The Fall and Rise of U.S. Finance
The banks and financiers are a common target of the left \u2014 and often the right \u2014 purportedly sucking the lifeblood out of the real industrial economy. Stephen Maher argues that while the financialization of the economy has intensified under neoliberalism, finance has played a central role in the growth of capitalism \u2014 and the disciplining of labor \u2014 from at least the Gilded Age. He discusses the recent rise of asset management companies Vanguard, State Street, and BlackRock, which have concentrated ownership at a level unprecedented in the history of capitalism. \nResources:\nScott Aquanno and Stephen Maher, The Fall and Rise of American Finance: From J.P. Morgan to BlackRock Verso, 2024\nPhoto credit: Lee De Cola\nThe post The Fall and Rise of U.S. Finance appeared first on KPFA.