petej + financialisation   81

The Tories have lost their ideology. Now they are merely the party of resentment | William Davies | Opinion | The Guardian
No explanation of Brexit – and hence of the worst political crisis in living memory – can escape the truth that it was born, nurtured and released into society from the Conservative backbenches. The party has done for British democracy what derivatives did to the financial sector – and it has so far survived the carnage it produced. Instead, blame for the chaos has been sprayed in all directions: on to Europeans, Labour, remainers and “the elites”, thanks to the symbiotic relationship between party and press.

Johnson could win a workable majority in the next few months. And yet there’s a marked absence of triumphalism in the party. The current poll lead feels precarious; 59% of Tory members have already voted for the Brexit party once (in the European parliament elections), and many could well do so in future. The Conservatives are now to the Brexit party what cocaine is to crack: more acceptable in polite company, but ultimately made of the same stuff.

Rage and resentment are powerful political forces, but dangerously unpredictable. Unlike a newspaper columnist, a prime minister takes far more flak than he dishes out, and Johnson now appears harried and uncomfortable. Lacking any positive vision of the economy or society, he and Cummings are entirely reliant on channelling resentment towards various foes, from supreme court justices to Jeremy Corbyn. The newspapers will do their bit by escalating the attacks.

But these nemeses cannot soak up all that anger indefinitely. The forces behind Brexit will need new scapegoats soon – and Johnson, Cummings and the Conservative party could be next in line.
UK  politics  ToryParty  conservatism  values  Brexit  trade  business  JohnsonBoris  CummingsDominic  ideology  opportunism  power  finance  deregulation  financialisation  resentment  multiculturalism  immigration  dctagged  dc:creator=DaviesWill 
6 weeks ago by petej
England's new rentier alliance - Political Economy Research Centre
From this perspective, the present looks like the outcome of past investments. If you’re rich, it’s because you invested well 30 or 40 years ago. You don’t owe anything to anyone, and have no obligation to invest anything more for the future. It’s your money, because of the time that elapsed while it was accumulating. The extreme manifestation of this nostalgic nihilism is Arron Banks, who is the decaying face of Harry Enfield’s Thatcherite ‘loadsamoney’ character, now living off the proceeds of his previous investments, while continuing to troll people about how little he cares about society. The financial troll uses his money to smash things up, as a type of conspicuous consumption: a way, as Veblen argues, of showing how much money you can afford to waste, and how insulated you are from the consequences of your actions. For men such as Tim Martin, boss of Wetherspoons, backing ‘no deal’ is a way of signalling that you’re rich enough to take a haircut of a few million off your assets.
UK  politics  Brexit  JohnsonBoris  FarageNigel  hegemony  Leave  noDeal  elderly  wealthy  rentiers  Thatcherism  Blairism  financialisation  lateCapitalism  BanksArron  trolling  LiberalDemocratParty  dctagged  dc:creator=DaviesWill 
12 weeks ago by petej
The rise of the student worker | Red Pepper
The marketisation of universities and privatisation of the students’ social reproduction has broken the walls separating the university as an academically oriented space that is partially autonomous from the demands of capital. From setting foot on campus to taking a loan to finding place to live, students today cannot escape their forcible integration into international capital’s search for investment returns in an increasingly volatile market.
mai68  students  PCF  France  TheLeft  ToynbeePolly  demo2010  UK  grants  loans  work  labour  jobs  class  debt  interestRates  financialisation  marketisation 
january 2019 by petej
Another Europe is Unlikely: Why Socialist Transformation Won’t Happen Within the EU | Novara Media
Putting to one side the continued influence of financial institutions and special interest groups on European politics, a more fundamental challenge comes from the national interests of the most powerful states within the EU. For Germany, the priority is reducing inflation and resisting any attempt at debt mutualisation – the guaranteeing of the sovereign debt of other states. For France, it is transforming the rhetoric of ‘ever closer union’ into reality. For the Visegrád group (the Czech Republic, Hungary, Poland and Slovakia), it is maintaining their authoritarian grip on power and securing the EU’s borders.
EU  capitalism  regulation  singleMarket  rules  financialisation  UK  stateAid  reform  EuropeanCommission  democracy  socialism  politics  dctagged  dc:creator=BlakeleyGrace 
december 2018 by petej
Financial Globalisation Has Been a Disaster. Brexit Gives Us a Chance to Resist It | Novara Media
The left was right to campaign against leaving the EU in 2016. Based on the tenor of the campaign, it was clear the Leave campaign would embolden the xenophobes and nationalists that exist across the class spectrum in the UK. This prediction was proven chillingly correct with both the spike in hate crime that followed the referendum and the movement that has emerged around Tommy Robinson over the last few weeks. The left should deplore and, if necessary, physically resist such acts of violent racism.

