Finance capital today: corporations and banks in the lasting global slump

Introduction, p.1 No End to Crisis in View, p.2 Finance Capital and Financial Capital, p.5 The World Economy as an Analytical Aim, p.10 From the Theory of the Internationalisation of Industrial Capital to the Theory of Financial Globalisation, p.12 Financialisation as Discussed in this Book, p.14 No 'Diversion of Profits' but the Accumulation of Fictitious Capital, p.17 The 'Crisis in the Sphere of Credit and Money' in 2008, p.19

1. The Historical Setting of the Crisis and Its Original Traits, p.22

1.1 The Crisis in a Long-Term Trajectory, p.24

1.2 A Crisis Which Has Not Been Allowed to Run Its Course, p.35

2. Financial Liberalisation and Globalisation from the 1960s onwards and the Return of Financial Crises, p.44

2.1 Industrial Profits and the Eurodollar Market in the Resurgence of Concentrated Interest-bearing Capital, p.45

2.2 The End of the Bretton Woods Monetary System and the Advent of Floating Exchange Rates, p.47,

2.3 The Recycling of Petrodollars and the Third World Debt Trap, p.51

2.4 The Growth of Government Debt at the Heart of the System, p.56

2.5 The Political Implications of Market-based Retirement Schemes, p.56

2.6 World Money Since the Demise of Bretton Woods, p.58

2.7 The 'Semi-completion' of Financial Globalisation and the Financial Crises of the 1990s, p. 62, Appendix: The 'Club of Paris' and Brady Bonds, p.64

3. The Notion of Interest-Bearlng Capital in the Setting of Present Centralisation and Coneentration of Capital, p.67

3.1 Steps in Approaching the Analysis of Financial Profits, p.68

3.2 Interest-bearing Capital: Exteriority to Production and the Blurring of Lines between Profit and Interest, p.78

3.3 The Theory of Fictitious Capital, p.81 Appendix 1: The Centralisation and Concentration of Capital in Marxist Theory, p.88

4. The Organisational Embodiments of Finance Capital and the Intra-Corporate Division of Surplus Value, p.93

4.1 A Brief Historical Perspective on the Bank-Industry Relationship p.93

4.2 Contemporary Issues Regarding Corporate Governance and Interlocking Boards of Directors,p.102

4.3 Banks as Merchants and TNCS as Money Capitalists, p.109

4.4 Concentrated Commodity or Merchant Capital and the Sharing Out of Total Surplus Value, p.113

4.5 Natural Resource-based Monopoly Profit and Oil Rent, p.121

Appendix 1: Control in the ETH Zurich Studies p.125

Appendix 2: The Three Major New York Investment Banks' Activities in Commodities, p.128

Appendix 3: Three Examples of Industrial Corporation Ownership of Financial Corporations p.130

5. The Internationalisation of Productive Capital and the Formation of Global Oligopolies, p.133

5.1 The Internationalisation of Productive Capital: Theory and History, p.133

5.2 The Collective Global Monopoly Power ofTransnational Corporations, p.142

5.3 The Place of Emerging Countries' Corporations in the Global Oligopoly p.148 Appendix: Recent Developments Affecting the Statistical Data on FDI, p.154

6. The Operational Modes of TNCS in the 2000, p.158

6.1 Industrial Capital: From Internationalisation to Globalisation, p.158

6.2 Value Chains in Business Management Theory, p.159

6.3 Buyer-Driven Global Commodity Chains, p.161

6.4 Outsourcing and Offshoring and Global Value Chains in Manufacturing, p.163

6.5 'Non-equity Modes of International Production', p.165

6.6 TNCS and the Present Configuration of World Trade, p.167

6.7 Overexploitation and the 'Global Law of Value', p.169

7. The Further Globalisation of Financial Assets and Markets and the Expansion of New Forms of Fictitious Capital, p.173

7.1 Factors Underlying the Growth of Global Financial Transactions, p.173

7.2 The Growth of Global Transactions in Derivatives, p.181

7.3 Financial Globalisation and Developing Countries in the 2000S, p.188

8. Financialisation and the Transformation of Banking and Credit, p.198

8.1 The Transformation of Banking in the United States, p.199

Financial Liberalisation in Europe and European 'Universal Banks', p.204

8.3 Securitisation, the Origirıate-to-distribute Model and the Shadow Banking System, p.209

9. Global Financial Contagion and Systemic Crisis in 2008 p.220

9.1 Investment Banks and Hedge Funds, p.220

9.2 The Channels of International Financial Contagion, p.232

9.3 Specific Systemic Vulnerability in the European Banking System, p.235

10. Global Endemic Financial Instability, p.245

10.1 The Effects and Potential Backlashes of Quantitative Easing, p.246

10.2 The Very Long Continuous Fall in Interest Rates and the Growth of Debt, p.247

10.3 Non-bank Financial Corporations and Systemic Contagion Risks Today, p.249

10.4 The Potential for Financial Turmoil in Emerging Countries, p.252

Conclusion, p.256

The Institutional Difficulties of Doing Marxist Economic Research, p.256,

Persistent Very Low Global Growth Coupled with Endemic Financial Instability, p.258

How Could Slow Growth be Brought to an End and a New Long Upswing Start?, p.260

Non-ecological Approaches to Capitalism's Possible 'Intrinsic Absolute Limits', p.264

The Advent of a New More Formidable Immanent Barrier and Its Implications, p.267

References, p.273

Glossary of Financial Terms, p.297

Topic Index, p.302

Index of Names, p.307.