Essays in the Tradition of Jane D'Arista
Edited by Gerald A. Epstein, Tom Schlesinger and Matías Vernengo
Chapter 9: Boulevard to broken dreams: the standards-surveillance-compliance system in the run-up to the Crash of 2008
In 1997, just before the start of the East Asian/Latin American/Russian/ Long Term Capital Management (LTCM) crisis of the late 1990s, the value of financial transactions was about 15 times the world’s annual gross product. Today, finance is booming: even in the hard times following the crash of 2008, the value is almost 70 times. The jump from 15 to 70 times in little more than a decade reflects the intense concentration of corporate power over the 2000s. A recent analysis identifies a cluster of 147 cross-owned firms accounting for a high share of the world’s corporate revenues.
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