Banking, Monetary Policy and the Political Economy of Financial Regulation Essays in the Tradition of Jane D'Arista
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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