Fall and Rise of American Finance

Stephen Maher is Assistant Professor of Economics at SUNY Cortland, and Associate Editor of the Socialist Register. He is also the author of Corporate Capitalism and the Integral State: General Electric and a Century of American Power (Palgrave, 2022).Scott M. Aquanno is Assistant Professor of Political Science at Ontario Tech University, and a Visiting Associate at the Global Labour Research Centre at York University. He is the author of Crisis of Risk: Subprime Debt and US Financial Power from 1944 to Present (Edward Elgar, 2021).

Worthy heirs to their teacher, the great Leo Panitch, Maher and Aquanno sketch an alternative history of the last century that every critical scholar of finance must now engage and contend with.

• Preface1: The Latest Phase of American Capitalist DevelopmentThe Fall and Rise of American FinanceA New Picture of FinancializationRethinking Finance and the Corporation2: Classical Finance Capital and the Modern StateFinancial Capital and Industrial CapitalFrom Bank Capital to Finance CapitalFinance Capital and CompetitionState Power, Class Power, and Crisis3: Managerialism and the New Deal StateRemaking Capitalist FinanceThe New Industrial OrderClass Struggle and the Crisis of Managerialism4: Neoliberalism and Financial HegemonyThe Financialization of the Non-Financial CorporationAsset-Based Accumulation and Market-Based FinanceFinancialization and Authoritarian StatismThe 2008 Crisis and the Question of Decline5: The New Finance Capital and the Risk StateCrisis Management and the Risk StateThe Rise of the Big ThreeThe New Finance CapitalPrivate Equity, Hedge Funds, and Finance Capital6: Crises, Contradictions, and PossibilitiesThe Statization of Market-Based FinanceThe Macroeconomic Policy of Finance CapitalThe False Promise of Universal OwnershipDemocratizing FinanceNotesIndex