New Books In Critical Theory

Since the global financial crisis that began in 2008, the role of the financial sector in contemporary capitalism has come under increasing scrutiny. In the global North, the expansion of the financial sector over the last 40 years has paralleled a decline in manufacturing employment and an increase in personal indebtedness, giving rise to the perception that speculation and usury have come to replace production as the engine of economic growth. In the global South, financial liberalization has exacerbated long-standing patterns of boom-and-bust cycles, and the growth of the financial sector has caused anxieties that speculative investments in natural resource extraction, urban real estate, and rural farm land are dispossessing and displacing people rather than improving human development. Overall, the growth of the financial sector has created the perception that we’re entering a new phase in capitalism’s history in which speculation and rent-seeking have displaced production as the engines of economic growt