The Resilience of Finance Capitalism: Exploring the Role of Money, Capital, and Power

Workshop | December 5, 2016 | MPIfG, Cologne

Topic and Goal of the Workshop

Although the scale and depth of the crisis that started in 2007 has been similar to the 1930s, it has been called a "status quo crisis," for good reasons. The central position of the US and the dollar in the global political economy remains unchanged. Despite modifications to banking regulation and institutional innovation at the European level, the patterns of rising inequality, reliance on private banks for productive credit creation, the delegation of monetary affairs to independent central banks and the growing role of asset managers and hedge funds have continued unabated in both the US and Europe. At the same time, the BRICS and most countries in the Global South have lived through increasing economic turmoil, entering a new era of depreciating currencies and rising debt levels. Fears abound that the crisis will return with full force. A solid recovery of crisis-prone finance capitalism seems highly unlikely.
In this workshop, we seek to scrutinize this resilience of contemporary finance capitalism. This workshop starts from the premise that the nature of money and what money does matters to the resilience of finance capitalism, i.e. to our global political economy which is mediated by varieties of capitalisms produced within the nation-state form. This ‘money view’ of capitalist global political economy needs to explore how money works as a structural systemic relation and how and which actors work with, for and against it. We do so by taking a very basic both conceptual and empirical approach. What role do credit and money creation and money’s investment as capital for profit play for this persistence? What kind of structural powers exists in contemporary capitalism and which actors are particularly well-equipped to engage with it for their political and economic purposes?
By bringing together economists, sociologists and political scientists working on money, credit, banking, and the theory of capitalism more broadly, the workshop aims to develop a clearer and more fine-grained understanding of what explains the persistence of finance capitalism and what role money, capital and power play in this.


Organization and contact

Kai Koddenbrock

Phone +49 221 2767-506

MPIfG: Workshop "The Resilience of Finance Capitalism: Exploring the Role of Money, Capital, and Power" | [Last updated 14.11.2016 13:13]