Investment Bank Power and Neoliberal Regulation: From the Volcker Shock to the Volcker Rule. by Sandy Brian Hager In Neoliberalism in Crisis, edited by H. Overbeek and B. van Apeldoorn, Basingstoke, UK: Palgrave Macmillan, pp. 68-92.
ABSTRACT: The power of investment banks has played a pivotal role in the monopoly capital school’s analyses of US capitalist development. However this paper suggests that monopoly capital’s explanation of the changing nature of this power is severely limited. These limitations can be traced to the school’s logically circular and empirically inoperable theory of capital accumulation. The paper goes on to offer an alternative theoretical-empirical account of the power of investment banks since the early 1980s. Based on the notion of capital as power, the research suggests, contrary to the monopoly capital account, that investment banks have experienced a rapid resurgence in their power over this period. This resurgence must be understood with reference to the unique ways that investment banks have maneuvered within neoliberal regulation. FULL TEXT: http://bnarchives.yorku.ca/330/ *** Recent additions and updates to the Bichler & Nitzan Archives: http://bnarchives.yorku.ca/perl/latest Free to repost and circulate with due attribution under the Creative Commons License (attribution-noncommercial-no derivative). To unsubscribe, reply to this email with "unsubscribe" in the subject field. -- Jonathan Nitzan Political Science | Social and Political Thought York University 4700 Keele St. Toronto, Ontario, M3J-1P3 Canada Voice: (416) 736-2100, ext. 88822 Fax: (416) 736-5686 Email: nitzan at yorku.ca Website:http://bnarchives.net _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
