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Bill Dunn

Introduction In a similar vein to the previous chapter on unemployment, this chapter and the next argue that there are problems and lacunae in Marx’s understanding of money and finance which a critical engagement with Keynes can help to address. This chapter again begins with Marx and assumes a degree of familiarity and sympathy with Marxist political economy in general and Marx’s views on money in particular. Marx said profound things about money, some of which anticipate Keynes. But as de Brunhoff’s ( 1976 ) sympathetic and honest account acknowledges

in Keynes and Marx
Open Access (free)
Ian Scott and Henry Thompson

3 Money Introduction In Wall Street:  Money Never Sleeps, the banks have taken over Gekko’s job. I was shocked when I went back to this in 2010. In Wall Street, Gekko had been the outsider, the inside trader guy, the thief, the blackmailer –​and that’s what the banks do now. In the old days the banks would never have done that, it was considered immoral, but by 2010 the whole thing had shifted because of deregulation.1 By the time Wall Street: Money Never Sleeps hit cinemas in September 2010, banking, the financial markets and capitalism in general had all

in The cinema of Oliver Stone
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The defence budget
Michael Clarke

T HE money allocated to defence is a critical element in a country’s ability to defend itself and field effective military forces. As with all policy areas, like health, education or social care, adequate resources are a prerequisite for satisfactory performance. In this case, however, headline figures for defence expenditure are also notoriously imprecise measures of military capability. Spending public money on defence is no guarantee that a country can deploy first-class armed forces. And since

in The challenge of defending Britain
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With an introduction by Benjamin J. Cohen
Author: Susan Strange

This book begins with a recapitulation of the main themes of Strange's earlier Casino Capitalism, stressing the major policy decisions and non-decisions that, in her opinion, had first allowed financial markets seemingly to outgrow governmental control. It adds a number of newer systemic developments that had emerged in the years after Casino Capitalism was published. Following this opening tour d'horizon, the book evaluates many of these developments in greater detail, covering the revolution in information technology interstate politics, contagion risks, global debt, money laundering and the roles of both national governments and multilateral agencies such as the International Monetary Fund and Bank for International Settlements. Great emphasis is placed on the relationship between the United States and Japan, the 'US-Japan axis', which is considered crucial to the effective management of financial crises. All the strings of Strange's discussion are pulled together where she turns her eyes to the future. Most financial research at the time seemed biased toward midlevel theory building, focusing primarily on key relationships within a broader structure whose characteristics were assumed, normally, to be given and stable. The book discusses hypotheses about the most important changes that have affected the global financial system and the international political economy. Key decisions, or non-decisions in the case of failures to act when positive action would have been possible, are also discussed.

Mike Buckle and John Thompson

9.1   Introduction The sterling money market located in London is a wholesale market for short-term funds and consequently provides facilities for economic units to adjust their cash position quickly. The rationale for its existence is that receipts of and payments in cash are not generally synchronised. Quite large cash balances are needed if

in The UK financial system (fifth edition)
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Wilkie Collins’s ghosts
Andrew Smith

), which addresses the issue of money and its relationship to identity which characterised Dickens’s ghost stories. However, before discussing The Haunted Hotel it is important to examine some of Collins’s major writings of his heyday in the 1860s – The Woman in White (1860), No Name (1862), and Armadale (1866) – as they foreshadow his later representations of the ghostly. 2 Both The Woman in

in The ghost story, 1840–1920
The female ghost story
Andrew Smith

It is crucial to acknowledge the major contribution that women writers made to the ghost story during the period. The selection of authors discussed here is necessarily limited but gives a representative flavour of how women writers engaged with the specific issues of love, money, and history. There is the danger that such a thematic approach simplifies the range of the female

in The ghost story, 1840–1920
From Polanyi to the new economic archaeology
Michael Hudson

3 Debt, land and money: from Polanyi to the new economic archaeology Michael Hudson Inspiration for The Great Transformation in the post-war monetary breakdown Karl Polanyi’s formative years in the aftermath of the First World War were a period of monetary turmoil. The United States became a creditor nation for the first time, and demanded payment of the war debts that Keynes warned were unpayable without wrecking Europe’s financial systems. (Hudson, [1972] 2003 summarizes this era.) France and Britain subjected Germany to unsustainably high reparation debts

in Karl Polanyi and twenty-first-century capitalism
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Who profits and how
Stuart Hodkinson

6 Follow the money: who profits and how So far, this book has presented compelling new evidence that the promised land of housing regeneration from the outsourcing of repairs and management to private consortia in England under PFI has instead produced a dystopia of unsafe housing and destroyed lives. The countless examples of rising procurement costs and delays, botched work and poor services, and the accountability vacuum facing residents, have debunked PFI’s magic mantra of ‘risk transfer’, ‘payment by results’ and ‘value for money’. But, as I argued in

in Safe as houses
Radhika Desai

4 Commodified money and crustacean nations1 Radhika Desai Polanyi’s ‘great transformation’ refers to the ‘collapse’ of ‘nineteenth century civilization’ and the emergence from it of a vastly different one. The story revolved around the unfolding consequences of the commodification of three fictitious commodities: land, labour and money. However, the consequences of the commodification of the last structured the dramatic plot of The Great Transformation (TGT). Though the gold standard, the apex structure commodifying money, was only one of four institutions

in Karl Polanyi and twenty-first-century capitalism