Money and Finance After the Crisis: Critical Thinking for Uncertain Times (Antipode Book Series)

__Money and Finance After the Crisis__ provides a critical multi-disciplinary perspective on the post-crisis financial world in all its complexity, dynamism and unpredictability. Contributions illuminate the diversity of ways in which money and finance continue to shape global political economy and society. * A multidisciplinary collection of essays that study the geographies of money and finance that have unfolded in the wake of the financial crisis * Contributions discuss a wide range of contemporary social formations, including the complexities of modern debt-driven financial markets * Chapters critically explore proliferating forms and spaces of financial power, from the realms of orthodox finance capital to biodiversity conservation * Contributions demonstrate the centrality of money and finance to contemporary capitalism and its political and cultural economies Title Page 5 Copyright Page 6 Contents 7 Series Editors’ Preface 9 Notes on Contributors 11 Chapter 1 Money and Finance After the Crisis: Taking Critical Stock 15 Introduction 15 The Crisis and the Academy: ‘I told you so’ 18 The Crisis, the State and Regulation: ‘What have I done?’ 27 The Crisis and the Financial Sector: ‘What shall we do now?’ 34 The Content of the Book 42 References 46 Part I Financial Imaginaries 55 Chapter 2 From Time–Space Compression to Spatial Spreads: Situating Nationality in Global Financial Liquidity 57 Balance of Payments and the Ontological Primacy of the Nation: A Background 59 Nationality and International Investment: Multinational Corporations 62 National Money and International Finance 64 Derivatives: Beyond a National Taxonomy 65 Balance of Payments after Derivatives 68 Nation and Place in Liquid Finance 70 Conclusion 73 Notes 74 References 77 Chapter 3 Financial Flows: Spatial Imaginaries of Speculative Circulations 83 Introduction: From Chain to Spinning Top 83 Speculative Circulations 86 Spatial Imaginaries 91 The Governance of the Global Financial Crisis 94 Conclusions 99 References 101 Chapter 4 Making Financial Instability Visible in Space as Well as Time: Towards a More Keynesian Geography 105 Introduction 105 The Forgotten ‘Lessons’ of the Financial Crisis 108 How the Core Concerns of Monetary Economics Disappeared from Mainstream Economics 110 Why and How Money Matters: Towards a More Keynesian Geography 114 Geographers on Money and Credit: Seeing with Political and Cultural Lenses 118 Conclusion 123 Notes 125 References 126 Part II Financial Practices 131 Chapter 5 Banks in the Frontline: Assembling Space/Time in Financial Warfare 133 Introduction: Banks on the Frontline 133 Finance/Security Assemblage 136 The HSBC Settlement 141 Risk and Preemptive Account Closures 147 Conclusion 152 Acknowledgements 153 Notes 153 References 154 Chapter 6 Undoing Apartheid?: From Land Reform to Credit Reform in South Africa 159 Undoing Apartheid? From Land Reform to Credit Reform in South Africa 159 Credit Boom/South Africa’s Financialization 162 Credit, land and labour: the longue durée 165 Reversionary Legislation: New or Old Laws? 168 Agents and Intermediaries 174 Conclusion 176 Notes 178 References 179 Part III Financialization 183 Chapter 7 Infrastructure’s Contradictions: How Private Finance is Reshaping Cities 185 Introduction 185 Infrastructure and the Crisis of Twentieth-Century Capitalism 188 New Modes of Infrastructure Financing 191 The Consequences for Cities 196 Conclusion: A New Politics of Infrastructure 200 Acknowledgements 202 Notes 202 References 203 Chapter 8 The Financialization of Nature Conservation? 205 ‘Biodiversity Crunch’ 205 From Economization to Marketization to Financialization? 209 Investigating the Financialization of Conservation 211 The Financialization of Nature Conservation? 221 Conclusion: Critical Scholarship in the Sixth Extinction 223 Notes 225 References 226 Chapter 9 Financialization of Singaporean Banks and the Production of Variegated Financial Capitalism 231 Introduction 231 Variegated Capitalism, Variegated Financialization 235 State-driven Financialization: Global, National and Firm-based Strategies 239 Conclusion 249 Notes 252 References 253 Index 259 EULA 275 Money and Finance After the Crisis provides a critical multidisciplinary and multiscalar perspective on the post-crisis world of finance in all its complexity, dynamism and unpredictability. The contributions illuminate the diversity of ways in which money and finance continue to shape global political economy and society. Written in the wake of the Global Financial Crisis of 2007-2009, the chapters highlight the significance of thinking about money and finance geographically by. following the trail of the crisis and its aftermath through distinctive and interlinked spaces, ranging across the global financial centres of New York and London, the surplus-generating economies of Asia and the Middle East, and the ordinary households whose labours underlie the investments, debts, and speculations of society's collective and individual fortunes. From the realms of orthodox finance capital to biodiversity conservation, the chapters explore proliferating forms and spaces of financial power and a broad range of contemporary social formations, including the ways in which modern debt-driven financial markets shape and are shaped by, for example, the 'War on Terror', neoliberalizing China and racialized inequality in post-Apartheid South Africa. Collectively, the contributions show there is neither a universal experience of the post-crisis world, nor a singular 'correct' analysis. Book jacket Money and finance after the crisis : taking critical stock / Brett Christophers, Andrew Leyshon, and Geoff Mann From time-space compression to spatial spreads : situating nationality in global financial liquidity / Dick Bryan, Michael Rafferty and Duncan Wigan Financial flows : spatial imaginaries of speculative circulations / Paul Langley Making financial instability visible in space as well as time : toward a more Keynesian geography / Gary A. Dymski Banks in the frontline : assembling space/time in financial warfare / Marieke de Goede Undoing apartheid : from land reform to credit reform in South Africa / Deborah James Infrastructure's contradictions : how private finance is re-shaping cities / Phillip O'Neill The financialization of nature conservation? / Jessica Dempsey Financialisation of Singaporean banks and the production of variegated financial capitalism / Karen P.Y. Lai and Joseph A. Daniels.