But fighting fascism does not mean accepting globalisation. The fact is, working class people are right to be pissed off about global economic and financial integration – especially those in the places that have been most ravaged by it. Financial globalisation has led to the concentration of capital in a series of financial entrepots, more integrated into the global economy than they are with their own countries. Rather than using this capital for productive investment, these centres have repurposed it for the kind of financial wizardry that caused the 2008 crash. London is in many ways the global financial hub par excellence, with the City of London the vampire squid sucking on the face of the global economy.

The left should be making a case for Brexit that involves resisting financial globalisation, whilst welcoming immigrants from the parts of the world that have been most ravaged by both colonialism and free market neocolonialism.
finance  economics  politics  globalisation  financialisation  neoliberalism  anti-globalisation  IMF  WTO  protest  activism  StiglitzJoseph  KrugmanPaul  TheLeft  France  nationalisation  Greece  Italy  EU  Euro  singleMarket  UK  Brexit  referendum  campaigning  immigration  intervention  economy  dctagged  dc:creator=BlakeleyGrace 
june 2018 by petej
ROAR Magazine: The Long Shadow of May ’68
After 2011, it became clear that in today’s globalized and financialized world, class struggle is alive and well—even if its forms have changed in a number of important ways as a result of the transformations of capitalism and work over the past four decades. Contemporary class struggles still fundamentally revolve against the opposition between those who own capital and those who have to sell their labor power in order to survive, but they no longer take place exclusively at the point of production (they arguably never did, but this was nevertheless long the privileged site of struggle for the dominant Marxist and anarcho-syndicalist traditions). Today’s struggles also crucially unfold in the relationship between debtors and creditors; between tenants and landlords; between taxpayers and state financiers. The field of action, in short, has become significantly greater and much more complex to navigate.
May1968  students  strikes  DeGaulle  industrialism  post-industrialism  socialMovements  Thatcherism  MitterrandFrancois  identityPolitics  technocracy  technology  financialisation  Blairism  ThirdWay  9/11  warOnTerror  crisis  LehmanBrothers  austerity  ArabSpring  class  politics  dctagged  dc:creator=RoosJerome 
june 2018 by petej
Ordoliberalism and the Death of Liberal Democracy – An Interview With Werner Bonefeld | Salvage
Catalonia and Scotland might liberate themselves respectively from Spain and England. That does in any manner change the conditions of social reproduction, as set out earlier. It does not transform Catalonia or Scotland into classless societies. It changes the situations in which social reproduction takes takes place. A dependent labourer from Glasgow, say, has more in common with a dependent labourer from Newcastle than with the Lord of Buccleuch. The identification of individuals with some transcendent values of the nation is regressive. It stinks of soil and blood.
Marxism  postFordism  Thatcher  Thatcherism  globalisation  neoliberalism  financialisation  nationalism  Catalonia  Scotland  Catalunya  ordoliberalism  democracy  theory  politics  interview  dctagged  dc:contributor=BonefeldWerner 
march 2017 by petej The Year in Review: Verso authors reflect on 2016
While the financial class exacerbates its agenda fuelling unemployment and social devastation, the dynamics that led to Nazism are deploying worldwide. Nationalists are repeating what Hitler said to the impoverished workers of Germany: rather than as defeated workers, think of yourself as white warriors so you’ll win. They did not win, but they destroyed Europe. They will not win this time neither, but they are poised to destroy the world.

After two centuries of colonial violence, we are now facing the final showdown. As worker’s internationalism has been destroyed by capital globalisation, a planetary bloodbath is getting almost unavoidable.

