Finance

The Money Power: Four books on the big banks

Ben Huf
Wednesday, 23 October 2019

Bank bashing is an old sport in Australia, older than Federation. In 1910, when Labor became the first party to form a majority government in the new Commonwealth Parliament, they took the Money Power – banks, insurers, financiers – as their arch nemesis. With memories of the 1890s crisis of banking collapses, great strikes, and class conflict still raw, the following year the Fisher government established the Commonwealth Bank of Australia, ‘The People’s Bank’, as a state-owned trading bank offering cheap loans and government-guaranteed deposits to provide stiff competition to the greedy commercial banks gouging its customers.

... (read more)

Rémy Davison reviews 'Crashed' by Adam Tooze

Rémy Davison
Monday, 26 November 2018

In 1996 the pre-eminent political economist Susan Strange published her final book, The Retreat of the State. Strange had dedicated most of her career to studying the ability of the state to tame the power of international finance. The nexus between state and firm had empowered the United States for more than a century ...

... (read more)