Capital Claims: Power and Global Finance
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Capital Claims: Power and Global Finance analyzes how global financialized capitalism operates and reproduces itself, exploring the remarkable ability of the financial sector to maintain its dominance through even the most severe economic crises.
The book defines international financialization as a process by which the number and value, the tradability, and the enforceability of cross-border financial claims increases and is successfully defended against competing social or political agendas. By focusing on financial claims, the volume develops a conceptual toolkit for the study of the political economy of global finance and the inequalities it sustains. The book brings together leading researchers whose work is geared towards opening the black box of cross-border finance. The authors suggest shifting the analytical focus from capital flows to capital claims – credit-debt relations between identifiable actors, embedded in social and political institutions, and infused with power and hierarchy. They show how financial actors wield leverage power, infrastructural power, and enforcement power, both vis-à-vis other private actors and vis-à-vis the state.
This book will be of great interest to students, teachers, and researchers of international political economy, critical political economy, and international relations, as well as those in the fields of finance, capitalism studies, activism, policymaking, and advocacy.
An Online Appendix for Chapter 11 is available at: www.routledge.com/9781032111193
Table of Contents
1. The Three Phases of Financial Power: Leverage, Infrastructure, and Enforcement
Benjamin Braun and Kai Koddenbrock
Part I: Leverage Power
2. Leveraging Financial Claims: Transatlantic Bank Struggles and the Power of US Finance
Mareike Beck, Samuel Knafo and Stefano Sgambati
3. Countering Financial Claims: On the Political Economy of Definancialisation
Sahil Jai Dutta
4. Relational Claims: Offshore Dollar and Sovereign Debt
5. Claims to Sovereignty: MMT as a Challenge to Money’s Technical Imaginary
Part II: Infrastructural Power
6. The New Gatekeepers of Financial Claims: States, Passive Markets, and the Growing Power of Index Providers
Jan Fichtner, Eelke Heemskerk and Johannes Petry
7. The Benefits of Network Centrality: Central Counterparties, the Enforceability of Claims, and the Securing of Extra-Profits
8. Geoeconomic Infrastructures: Building Chinese-Russian Alternatives to SWIFT
Part III: Enforcement Power
9. Night of the Living Debt: Non-performing Loans and the Politics of Making an Asset Class in Europe
Daniel Mertens and Caroline Metz
10. The Financialization of Investor-State Dispute Settlement
Florence Dafe and Zoe Phillips Williams
11. Firm Claims: Reinterpreting the Global Race for Foreign Direct Investment
Arjan Reurink and Javier Garcia-Bernardo
12. Claiming the Wealth of a Nation: Creditor-Enforced Privatizations in Greece
Benjamin Lemoine and Marie Piganiol
Part IV: Conclusion
13. The Rise of Autonomous Financial Power
Benjamin Braun is a Senior Researcher at the Max Planck Institute for the Study of Societies in Cologne, Germany. His research focuses on the political economy of financial and monetary systems.
Kai Koddenbrock leads a research group on ‘Monetary and Economic Sovereignty in West Africa’ at the ‘Africa Multiple’ Cluster of Excellence at Bayreuth University, Germany. His research focuses on global hierarchies, financial dependencies, and questions of self-determination.
"Capital Claims: Power and Global Finance cuts through the flows of global finance, revealing how financial instruments operate through law, state power, and hierarchy. A return to the best kind of political economy."
Amin Samman, Senior Lecturer in International Political Economy at City, University of London, UK