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This book describes the explosion of debt across the global economy and related requirement of political leaders to pursue exponential growth to meet the demands of creditors and investors. It presents a historical account of the modern origins of capitalist debt by looking at how commercial money is produced as debt in the late seventeenth and early eighteenth centuries. The book identifies the ways in which the control, production, and distribution of money, as interest-bearing debt, are used to discipline populations. It focuses on the histories of the development of the Bank of England and the establishment of permanent national debt with the intensification and expansion of debt, as a "technology of power", under colonialism in a global context. The book investigates the modern origins of debt as a technology of power by focusing on war, the creation of the "national" debt, and the capitalization of the organized force of the state. It addresses the consequences of modern regimes of debt and puts forward proposals of what needs to be done, politically, to reverse the problems generated by debt-based economies. The book utilizes the term "intensification" rather than spread or proliferation to think about both the amplification and spatial expansion of debt as a technology of power during the era of European colonialism and resistance. Finally, it also presents a convincing case for the 99" to use the power of debt to challenge present inequalities and outlines a platform for action suggesting possible alternatives.

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War, National Debt, and the Capitalized State

how debt became capitalized by organized power and find its genealogy rooted in war, the national debt, and the capitalized state of England. Money, war, and debt before the Bank of England While the social relations of credit and debt existed long before the emergence of capitalism, and money has taken many forms historically, we are interested in how debt became a technology of organized and capitalized power (Weatherford 1997; Davies 2002; Graeber 2011). The key development occurs with the creation of the Bank of England in 1694 and the innovation of a funded

in Debt as Power

crisis occasioned a great deal of concern on the part of the President, given the possibility that sterling might have to be devalued or that any rise in the Bank of England lending rate could precipitate a run on the dollar. There was also concern about the Multilateral Force (MLF), a matter due to be discussed at the planned summit meeting in Washington early in December. The MLF was a US-sponsored plan to create a mixed-manned NATO

in A ‘special relationship’?
Consumerism and alienation in 1950s comedies

the Bank of England) to resist the claims of private individuals and the working class. Alienated from a sense of inclusion in the invisible product of his employers, the Bank of England, Holland seeks to reward his ‘worth’ in their terms. In order to achieve the theft of their invisible product, he has to conspire with Pendlebury, a maker of visible products. Morality asserts itself as the robbers are caught by

in British cinema of the 1950s
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. ● There is a fear among Conservatives that the Bank of England is too limited in its function of setting interest rates to control inflation. They believe it should have a wider role in controlling economic factors, including foreign exchange rates of sterling. ● The Conservatives remain more determined than Labour to reduce the overall burden of taxation, even if this may mean reductions in spending on public services in the short run. ● Where public services are seen to be failing, Conservatives generally favour outright privatisation, whereas New Labour prefers

in Understanding British and European political issues
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War, Debt, and Colonial Power

England and the permanent national debt that stretched English money beyond the limitations of gold and silver coinage. The move also anchored the emergence of an international credit system based on sterling and the capitalization of colonialism. The new paper currency issues remained linked to a metallic substance during this period, but the tether was extended so that the value of paper notes in circulation was never fully backed by the metallic horde at the Bank of England and other provincial banks that would spring up during the Industrial Revolution. With varying

in Debt as Power
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Between political controversy and administrative efficiency

similar planned development to take effect there. Other agencies All these departments and ministers are engaged in the preparation of policy. There will be consultation of other agencies outside the departmental structure of government as the need arises. The Bank of England is an obvious case in point in respect of EMU. It was granted autonomy by Chancellor Gordon Brown in 1997; however, this decision was presented much more as a decision designed to facilitate a sound monetary policy. The move does, of course, have implications for joining the single currency. UK

in Fifteen into one?

businesses, often in the guise of either employment or environmental protection. Hague’s Conservatives also lamented the high value of sterling, which was rendering British exports uncompetitive, yet it was difficult for Conservative critics to proffer credible alternatives in these areas. Quite apart from the fact that interest rates were now set by the (independent) Bank of England’s Monetary Policy Committee, the Conservatives themselves had relied heavily on interest rates as a central tool of macro-economic strategy, with the rate often considerably higher than it was

in The Conservatives in Crisis

international money markets. In its simplest terms, this meant that holders of sterling began to offload the currency, and the price of sterling began to plummet. 05_Strained_partnership_175-209.indd 177 06/11/2013 13:53 178 A strained partnership? Thus, those holding sterling deposits were seeing the value of their investment fall and this increased the likelihood that they too would look to offload their deposits. The Bank of England responded to this by purchasing sterling; it was believed that this would provide a demonstrable sign of confidence in the currency

in A strained partnership?
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The Conservatives in crisis

protecting their property. Populist positions on Europe and asylum brought additional media coverage but few newspaper endorsements. A number of policy changes followed Portillo’s appointment as Shadow Chancellor: the ‘Tax Guarantee’ was watered down while Bank of England independence and the minimum wage were accepted. This division of the 1997–2001 period conveys the main trends in policy and tactics, but caution is required. One should not exaggerate the divergence between the phases nor ignore developments that do not fit comfortably with a shift to the right. Thus the

in The Conservatives in Crisis