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Showing posts with the label financialisation

Debt and the Future of Workers

Less attention has been paid to how the expansion of household debt has been changing workers’ position in the workplace. Situated at the intersection of political economy and labour studies,  Giorgos Gouzoulis’  Debt and the Future of Workers: Financialisation as Exploitation in the 21st Century  takes up this question by arguing that personal debt has become a key mechanism of labour discipline . Instead of mortgage, student, and medical debt simply reflecting stagnant wages and insecurity, Gouzoulis argues that they actively reinforce them by making workers more dependent on continued employment. With more to pay, they have more to lose, and are less willing to risk strikes, union activity, or confrontation with employers.  Gouzoulis offers a distinctive way of thinking about exploitation in the 21 st  century. Capital’s power over workers does not end at the factory gate or office door, but extends into the household through debt.  

Selling Citizenship

The military industrial complex The NGO-industrial complex And now the ‘citizenship industry’ ‘Citizenship provides the foundation of equality on which the structure of inequality can be built’.  —Thomas Humphrey Marshall, 1950
"Stolen  [by Grace Blakeley] leads the reader through the various periods of Anglo-American capitalist development from 1945 to the Great Recession of 2008-9 and beyond.  And it finishes with some policy proposals to end the thievery with a new (post-financialisation) economic model that will benefit working people. This is compelling stuff. But is Blakeley’s account of the nature of modern Anglo-American capitalism and on the causes of recurring crises in capitalist production correct? An accessible read/economics made simple Theft or exploitation — a review of Grace Blakeley's  Stolen   Related: It's not just profitability
"property in Britain, and especially London, is part of the plumbing of the international financial system. Without tackling this financialization of housing, no amount of construction will end the crisis." Britain's housing casino
"was there nothing wrong with capitalism before finance (and ‘financialisation’) emerged after the 1970s?  Were there no crises of overproduction and investment, no monopolies and rent-seeking before the 1970s?  Was there a wonderful productive, competitive, equal capitalist mode of production existing in the 1890s, 1930s or even in the 1960s? And why did finance suddenly emerge in the 1970s, leading to the GDP measure being altered to account for it? Mazzucato offers no explanation of why capitalism became increasingly ‘unproductive’ and ‘rent-seeking’.  But Marx’s value theory does.  From the mid-1960s to the early 1980s, there was a sharp fall in the profitability of the productive sectors of all the major capitalist economies. Capitalism entered the so-called neoliberal period of the destruction of the welfare state, restriction of trade unions, privatisation, globalisation – and financialisation.  Financialisation (looking to make profit from the purc...