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  3. Governing Financialization: The Tangled Politics of Financial Liberalization in Britain

Governing Financialization: The Tangled Politics of Financial Liberalization in Britain

Posted By: arundhati
Date: 13 May 2022 16:10:58
Governing Financialization: The Tangled Politics of Financial Liberalization in Britain

Jack Copley, "Governing Financialization: The Tangled Politics of Financial Liberalization in Britain"
English | ISBN: 0192897012 | 2022 | 208 pages | PDF | 1016 KB

Capitalism has become 'financialized'. Since the 1970s, the swelling of financial markets and asset price bubbles has occurred alongside weaker underlying economic growth. Yet financialization was not a spontaneous market development - it was deeply political. States fuelled this process
through policies of financial liberalization, and the British state lies at the heart of the story. Britain's radical financial liberalizations in the 1970s and 1980s were instrumental in creating a financialized global economic order in which the City of London emerged as a central hub.

But why did the British state propel financialization? The conventional wisdom points to the lobbying power of financial elites and the strength of neoliberal ideology. However,
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