Finance has cast a spell on the framework for international economic co-operation established after the Second World War. The 2007-8 crisis and its aftermath highlight the need to rouse the IMF and the World Bank from their slumbers.
Persistent trade imbalances are threatening to derail the European economy. Luca Fantacci calls for a European Clearing Union to promote a sustainable pattern of production and consumption across the Eurozone.
“Financial repression” always casts state regulators as authoritarian villains and allows apologists for uncontrolled finance to pose as freedom fighters. Maybe we should worry far less about efforts to “repress” finance and far more about finance’s efforts to oppress the rest of us.
The growth of finance over the last forty years has changed capitalism profoundly. It is time for its critics to grasp the nature and significance of these changes. Only then will the supremacy of finance face an effective challenge.
The shadow banking sector is now integral to the global financial system. Its architects are constantly seeking to evade oversight and control through the use of offshore accounting and forbidding complexity. The regulatory reforms that followed the 2007-8 crisis are bound to be tested.
The debate between these two economists on the role of banking and specifically the creation of credit is of fundamental importance in understanding the shortcomings of orthodox economic thinking - and why it was so ill-equipped to handle, let alone predict, the crash of 2008.
Normal 0 false false false MicrosoftInternetExplorer4 Money is currently produced by a ‘public-private partnership’ between the state and the financial sector, a partnership whose nature remains obscure to the great majority of the population. Is another distribution of knowledge – and hence of po
To mark the publication of Ann Pettifor's e-book, Just Money: How Society Can Break the Despotic Power of Finance, OurKingdom are running a series of articles that explore the nature of money and the politics of the financial system. Here Pettifor launches the series and introduces some of its key
It is now 5 years since the banking crash but its effects are still with us. What exactly happened, what has the world done about it, and is there anything to stop something similar happening again?
Finance and the British state are mutually embedded to the point that it can be hard to tell where one stops and the other starts. Here, Tamasin Cave of Spinwatch gives us a brief tour of the tangled web that is public life in the UK.
The power of the financial sector in Britain has worked a transformation on the country’s ‘common sense’. A successful challenge will require a radical change to the language we use to describe our shared life.
Is finance like crude oil? Countries rich in minerals are often poverty-stricken, corrupt and violent. A relatively small rent-seeking elite captures vast wealth while the dominant sector crowds out the rest of the economy. The parallels with countries ‘blessed’ with powerful financial sectors are
