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Financialization, financial crisis and deficit hysteria: neo-liberalism redux

Research output: Contribution in Book/Report/ProceedingsChapter (peer-reviewed)

Published

Publication date2014
Host publicationMoments of truth: the politics of financial crises in comparative perspective
EditorsFrancisco Panizza, George Philip
Place of publicationLondon
PublisherRoutledge
Pages101-119
Number of pages19
ISBN (Print)9780415834117
Original languageEnglish

Abstract

This chapter explores the origins of the financial crisis in Britain in the neo-liberal regime shift signified as Thatcherism. It highlights a 1989 report from the Bank of England on the challenges to economic performance associated with the dominance of the City of London and shows that these challenges have been intensified in the intervening years. It identifies the contradictions and crisis-tendencies of finance-dominated accumulation and offers an explanation for the superficially surprising survival of the neo-liberal momentum of financialization following the financial crisis.