After centuries of colonial domination and violence, the dominators of the world are now facing a final showdown: the dispossessed of the world are reclaiming a moral and economic reward that the West is unwilling and unable to pay. The concrete historical debt towards those people that we have exploited cannot be paid because we are forced to pay the abstract financial debt.
TrumpDonald  Brexit  politics  globalisation  capitalism  financialisation  fascism  war 
december 2016 by petej
The Political Economy of David Bowie - Political Economy Research Centre
"I wonder if what we find most alluring about Bowie today is his apparent lack of debt, in the constrictive, guilty sense of an obligation to honour one’s past promises. The contemporary financialisation of everyday life involves a fixing of individuals in certain life trajectories. Whatever we do, we have to stick to the path that guarantees a steady, predictable income, as calculated by past creditors. The past devours the future. Digital technology and social media assists with this, helping to fix our identities in place and render them transparent to credit-raters. In that sense, the cliched claim that we love Bowie because we’re all now engaged in self-invention seems to me the opposite of the truth: we mourn him because, short of another war or a truly destructive financial crisis, the idea of such freedom now seems impossible to envisage ever again."
BowieDavid  music  art  economy  UK  inequality  welfare  financialisation  capitalism  Piketty  WorldWarII  modernism  FisherMark  identity  authenticity  invention  creativity  dctagged  dc:creator=DaviesWill 
august 2016 by petej
The New World in Our Hearts – A Critical Engagement With Paul Mason’s PostCapitalism (Communism versus the Commanding Heights Part 2) | Self Certified
"But there is a shortcoming in Paul Mason’s analysis; The capitalist class will not just stand by and allow us to break it’s monopoly on intellectual property anymore than it will stand idly by as we reclaim buildings and public space. The new mode of production may grow within the old but it always requires force of some kind to cement it’s ascendency. The capitalist class thrived for a time under monarchies and coexisted with feudalism, but eventually it required revolutionary action when the old order of things held back it’s development. The wealthiest one percent and their subjects are engaging us in class war and if we don’t fight back, they will fence off our commons and make us pay to use it. The downfall of Napster, the constant attempts to shut down free television streaming sites and the rise of bill pay music and TV streaming services are illustrative."
economics  capitalism  recession  informationTechnology  crisis  Kondratiev  neoliberalism  financialisation  environment  climateChange  MasonPaul  post-capitalism  postCapitalism  state  Marx  Trotsky  LuxemburgRosa  class  communism 
march 2016 by petej
The Leviathan of Silicon Valley
"There are hundreds of startups in Berlin — some of them are nonprofit groups — that are trying to fight surveillance with cool apps. To me, fighting what I perceive to be the cutting edge of neoliberal capitalism with an app is probably as stupid as fighting the European Central Bank and austerity measures with an app; it requires a very different approach. It requires a political campaign, it requires a political force on the ground, it requires social movements and proper analytical and economic analysis of the forces that have produced the problem that you’re trying to solve — in this case the problem of privacy.

Unfortunately, we in Europe, for the most part, have been completely caught up in this simplistic mindset, whereby we either opt for new legal solutions, or we encourage entrepreneurs to build apps that will deliver privacy."
SiliconValley  informationTechnology  monopolies  neoliberalism  Google  SchmidtEric  data  personalData  control  surveillance  NSA  policing  privatisation  infrastructure  SnowdenEdward  commodification  financialisation  dctagged  dc:creator=MorozovEvgeny 
january 2016 by petej
What hope for Labour and the left? The election, the 80s and ‘aspiration’ | openDemocracy
This is how hegemony works, of course: the power of the hegemonic group becomes so taken for granted as to become invisible, to the point where actually naming it comes to be understood as a pathological gesture; their values and ways of acting in the world are accepted as mere ‘common sense’, any deviation from which must be a form of mental disorder. So of course the vast majority of Blairites are not conscious that their entire world-view is handed down to them by the financial elites, or that deference to the authority of those elites is the single thread linking together an otherwise quite incoherent set of policies and preferences. But it is.

A great example here is the language of ‘aspiration’ which was circulating among the leadership contenders before it started to become apparent that it wasn’t working for them. This was the Blairite keyword in the weeks following the general election defeat, with Blairite candidate Liz Kendall not only condemning Labour’s general election campaign for having failed to connect with voters’ ‘aspirations’ and with aspirational voters, but actually arguing at one point that what was wrong with white working class children was that they lacked ‘aspiration’ and that governments ought to take it upon themselves to force them to have some.

What does ‘aspiration’ really mean, in this context? It seems to refer to a very narrow set of values and to express the idea that they are the ones that everyone naturally shares. Now, I don’t think that anyone really believes that the narrow, consumerist, individualist, competitive values of commercial culture are the only ones which really motivate human behaviour. But everyone knows that those are the values of the City, the bankers and the sections of the corporate and media world which are closest to them; and this is what ‘aspiration’ is really a code-word for. Think about a phrase like ‘aspirational fashion’. What does it mean? It means people wearing clothes that consciously ape the clothes that rich people might be assumed to wear.

