The Corruption Of Capitalism

Politicians, financiers and bureaucrats claim to believe in free competitive markets, yet they have built the most unfree market system ever created. In this Gilded Age, income is funnelled to the owners of property – financial, physical and intellectual – at the expense of society. Wages stagnate as labour markets are transformed by outsourcing, automation and the on-demand economy, generating more rental income while broadening the precariat. Now fully updated with an introduction examining the systemic issues exposed by Brexit and Covid-19, The Corruption of Capitalism argues that rentier capitalism is fostering revolt and presents a new income distribution system that would achieve the extinction of the rentier while encouraging sustainable growth.

Corruption arises from the collusion of economic and political elites, a practice that has developed in order to overcome the contradiction of two important processes of our time: capitalism and democracy. In this new study of the phenomenon, the author shows how corruption is the practice of collusion taken to excess; 'the unacceptable face of capitalism'. Corruption, by 'going too far', exposes what is normally hidden from view; the collusive system of elites furthering the expansion of capitalist practice and market practice at the expense of democratic practice and public values.

A New York Times bestseller The Great Deformation is a searing look at Washington's craven response to the recent myriad of financial crises and fiscal cliffs. It counters conventional wisdom with an eighty-year revisionist history of how the American state—especially the Federal Reserve—has fallen prey to the politics of crony capitalism and the ideologies of fiscal stimulus, monetary central planning, and financial bailouts. These forces have left the public sector teetering on the edge of political dysfunction and fiscal collapse and have caused America's private enterprise foundation to morph into a speculative casino that swindles the masses and enriches the few. Defying right- and left-wing boxes, David Stockman provides a catalogue of corrupters and defenders of sound money, fiscal rectitude, and free markets. The former includes Franklin Roosevelt, who fathered crony capitalism; Richard Nixon, who destroyed national financial discipline and the Bretton Woods gold-backed dollar; Fed chairmen Greenspan and Bernanke, who fostered our present scourge of bubble finance and addiction to debt and speculation; George W. Bush, who repudiated fiscal rectitude and ballooned the warfare state via senseless wars; and Barack Obama, who revived failed Keynesian “borrow and spend” policies that have driven the national debt to perilous heights. By contrast, the book also traces a parade of statesmen who championed balanced budgets and financial market discipline including Carter Glass, Harry Truman, Dwight Eisenhower, Bill Simon, Paul Volcker, Bill Clinton, and Sheila Bair. Stockman's analysis skewers Keynesian spenders and GOP tax-cutters alike, showing how they converged to bloat the welfare state, perpetuate the military-industrial complex, and deplete the revenue base—even as the Fed's massive money printing allowed politicians to enjoy “deficits without tears.” But these policies have also fueled new financial bubbles and favored Wall Street with cheap money and rigged stock and bond markets, while crushing Main Street savers and punishing family budgets with soaring food and energy costs. The Great Deformation explains how we got here and why these warped, crony capitalist policies are an epochal threat to free market prosperity and American political democracy.

Part 1 describes the present state of the global economy and the government life-support keeping it afloat. Part 2 details the long series of U.S. policy mistakes responsible for this disaster. Part 3 outlines the actions required to restructure the U.S. economy and restore global economic growth.

Corruption Plots illuminates how corruption is fundamental to global storytelling about how states and elites abuse entrusted power in late capitalism. The millennial city of the global South is a charged setting for allegations of corruption, with skyscrapers, land grabs, and slum evictions invoking outrage at deepening economic polarization. Drawing on ethnography in Bengaluru and Mumbai and a cross-section of literary and cinematic stories from cities around the world, Malini Ranganathan, David L. Pike, and Sapana Doshi pay close attention to the racial, caste, class, and gender locations of the narrators, spaces, and publics imagined to be harmed by corruption. Corruption Plots demonstrates how corruption talk is leveraged to make sense of unequal spatial change and used opportunistically by those who are themselves implicated in wrongdoing. Offering a wide-ranging analysis of urban worlds, the authors reveal the ethical, spatial, and political stakes of storytelling and how vital it is to examine the corruption plot in all its contradictions.

For over forty years in more than sixty countries, Raymond Baker has witnessed the free-market system operating illicitly and corruptly, with devastating consequences. In Capitalism’s Achilles Heel, Baker takes readers on a fascinating journey through the global free-market system and reveals how dirty money, poverty, and inequality are inextricably intertwined. Readers will discover how small illicit transactions lead to massive illegalities and how staggering global income disparities are worsened by the illegalities that permeate international capitalism. Drawing on his experiences, Baker shows how Western banks and businesses use secret transactions and ignore laws while handling some $1 trillion in illicit proceeds each year. He also illustrates how businesspeople, criminals, and kleptocrats perfect the same techniques to shift funds and how these tactics negatively affect individuals, institutions, and countries.

The mystery of persistent economic failure is explained. The authors accuse the founders of neoclassical economics of distorting the science to protect vested interests and preventing governments from adopting policies that would yield prosperity for everyone.