Investment Bank Power and Neoliberal Regulation: From the Volcker Shock to the Volcker Rule (Preprint)

Investment Bank Power and Neoliberal Regulation: From the Volcker Shock to the Volcker Rule (Preprint)
Hager, Sandy Brian. (2012). In Neoliberalism in Crisis. Edited by Overbeek, Henk and van Apeldoorn, Bastiaan. Palgrave Macmillan. (Book Chapter; English).

Full Text Available As:

Preview	Cover Image 20120000_hager_investment_bank_power_and_neoliberal_regulation_front.jpg Download (44kB) | Preview
Preview	PDF (Full Text) 20120000_hager_investment_bank_power_and_neoliberal_regulation.pdf Download (235kB) | Preview

Abstract or Brief Description

The power of investment banks has played a pivotal role in the monopoly capital school’s analyses of US capitalist development. However this paper suggests that monopoly capital’s explanation of the changing nature of this power is severely limited. These limitations can be traced to the school’s logically circular and empirically inoperable theory of capital accumulation. The paper goes on to offer an alternative theoretical-empirical account of the power of investment banks since the early 1980s. Based on the notion of capital as power, the research suggests, contrary to the monopoly capital account, that investment banks have experienced a rapid resurgence in their power over this period. This resurgence must be understood with reference to the unique ways that investment banks have maneuvered within neoliberal regulation.

Language

English

Publication Type

Book Chapter

Keywords

investment banking monopoly capital power

Subject

BN Power
BN Capital & Accumulation
BN Business Enterprise
BN Agency

Depositing User

Jonathan Nitzan

Date Deposited

17 Mar 2012

Last Modified

07 Apr 2016 19:22

URL:

http://bnarchives.yorku.ca/id/eprint/330

Actions (login required)

View Item