When someone like Kendall says ‘we must respect and encourage aspiration’, she doesn’t really just mean ‘we must respect and encourage people wanting to improve their lot and that of their families’. What she really means is ‘we must signal to finance capital that we will continue to defer to its social authority by enforcing its values as the only acceptable norms in our culture’. Her saying this is predicated on the understanding that the balance of forces in the UK and globally is such that there is simply no point proposing any political project which even minimally challenges the hegemony of finance capital. I don’t mean she necessarily consciously thinks any of this. She probably thinks that ‘aspiration’ as she defines it is just normal, everyday human behaviour and that encouraging it is simple common sense. Well, that’s hegemony for you.
CorbynJeremy  LabourParty  UK  politics  media  1980s  FootMichael  BennTony  SDP  socialMovements  TheLeft  technology  informationTechnology  Internet  postFordism  vanguardism  democraticCentralism  Blairism  NewLabour  finance  financialisation  hegemony  aspiration  KendallLiz  dctagged  dc:creator=GilbertJeremy  ge2015 
september 2015 by petej
New Left Project | Articles | Don’t Blame the Internet for Rising Inequality
"In the longer historical view, there is nothing unique about the current crisis. The truly exceptional period in the history of capitalism was, rather, the Bretton Woods era, when developed economies enjoyed decades of strong economic growth, full employment and a degree of income equality never approximated before or since. This era is long past, and the specific conditions that created it cannot be reproduced. Nevertheless, there is no reason to think that the losses of the past few decades are irreversible. The broad outlines of a political programme to accomplish this are obvious enough to be shared by everyone from centre-left Democrats like Elizabeth Warren to the inchoate radicalism of Occupy Wall Street.

The primary thrust of any strategy under current circumstances must be an attack on the wealth and power of the financial sector and the 1 per cent (for practical purposes, these may be treated as one and the same). That means more progressive taxation, an increase in total levels of taxation and expenditure and a substantial tightening of regulation of the financial sector, with the aim of making that sector much smaller and less rewarding than it is at present. Such a strategy would represent a transformation of capitalism similar to that which occurred after 1945 and, in reverse, in the 1970s. This would be a great achievement in itself. More speculatively, it might, given the public good nature of much of the Internet, lay the basis for a further transformation in which the power of private capital ceased to dominate the global economy."
economics  capitalisation  finance  financialisation  inequality  technology  growth  stagnation  informationTechnology 
april 2014 by petej
my oped in tomorrow's FT - Notes EM
"That the financial value of your personal data is unstable, fluctuating based on your location, health and social status, means the spirit of speculation will not just invade our everyday life but will also make self-surveillance of our “data portfolios” highly appealing. We will resemble the confused analysts of the US National Security Agency: unsure of the future value of the data we generate, we will opt to store them for posterity. And, unsure of how to maximise that value, we will keep adding data streams in the vain hope that the value of our data portfolio (the sum total of our life) will rise.

The hope that such precarious data entrepreneurship can mitigate the problems of automation or ease our growing reliance on debt is the utopian conceit of the digital elites. Just because the World Economic Forum argues that personal data are emerging as a new asset class, that does not make it a natural or irreversible development. Nor is this development driven solely by technological innovation: like financialisation, mediatisation is primarily a failure of regulation.

Silicon Valley might, indeed, succeed in disrupting Wall Street. Alas, it has shown no real interest in disrupting its long-term agenda of making our lives tick in sync with the speculative logic of finance."
SiliconValley  data  bigData  surveillance  tracking  monitoring  dataBrokers  mediatisation  personalData  financialisation  dctagged  dc:creator=MorozovEvgeny 
march 2014 by petej
Thatcher's Mean Legacy: The Queen Mother of Global Austerity and Financialization
"Pundits the world over are chirping about her role in “saving” Britain, not as indebting it – destroyed an economy in order to save it. Her rule was historic mainly by posing the conundrum that has shaped neoliberal politics since 1980: How can governments nurture and endow financial kleptocrats in the context of rule by popular consent?
This can be achieved only by violating the Prime Assumption of classical liberal political philosophy: voters must be sufficiently informed to understand the consequences of their actions. This means that governments must take a long-term perspective.
But finance always has lived in the short run, and nowhere in the world is banking more short-term than in Britain. Nobody better exemplified this narrow-minded perspective than Lady Thatcher. Her simplistic rhetoric helped inspire an inordinate share of simpletons conflating supposed common sense with wisdom.
Not altogether simple, perhaps, but simply opportunistic. As the uncredited patron saint of New Labour, Mrs. Thatcher became the intellectual force inspiring her successor and emulator Tony Blair to complete the transformation of British electoral politics to mobilize popular consent to permit the financial sector to privatize and carve up Britain’s public infrastructure into a set of monopolies. In so doing, the United Kingdom’s was transformed from a real economy of production to one that scavenged the world for rents through its offshore banks. In the end, not only was great damage inflicted on England, but on the entire world as capital fled developing countries for safe harbors in London’s banks. Meanwhile, governments throughout the world today are declaring “We’re broke,” as their oligarchs grow ever more rich."
Thatcher  Thatcherism  privatisation  financialisation  politics  economics  austerity 
april 2013 by petej
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