Housing, Global Finance, and American Hegemony: Building Conservative Politics One Brick at a Time

Schwartz, Herman

doi:10.1057/cep.2008.11

Cited by 36 publications

(22 citation statements)

References 7 publications

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“…In fact, the United States has a longstanding populist tradition, which evaluates the legitimacy of the financial system in terms of its contribution to public welfare (see Schwartz 2008;Konings 2009). However, the political consequences of these changes in the dynamics of financialization have been quite limited.…”

Section: Economic Geographymentioning

confidence: 99%

Geographies of Financialization in Disarray: The Dutch Case in Comparative Perspective

2009

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The securitization crisis that started in mid-2007 has demonstrated that we are indeed living in a "global financial village" and are all subject to the vagaries of financialization. Nevertheless, the fallout from the credit crisis has not been homogeneous across space. That some localities were hit harder than others suggests that there are distinct geographies of financialization. Combining insights from the "varieties of capitalism" literature with those from the literature on "financialization studies," the article offers a first take on what may explain these different geographies on the basis of an informal comparison of the trajectories of financialization and their political repercussions in the United States, Germany, and the Netherlands. The article ends with some reflections on how economic geography could be enriched by combining comparative studies on institutionalism and financialization, while its distinct research focus-detailed spatial analysis endowed with a well-developed sensitivity for geographic variegation-may help overcome the methodological nationalism of much comparative institutionalism. Copyright (c) 2010 Clark University.

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Section: Economic Geographymentioning

confidence: 99%

Geographies of Financialization in Disarray: The Dutch Case in Comparative Perspective

2009

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“…In this view, financial globalization reflects the succession of the Bretton Woods regime by the global hegemony of the so-called Dollar-Wall Street Regime (Gowan 1999;Panitch and Gindin 2004;Panitch and Konings 2008). In so doing, these agents further facilitated the penetration of European economies by American capital, effectively incorporating them into the domestic capital circuit of the USA (Seabrooke 2006;Schwartz 2008). Therefore, in this narrative, European financial restructuring, whether endorsed or criticized, can only be conceptualized as a reactionary response, whereby a variety of European political and economic agents have been pushed into reorienting their strategies around institutional forms and dynamics driven and shaped by the globalization of specifically American finance.…”

Section: Structural Gpe -The Reemergence Of Global Financementioning

confidence: 99%

Europe's Mea Culpa: A Global Economy Gone Mad or a Crisis of Our Own Making?

Raviv

2017

Global Policy

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Much of the existing literature on the current financialized era of capitalism is guilty of essentializing the US experience. The methodological implication of this conceptual starting point has been that financialization in Europe was, and still is, generally assessed in comparative terms against the yardstick of US developments. This limitation obscures from view the unique trajectory of European finance‐led innovation, and consequently, the extent to which European economies have become vulnerable to financial instability and crisis. To remedy this, the present article investigates the micro‐foundations of European financialization in the lead‐up to the 2007–2008 global financial crisis to uncover the reasons for the surprising severity and persistence of financial instability in Europe. The article argues that while the institutions, actors and practices underpinning European financialization may differ markedly from those in the US, the former were nevertheless at once reconstituted by, and constitutive of, the continuous global process of finance‐led restructuring. This work offers insights that go beyond the specificities of European financial capitalism. It facilitates a more nuanced approach to banking and macroprudential policy reform in Europe as well as encourages further research into the financialization of accumulation in other national and regional contexts.

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“…Crucial, too, was the liberal and increasingly highly securitized character of the mortgage market in the Anglo-liberal economies (Schwartz, 2008;Schwartz and Seabrooke, 2008;Watson, 2008). Crucial, too, was the liberal and increasingly highly securitized character of the mortgage market in the Anglo-liberal economies (Schwartz, 2008;Schwartz and Seabrooke, 2008;Watson, 2008).…”

Section: The Story Of a North Sea Bubblementioning

confidence: 99%

The story of a North Sea bubble: the strange demise of the Anglo-liberal growth model in the United Kingdom and Ireland

Hay

Smith

2012

Eur. Pol. Sci. Rev.

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In the wake of the deepest and longest recession that the United Kingdom has experienced since the 1930s and the Irish Republic has experienced since the 1980s, this paper examines the origins, sustenance, and puncturing of the growth dynamic both economies have enjoyed since the early 1990s. It identifies, in both cases, elements of an ‘Anglo-liberal growth model’. For as long as it lasted, this took the form of a consumer boom fuelled by growing private indebtedness (typically secured against property in a rising housing market) and was itself dependent on the nurturing and sustenance of a low inflation–low interest rate equilibrium. Of the two cases, it is the United Kingdom that presents the purer form of Anglo-liberal growth; in Ireland, a hybrid growth model can be seen to have developed in which Anglo-liberal growth was allied to a more conventional (and ultimately more sustainable) export-oriented growth dynamic. The paper seeks to gauge the character, paradigmatic significance, and effectiveness of the interventions made in the attempt to shore up the Anglo-liberal growth model and the rather different prospects for the resumption of growth in the years ahead. It argues that the Anglo-liberal growth model is, indeed, fatally flawed. In such a context, it is difficult to see how sustained economic growth can be restored, in the UK case, in the absence of a completely new growth model and, in the Irish case, without the cleansing of the long-standing export-oriented growth model of the Anglo-liberal trappings it has acquired in recent years.

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Housing, Global Finance, and American Hegemony: Building Conservative Politics One Brick at a Time

Cited by 36 publications

References 7 publications

Geographies of Financialization in Disarray: The Dutch Case in Comparative Perspective

Geographies of Financialization in Disarray: The Dutch Case in Comparative Perspective

Europe's Mea Culpa: A Global Economy Gone Mad or a Crisis of Our Own Making?

The story of a North Sea bubble: the strange demise of the Anglo-liberal growth model in the United Kingdom and Ireland

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