The Fall and Rise of American Finance

from J.P. Morgan to Blackrock

Scott Aquanno, Stephen Maher

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English

Verso Books
13 February 2024

Liberalism & centre democratic ideologies; International economics

"This book tells the story of the fall and rise of financial power in American capitalism, from the collapse of the J.P. Morgan's vast empire to the rise of finance behemoth BlackRock. It traces the making and remaking of the American ruling class as the postwar ""Golden Age"" of industrial hegemony gave way to the powerful revival of finance in the neoliberal period. Following the 2008 crisis, this remaking culminated in the reorganization of our financial system around the unprecedented economic power of the ""Big Three"" asset management firms.

Maher and Aquanno elucidate the transformations of ruling class power across these periods, highlighting how transitions from one phase to another were shaped by profound crises and marked by the restructuring of corporations and the state. Contrary to what has become the common sense view, advanced by figures from Hillary Clinton to Bernie Sanders, Maher and Aquanno insist that financialization did not imply the decline of capitalism, 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 - all with the support of an increasingly authoritarian state."

By: Scott Aquanno, Stephen Maher
Imprint: Verso Books
Country of Publication: United Kingdom
Dimensions: Height: 234mm, Width: 153mm,
Weight: 306g
ISBN: 9781839765261
ISBN 10: 1839765267
Pages: 272
Publication Date: 13 February 2024
Audience: General/trade , ELT Advanced
Format: Paperback
Publisher's Status: Active

Preface 1: The Latest Phase of American Capitalist Development The Fall and Rise of American Finance A New Picture of Financialization Rethinking Finance and the Corporation 2: Classical Finance Capital and the Modern State Financial 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 State Remaking Capitalist Finance The New Industrial Order Class Struggle and the Crisis of Managerialism 4: Neoliberalism and Financial Hegemony The 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 State Crisis 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 Possibilities The Statization of Market-Based Finance The Macroeconomic Policy of Finance Capital The False Promise of Universal Ownership Democratizing Finance Notes Index

Stephen Maher is Associate Editor of the Socialist Register and author of Corporate Capitalism and the Integral State: General Electric and a Century of American Power (Palgrave, 2022). He is currently a Post-Doctoral Fellow at Ontario Tech University in Oshawa, Canada. Scott M. Aquanno is Assistant Professor of Political Science at Ontario Tech University, and a Visiting Associate at the Global Labour Research Centre at York University. He is the author of Crisis of Risk: Subprime Debt and US Financial Power from 1944 to Present (Edward Elgar, 2021).

Reviews for The Fall and Rise of American Finance: from J.P. Morgan to Blackrock

Worthy 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 <i>Crack-Up Capitalism</i> A 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 <i>The Capital Order </i> 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