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This book describes the explosion of debt across the global economy and related requirement of political leaders to pursue exponential growth to meet the demands of creditors and investors. It presents a historical account of the modern origins of capitalist debt by looking at how commercial money is produced as debt in the late seventeenth and early eighteenth centuries. The book identifies the ways in which the control, production, and distribution of money, as interest-bearing debt, are used to discipline populations. It focuses on the histories of the development of the Bank of England and the establishment of permanent national debt with the intensification and expansion of debt, as a "technology of power", under colonialism in a global context. The book investigates the modern origins of debt as a technology of power by focusing on war, the creation of the "national" debt, and the capitalization of the organized force of the state. It addresses the consequences of modern regimes of debt and puts forward proposals of what needs to be done, politically, to reverse the problems generated by debt-based economies. The book utilizes the term "intensification" rather than spread or proliferation to think about both the amplification and spatial expansion of debt as a technology of power during the era of European colonialism and resistance. Finally, it also presents a convincing case for the 99" to use the power of debt to challenge present inequalities and outlines a platform for action suggesting possible alternatives.

Theory and practice
Authors: Mike Buckle and John Thompson

The early part of the twenty-first century has witnessed a sea-change in regulation of the financial system following the financial crisis of 2007-2008. Prior to that financial crisis, the official policy was directed to deregulating the financial system, whereas after 2008 the move is towards increased regulation. This book begins the study of the UK financial system with an introduction to the role of a financial system in an economy, and a very simple model of an economy. In this model the economy is divided into two distinct groups or sectors. The first is the household sector and the second is the firms sector. The book describes the process of financial intermediation, and in doing so, it examines the arguments as to why we need financial institutions. It highlights the nature of financial intermediation, and examines the various roles of financial intermediaries: banks as transformers, undertaking of transformation process, and providers of liquidity insurance. The nature of banking, the operations carried out by banks, and the categories of banking operations are discussed next. The book also examines the investment institutions and other investment vehicles. It examines the role of central banks in the financial system in principle, particularly, the role of the Bank of England. Primary market for equity issues, secondary market, the global stock market crash of October 1987 and efficient markets hypothesis are also covered. The book also looks at the trading of financial derivatives, risk management, bank regulation, and the regulation of life insurance companies, pension funds.

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Rebuilding the Bank of England, 1919–39
Iain Black

the heart of the City and by a number of collective associations around key moments in imperial history. The symbolic site which framed the idea of the City as the heart of empire was Bank Junction, the public space where seven of the City’s key commercial streets converge, surrounded by the monumental architecture of the Bank of England, the Royal Exchange and the Mansion House. This site, captured in Niels Lund’s classic painting ‘The heart of the empire’ (1904), began to acquire the character of an imperial Roman

in Imperial cities
Open Access (free)
War, National Debt, and the Capitalized State
Tim Di Muzio and Richard H. Robbins

how debt became capitalized by organized power and find its genealogy rooted in war, the national debt, and the capitalized state of England. Money, war, and debt before the Bank of England While the social relations of credit and debt existed long before the emergence of capitalism, and money has taken many forms historically, we are interested in how debt became a technology of organized and capitalized power (Weatherford 1997; Davies 2002; Graeber 2011). The key development occurs with the creation of the Bank of England in 1694 and the innovation of a funded

in Debt as Power
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Wilkie Collins’s ghosts
Andrew Smith

White and No Name , for example, employ an oblique form of ghosting to explore how identity becomes lost when characters find themselves embroiled in financial plots. The chapter concludes with a reading of the anonymously published, but Collins influenced, ‘The Ghost in the Bank of England’ (1879), which helps to highlight how issues about identity, money, and spectrality are elaborated in

in The ghost story, 1840–1920
Abstract only
Mike Buckle and John Thompson

should be independent of the government. Against this background we look in more detail at the role of the Bank of England in section 5.3 and our conclusions are presented in section 5.4 . 5.2   The role of central banks Central banks provide both microeconomic and macroeconomic

in The UK financial system (fifth edition)
Mike Buckle and John Thompson

from overnight to one year. Sections 9.2 and 9.3 of this chapter review the assets traded in the money markets and their valuation. In section 9.4 we examine the supply of central bank money and the Bank of England’s and Debt Management Office’s operation in the money markets are reviewed in sections 9.5 and 9.6 . Our conclusions are presented in section 9.7 . The

in The UK financial system (fifth edition)
Jonathan Colman

crisis occasioned a great deal of concern on the part of the President, given the possibility that sterling might have to be devalued or that any rise in the Bank of England lending rate could precipitate a run on the dollar. There was also concern about the Multilateral Force (MLF), a matter due to be discussed at the planned summit meeting in Washington early in December. The MLF was a US-sponsored plan to create a mixed-manned NATO

in A ‘special relationship’?
Fergal Casey

14 The ‘greening’ of Cardinal Manning Fergal Casey Henry Edward Manning, son of a governor of the Bank of England, graduate of Harrow and Oxford, ended his life being denounced for home rule politics and socialistic economics. Manning expected to ‘sink to the bottom and disappear’1 when he resigned as Anglican archdeacon of Chichester in 1850 before converting to Catholicism, but in 1865 the pope personally intervened to appoint him archbishop of Westminster and leader of the Catholic Church in England, and in 1875 created him a cardinal. Manning’s increasing

in Irish Catholic identities
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Coins and the creation of new national identities
Catherine Eagleton

sold to coin collectors around the world. However, at the same time, there were restrictions on the circulation of gold coins in sterling-area countries owing to the sterling crisis of 1964–67 and the efforts of the Bank of England to manage the pound and avoid devaluation. This meant that, although the gold coins were not intended for circulation in Kenya, they would

in Cultures of decolonisation