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Emma Barrett

First of all, let me express my profound relief that you, Mr Chairman, as well as the Stock Exchange, are still with us … you have ridden the storm … Governor of the Bank of England, Speech at the Stock Exchange Christmas lunch, 17 December 1986 1

in ‘Survival capitalism’ and the Big Bang
Open Access (free)

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: and

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.

Culture, contingency and capital in the making of the 1980s financial revolution
Author:

The 1980s financial revolution placed the UK at the vanguard of neoliberal free market reforms and is celebrated on the Right as a high point in capitalism. Usually, it is understood as the inevitable outcome of New Right ideas, global economic shifts, new technologies and free-flowing capital. Using archival sources and dozens of in-depth interviews, Barrett brings to life the people and processes involved in the making of the financial revolution. Survival Capitalism demonstrates the high stakes for capitalist institutions and unfolding responses to existential threats and opportunities. It offers insights into struggles and alternative possibilities and shows just how contingent outcomes were. Ultimately, reforms were driven by the authorities but shaped significantly by City practitioners as they navigated and contested change, informed by their cultures and traditions. Although financial reforms are associated with the Thatcher government’s supply-side reforms, Survival Capitalism shows how the Government’s quest for autonomy and monetary credibility, when faced with problems of selling debt, impacted the stock market mechanism. It therefore exposes the macroeconomic concerns which drove reforms in parallel with microeconomic drivers. The two converged, but this focus affirms that international capital and new technologies were not merely catalysts for change; they were harnessed by the nation state to support the domestic agenda. By restoring intent to this history, Survival Capitalism offers new perspectives on Thatcherism and its legacies. The focus on people and processes de-mystifies the perception of the ‘inevitable’ march of market forces and explains the survival of the cultures of capitalism.

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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
Abstract only
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’?