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Investment Bank Power and Neoliberal Regulation: From the Volcker Shock to the Volcker Rule

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  • Hager, Sandy Brian

Abstract

The power of investment banks has played a pivotal role in the monopoly capital school’s analyses of US capitalist development. However this paper suggests that monopoly capital’s explanation of the changing nature of this power is severely limited. These limitations can be traced to the school’s logically circular and empirically inoperable theory of capital accumulation. The paper goes on to offer an alternative theoretical-empirical account of the power of investment banks since the early 1980s. Based on the notion of capital as power, the research suggests, contrary to the monopoly capital account, that investment banks have experienced a rapid resurgence in their power over this period. This resurgence must be understood with reference to the unique ways that investment banks have maneuvered within neoliberal regulation.

Suggested Citation

  • Hager, Sandy Brian, 2012. "Investment Bank Power and Neoliberal Regulation: From the Volcker Shock to the Volcker Rule," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 68-92.
    • Handle: RePEc:zbw:espost:157984
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    References listed on IDEAS

    as
    1. Nitzan, Jonathan & Bichler, Shimshon, 2009. "Capital as Power. A Study of Order and Creorder," EconStor Books, ZBW - Leibniz Information Centre for Economics, number 157973.
    2. Susan Lund & Charles Roxburgh, 2010. "Debt and Deleveraging," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 11(2), pages 1-30, April.
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    Cited by:

    1. Mouré, Christopher, 2021. "Soft-wars: A Capital-as-Power Analysis of Google's Power Trajectory," Review of Capital as Power, Capital As Power - Toward a New Cosmology of Capitalism, vol. 2(1), pages 71-90.
    2. Baines, Joseph & Hager, Sandy Brian, 2021. "The Great Debt Divergence and its Implications for the Covid-19 Crisis: Mapping Corporate Leverage as Power," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue Latest Ar.
    3. Bichler, Shimshon & Nitzan, Jonathan, 2015. "Still About Oil?," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue 70, pages 49-79.
    4. Baines, Joseph, 2015. "Price and Income Dynamics in the Agri-Food System: A Disaggregate Perspective," EconStor Theses, ZBW - Leibniz Information Centre for Economics, number 157992, March.
    5. Baines, Joseph, 2014. "Wal-Mart's Power Trajectory: A Contribution to the Political Economy of the Firm," Review of Capital as Power, Capital As Power - Toward a New Cosmology of Capitalism, vol. 1(1), pages 79-109.

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