Capital Claims: Power and Global Finance

<p>Capital Claims: Power and Global Finance analyses how global financialized capitalism operates and reproduces itself, exploring the remarkable ability of the financial sector to maintain its dominance through even the most severe economic crises.</p><p>The book defines international financialization as a process by which the number and value, the tradability, and the enforceability of cross-border financial claims increase and are successfully defended against competing social or political agendas. By focusing on financial claims, the volume develops a conceptual toolkit for the study of the political economy of global finance and the inequalities it sustains. The book brings together leading researchers whose work is geared towards opening the black box of cross-border finance. The authors suggest shifting the analytical focus from capital flows to capital claims – credit–debt relations between identifiable actors, embedded in social and political institutions, and infused with power and hierarchy. They show how financial actors wield leverage power, infrastructural power, and enforcement power, both vis-à-vis other private actors and vis-à-vis the state.</p><p>This book will be of great interest to students, teachers, and researchers of international political economy, critical political economy, and international relations, as well as those in the fields of finance, capitalism studies, activism, policymaking, and advocacy.</p><p>An Online Appendix for Chapter 11 is available at: www.routledge.com/9781032111193 </p> <p>1. The Three Phases of Financial Power: Leverage, Infrastructure, and Enforcement <b>Part I: Leverage Power </b>2. Leveraging Financial Claims: Transatlantic Bank Struggles and the Power of US Finance 3. Countering Financial Claims: On the Political Economy of Definancialisation 4. Relational Claims: Offshore Dollar and Sovereign Debt 5. Claims to Sovereignty: MMT as a Challenge to Money’s Technical Imaginary <b>Part II: Infrastructural Power </b>6. The New Gatekeepers of Financial Claims: States, Passive Markets, and the Growing Power of Index Providers 7. The Benefits of Network Centrality: Central Counterparties, the Enforceability of Claims, and the Securing of Extra-Profits 8. Geoeconomic Infrastructures: Building Chinese-Russian Alternatives to SWIFT <b>Part III: Enforcement Power </b>9. Night of the Living Debt: Non-performing Loans and the Politics of Making an Asset Class in Europe 10. The Financialization of Investor-State Dispute Settlement 11. Firm Claims: Reinterpreting the Global Race for Foreign Direct Investment 12. Claiming the Wealth of a Nation: Creditor-Enforced Privatizations in Greece <b>Part IV: Conclusion </b>13. The Rise of Autonomous Financial Power</p>