- The World Economy as an Analytical Aim -- From the Theory of the Internationalisation of Industrial Capital to the Theory of Financial Globalisation -- Financialisation as Discussed in this Book -- No 'Diversion of Profits' but the Accumulation of Fictitious Capital -- The 'Crisis in the Sphere of Credit and Money' in 2008 -- Chapter 1 The Historical Setting of the Crisis and Its Original Traits -- 1 The Crisis in a Long-Term Trajectory -- 2 A Crisis Which Has Not Been Allowed to Run Its Course -- Chapter 2 Financial Liberalisation and Globalisation from the 1960s onwards and the Return of Financial Crises -- 1 Industrial Profits and the Eurodollar Market in the Resurgence of Concentrated Interest-bearing Capital -- 2 The End of the Bretton Woods Monetary System and the Advent of Floating Exchange Rates -- 3 The Recycling of Petrodollars and the Third World Debt Trap -- 4 The Growth of Government Debt at the Heart of the System -- 5 The Political Implications of Market-based Retirement Schemes -- 6 World Money Since the Demise of Bretton Woods -- 7 The 'Semi-completion' of Financial Globalisation and the Financial Crises of the 1990s -- Appendix: The 'Club of Paris' and Brady Bonds -- Chapter 3 The Notion of Interest-Bearing Capital in the Setting of the Present Centralisation and Concentration of Capital -- 1 Steps in Approaching the Analysis of Financial Profits -- 2 Interest-bearing Capital: Exteriority to Production and the Blurring of Lines between Profit and Interest -- 3 The Theory of Fictitious Capital -- Appendix 1: The Centralisation and Concentration of Capital in Marxist Theory
  • Chapter 4 The Organisational Embodiments of Finance Capital and the Intra-Corporate Division of Surplus Value -- 1 A Brief Historical Perspective on the Bank-Industry Relationship -- 2 Contemporary Issues Regarding Corporate Governance and Interlocking Boards of Directors -- 3 Banks as Merchants and TNCs as Money Capitalists -- 4 Concentrated Commodity or Merchant Capital and the Sharing Out of Total Surplus Value -- 5 Natural Resource-based Monopoly Profit and Oil Rent -- Appendix 1: Control in the ETH Zurich Studies -- Appendix 2: The Three Major New York Investment Banks' Activities in Commodities -- Appendix 3: Three Examples of Industrial Corporation Ownership of Financial Corporations -- Chapter 5 The Internationalisation of Productive Capital and Global Oligopolies -- 1 The Internationalisation of Productive Capital: Theory and History -- 2 The Collective Global Monopoly Power of Transnational Corporations -- 3 The Place of Emerging Countries' Corporations in the Global Oligopoly -- Appendix: Recent Developments Affecting the Statistical Data on FDI -- Chapter 6 The Operational Modes of TNCs in the 2000s -- 1 Industrial Capital: From Internationalisation to Globalisation -- 2 Value Chains in Business Management Theory -- 3 Buyer-Driven Global Commodity Chains -- 4 Outsourcing and Offshoring and Global Value Chains in Manufacturing -- 5 'Non-equity Modes of International Production' -- 6 TNCs and the Present Configuration of World Trade -- 7 Overexploitation and the 'Global Law of Value' -- Chapter 7 The Further Globalisation of Financial Assets and Markets and the Expansion of New Forms of Fictitious Capital -- 1 Factors Underlying the Growth of Global Financial Transactions -- 2 The Growth of Global Transactions in Derivatives -- 3 Financial Globalisation and Developing Countries in the 2000s
  • Chapter 8 Financialisation and the Transformationof Banking and Credit -- 1 The Transformation of Banking in the United States -- 2 Financial Liberalisation in Europe and European 'Universal Banks' -- 3 Securitisation, the Originate-to-distribute Model and the Shadow Banking System -- Chapter 9 Global Financial Contagion and Systemic Crisisin 2008 -- 1 Investment Banks and Hedge Funds -- 2 The Channels of International Financial Contagion -- 3 Specific Systemic Vulnerability in the European Banking System -- Chapter 10 Global Endemic Financial Instability -- 1 The Effects and Potential Backlashes of Quantitative Easing -- 2 The Very Long Continuous Fall in Interest Rates and the Growth of Debt -- 3 Non-bank Financial Corporations and Systemic Contagion Risks Today -- 4 The Potential for Financial Turmoil in Emerging Countries -- Conclusion -- The Institutional Difficulties of Doing Marxist Economic Research -- Persistent Very Low Global Growth Coupled with Endemic Financial Instability -- How Could Slow Growth be Brought to an End and a New Long Upswing Start? -- Non-ecological Approaches to Capitalism's Possible 'Intrinsic Absolute Limits' -- The Advent of a New More Formidable Immanent Barrier and Its Implications -- References -- Glossary of Financial Terms -- Topic Index -- Index of Names
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1st ed.
1 online resource (322 pages)
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