Money, Markets, and Monarchies

Hanieh, Adam

doi:10.1017/9781108614443

Cited by 123 publications

(9 citation statements)

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“…As I have shown in relation to histories of Empire and the Commonwealth, the international relevancy of The Firm indicates its global political-ideological significance in terms of reproducing inequalities and privilege: normalising elite wealth (Clancy, forthcoming; Littler, 2017) and shoring up racial capitalist structures and (neo)colonial exploitation both economically (goods stolen during Empire) and culturally (patronage visits to Commonwealth nations). Likewise, this research contributes to literature considering other global monarchies and their role in contemporary capitalist structures (Hanieh, 2018) or the persistence of ‘old’ wealth in capitalist accumulation (Shrubsole, 2019).…”

Section: Resultsmentioning

confidence: 73%

The corporate power of the British monarchy: Capital(ism), wealth and power in contemporary Britain

Clancy

2020

The Sociological Review

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This article offers a critical analysis of the British monarchy within wider political economies of wealth and power. While sociology has renewed its interest in ‘the elites’, the British monarchy is often positioned as an archaic institution, an anachronism in relation to corporate forms of wealth and power, and therefore irrelevant. This article counters this framing by revealing the mechanics, technologies and actors ‘behind the scenes’, in order to expose and demystify the relationship between the symbolic and political-economic functions of the monarchy. To do this, I (re)conceptualise the monarchy as a corporation, ‘The Firm’, oriented towards, and historically entrenched in, processes of capital accumulation, profit extraction and other forms of exploitation. The article maps out The Firm’s labour relations, financial arrangements, inter/national relationships and networks, and the legal status of The Crown and its components in order to demonstrate how ‘old’ and ‘new’ forms of wealth intersect and converge in contemporary Britain. This article is intended as a provocation to sociological studies of elites to suggest that, in overlooking monarchy, we are overlooking a key component of contemporary capitalism, and a key component in the reproduction of inequalities today.

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Section: Resultsmentioning

confidence: 73%

The corporate power of the British monarchy: Capital(ism), wealth and power in contemporary Britain

Clancy

2020

The Sociological Review

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“…Likewise Jordan's biggest Islamic bank (and fourth largest bank overall), the Jordan Islamic Bank (JIB), controls more than a dozen of Jordan's most prominent non-financial companies involved in private universities, pharmaceuticals, the manufacture of steel pipes, real estate, technology, insurance, and chemicals. 66 JIB is a subsidiary of the Saudi-controlled, Bahrain-based Al Baraka Banking group, and in this respect, constitutes an important mechanism for the expansion of Saudi capital throughout much of the Jordanian economy. Similar patterns are repeated in Pakistan, where the four largest Islamic banks 67 are all connected to GCC capital and hold extensive investments in textiles, oil and gas, cement, steel, and agriculture.…”

Section: Gulf Islamic Banks and Global Islamic Circuitsmentioning

confidence: 99%

“…One illustrative example of this is the case of Morocco, where GCC banks (both conventional and Islamic) have traditionally held little presence. 68 Islamic banks had long been banned in Morocco due to the monarchy's fear of Islamist movements, but in early 2015, the country enacted legislation permitting the operation of Islamic banks. One leading financial consultancy firm noted that "the main motive for Morocco's opening up to Islamic finance is financial rather than religious" with the primary goal of "attract[ing] foreign investment and liquidity from regions such as the GCC that lead the Islamic finance industry".…”

Section: Gulf Islamic Banks and Global Islamic Circuitsmentioning

confidence: 99%

“…69 Pointedly, the Qatar International Islamic Bank (QIIB) -Qatar's third-largest Islamic bank -was the first to enter the Moroccan market, through a joint venture in which QIIB would hold 40% of assets. 70 In late December 2017, the Saudi-owned Al Baraka Bank also opened a new Islamic bank in Morocco, Bank Al Tamweel wa Inma (BTI), in a joint venture with an existing Moroccan bank. The CEO of Al Baraka commented on the announcement that there were "large opportunities for the success of our bank, given Morocco's significant and promising development potential in the field of participation [Islamic] banks".…”

Section: Gulf Islamic Banks and Global Islamic Circuitsmentioning

confidence: 99%

“…79 A major milestone occurred in April 2017, with a US$9 billion sovereign sukuk from Saudi Arabia -the largest dollar-denominated international sukuk in history. 80 This was followed by Saudi Arabia's issuance of Islamic bonds on the domestic market in late July 2017 (worth $4.5 billion), after a new government plan to regularly issue domestic sukuk was announced in mid-2017. In May 2017, Oman also debuted its first ever sukuk, a US$2bn seven-year issuance that was oversubscribed nearly three times and formed an important part of the country's strategic turn towards Islamic finance.…”

Section: Sukuk and The Gccmentioning

confidence: 99%

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New geographies of financial power: global Islamic finance and the Gulf

Hanieh

2019

Third World Quarterly

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Over the last decade, numerous scholars have noted the on-going expansion and growing economic significance of Islamic Finance (IF) across many parts of the world. 1 Although small relative to conventional finance, the value of assets held by the IF industry -including Islamic banks, Islamic bonds (sukuk), Islamic insurance (takaful), and various funds targeting investments permissible within Islamic law -was estimated at around $2.4 trillion globally in 2017, a level that had risen by over 40% since 2012. 2 This growth encompasses a diverse range of countries and economic sectors, and has been strongly welcomed by international organisations such as the World Bank, IMF, and UNDP, who now endorse IF as an important instrument for ameliorating global inequality, tackling poverty, and widening financial inclusion. 3 According to these institutions, IF is founded upon principles of a "just, fair, and equitable distribution of income and wealth during the production cycle," 4 and is thus "highly aligned with the spirit of the [Sustainable Development Goals]". 5 Motivated by such claims, recent international initiatives have sought to mobilise Islamic finance as an alternative means of development financing -a tool to meet the funding shortfall for infrastructure and other projects.

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Has the acceleration of privatization become inevitable in Bahrain?

Khayati

2022

Thunderbird Intl Bus Rev

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Bahrain remains the most vulnerable Gulf country due to its limited savings and sharp rise in debt levels, leaving it exposed to high financing risks. The financial crisis has been deepened by the economic double blow of the decline in oil prices and the effects resulting from the outbreak of the coronavirus pandemic. Bahrain has decreased subsidies and increased taxes on many products. Those measures seem, however, insufficient to mitigate the negative impacts on the economy. This paper presents a model based on a comparison between fast privatization and gradual privatization strategies undertaken in some Bahraini economic sectors. It shows that the contribution of privatization to economic restructuring is only as effective as the commitment of the government to maintain a high pace of privatization. This condition can provide needed revenues, and can particularly foster private investments and initiatives. Therefore, it may represent an appropriate context to elevate Bahrain out of the present equilibrium characterized by slow privatization and government dominance on the economy.

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Money, Markets, and Monarchies

Cited by 123 publications

References 125 publications

The corporate power of the British monarchy: Capital(ism), wealth and power in contemporary Britain

The corporate power of the British monarchy: Capital(ism), wealth and power in contemporary Britain

New geographies of financial power: global Islamic finance and the Gulf

Has the acceleration of privatization become inevitable in Bahrain?

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