CCS
CCS Events
CCS Libraries
About CCS
CCS Projects
BRICS
CCS Highlights


Publication Details

Reference
Bond, Patrick (2013) Global Economic Volatility and Slap-Dash Repairs to the International Financial Architecture. Presented to the conference The International Financial System and the Global Power Shift Five Years after Lehman Brothers : 1-0.

Summary
The expansion of the global economy’s financial sector in the context of relative productive sector
stagnation tendencies can be read as a classical overaccumulation crisis. This chapter considers the
way the leading powerbrokers reacted to the crisis through ‘devalorization’ of large parts of the
Third World alongside the write down of selected financially volatile and vulnerable markets in the
North (e.g. dot.com, real estate and other derivatives bubbles). In contrast to the 1930s, this set of
partial write-downs of financial capital – kept in check by a system-wide response in late 2008 and
2009 – did not create such generalized panic and crisis contagion as to erode the entire system’s
integrity, although October 2008 was a month in which that threat rose to extreme levels. The
‘shifting and stalling’ of the devalorization of overaccumulated capital meant that most major
Northern financial institutions survived. But they did so through intensified extra-economic
coercion, including gendered and environmental stresses. The result is a world economy that
concentrates wealth and poverty in more extreme ways, geographically, and brings markets and
the non-market spheres of society and nature together in a manner adverse to the latter. Is reform
of the system possible? If so, ideas for revitalized multilateral financial institutions, following
Keynes’ International Clearing Union proposal, are worth revisiting. However, what such ideas
‘from above’ require for consideration are extremely powerful social movements ‘from below’, like
Occupy, which (even fleetingly) change the relationship between civil society, state and financiers.

Read Publication 
 cast your net a little wider...
 Radical Philosophy 
 AFRICAN ENVIROMENTAL JUSTICE DOCUMENTARY FILMS 
 African Studies Association (USA)  
 New Dawn Engineering 
 Wikipedia 
 Indymedia Radio 
 Southern Africa Report online 
 Online Anti Apartheid Periodicals, 1960 - 1994 
 Autonomy & Solidarity 
 New Formulation 
 We Write 
 International Journal of Socialist Renewal 
 Theoria 
 Journal of African Philosophy 
 British Library for Development Studies 
 The Nordic Africa Institute Online Library 
 Political Economy Research Institute Bulletin (PERI) 
 Feminist Africa 
 Jacques Depelchin's Tribute to Harold Wolpe 
 Chimurenga 
 African Studies Quarterly 
 The Industrial Workers of the World 
 Anarchist Archives 
 Wholewheat Radio 
 Transformation: Critical Perspectives on Southern Africa  
 Zanon Workers 
 Public Citizen  
 Open Directory Project 
 Big noise films 
 London Review of Books  
 New York Review of Books 
 Monthly Review 
 New Left Review 
 Bureau of Public Secrets  
 Zed Books 
 Pluto Press 
 Duke University Press  
 Abe Books 
 The Electric Book Company 
 Project Guttenberg 
 Newspeak Dictionary 
 Feral Script Kiddies 
 Go Open Source 
 Source Forge 
 www.kiarchive.ru 
 Ubuntu Linux Home Page 
 Software for Apple Computers 



|  Contact Information  |  Terms of Use  |  Privacy