Chapter 2: States, Banks, and Crisis in Emerging Finance Capitalism
This is a book dealing with states, banks, and crisis in emerging finance capitalisms. The bulk of the story is about Mexico and Turkey’s transitions to neoliberalism since the 1980s, why neoliberalism took on a particularly finance-led form into the 1990s, and why it has now consolidated as emerging finance capitalism. This chapter elaborates on the core concepts used to interpret this history and evidence, on how the book fits within the finance and development literature, and on the book’s critical analytical approach. I argue that a Marxian analytical approach concerned with the historical social relations of power and class between states, banks, and labor yields unique and powerful insights into the changing nature of banking, crisis, and development in emerging capitalisms. I argue this by first conceptualizing the period of neoliberalism and how it evolved into emerging finance capitalism. Next, I explore the influential varieties of capitalism and finance debates. I do this in order to situate the book’s distinctive contribution, which I lay out in the final section. Here I introduce my underlying Marxian analytical premises – namely, that states and banks can be understood as social relations, that labor is vital to emerging finance capitalism, and that crises have proven to be constitutive of emerging finance capitalism. I follow this by a brief conclusion restating the central arguments of the book. 2.1 CONCEPTUALIZING NEOLIBERALISM AS EMERGING FINANCE CAPITALISM It should come as no surprise that in countries like Mexico and Turkey states, banks, and labor have existed in...
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