Business as Usual: The Roots of the Global Financial Meltdown

Index

Index 297 Index Information in figures is denoted by f. Information in footnotes is denoted by ‘n’ following the page number and preceding the note number. Adorno, Theodor, 263 Advertising, 193–194 AEA. See American Economic Association (AEA) Afghanistan war, 31 Africa: natural resources in, 40; Pentecostalism in, 33 African Union, 32 Agriculture, urban, 207 Aid, international, 57 AIG. See American International Group (AIG) Akerlof, George, 128 Albó, Xavier, 262 Aliber, Robert, 135 Al Jazeera television, 32 Allende, Salvador, 21, 237, 248, 251 Al Qaeda, 31 “American Dream,” 265n4 American Economic Association (AEA), 124, 125 American International Group (AIG), 102, 121, 196 Amur River, 32 Anti-imperialism, 149–150 A phase, of Kondratieff cycle, 72 Arab League, 32 Argentina, 237, 238–239, 240, 242, 250 Arrighi, Giovanni, 97, 293 Asia, size of, as problem, 79–80 Asian financial crisis, 10, 123 Atlantic (magazine), 117 Austerity programs, 11, 37, 107 Automobile industry, 191 Automobiles, 129 298 Bachelet, Michel, 240, 248, 252, 260 Badiou, Alain, 261 Balakrishnan, Gopal, 293 Bank collapse, 113–114 Bank deregulation, 15 Bank nationalization, 197 Bank of America: foreclosures by, 14; possible collapse of, 113 Bank of International Settlements, 198 Bear Stearns, 102 Becker, Gary, 279n34 Benetton, 100 Benjamin, Walter, 262, 263 Bernanke, Ben, 92 Bias, class, 11 Black, Fischer, 23 Bloch, Ernst, 263 Bobbio, Norberto, 232 Boesky, Ivan, 22 Bolivar, Simon, 248 Bolivia, 240, 250, 253 Bonfire of the Vanities (Wolfe), 15 Borón, Atilio, 256 Brain drain, 39 Braudel, Fernand, 54, 55, 56, 57 Brazil: in global policy fold, 133; Landless Workers Movement in, 237; neoliberalism in, 237; as relatively unaffected by crisis, 11; success of, 51–52 Breto, Frei, 254 Bretton Woods Accord, 22 Bubble(s). See also specific bubbles: bank bailouts as, 78; creation of, 116; financialization and, 173; ignorance of cycle of, 27; “long,” 25–30; neoliberalism and, 26–27; newspapers and, 116; overview of, 25; in United States, 26 Buck-Morss, Susan, 262 Budget deficits, global, 199 Business Cycles (Schumpeter), 125–126 “Butterfly” effect, 85 Calhoun, Craig, 293 California, 107 Capital: assemblage of initial, 92–93; as circulation, 90; deregulation and flow of, 187–188; endless accumulation of, 71; finance, 56–57; growth and, 90; historical perspective on, 211–215; human, in Russia, 39; labor market and, 93–94; limits on, 90, 211–215; Marx’s formula of, 57–58, 273n6; net flow of, from rising to declining economic areas, 63; overabundance of, 57; production, 90; technology and, 96–97; venture, 24; virtualization of, 188; wages and, 93 Capitalism: complexity in evolution of, 62; contradiction of, 214; credit in, 163; cyclic nature of, 56–57; demand and, 98–101; effective demand and, 98–101; evolutionary patterns of, 61f; fossil-fuel, 224–225; global informational, 185–186; imperialism and, 176; left alternative to, 108–112; order and, 73; postindustrial, 228–229; replacement system for, 84–85; Smith on end of, 215–216; state, 218; viability of, 83; victory of, 236 Capitalist cycle, 163 Index 299 Capitalist perestroika, 199–206 Capital (Marx), 90 Caracazo, 239 Cárdenas, Cuauhtemoc, 248 Cárdenas, Lázaro, 248 Cardoso, Henrique, 237, 244 Carrefour, 99–100 Castañeda, Jorge, 240, 241 Castells, Manuel, 293 Castro, Fidel, 237, 260 Castro, Raul, 237 Catalonia, 286n15 Causes, of financial crisis, 116–122 CDOs. See Collateralized debt obligations (CDOs) Chakrabarty, Dipesh, 246 Change, crisis and, 123–129 Chaos and Governance in the Modern World System (Silver & Arrighi), 65–66 Chase Bank, foreclosures by, 14 Chávez, Hugo, 52, 240, 241, 248, 251–252, 254, 257 Chechnya, 34 “Chicago Boys,” 21, 238–239 Chicago School, 128, 279n34 Chile: Concertación in, 231, 252; material conditions in, 243; Pinochet in, 231; revolutionary model in, 251; in 1970s, 21 China: in Asian regional politics, 32; borrowing from, 200–201; Cultural Revolution in, 76; danwei in, 37–38; discontent in, 79; entanglement of, with dollar , 79; financialization’s benefits to, 17; as future world state, 65; global income distribution and, 170; in global policy fold, 133; growth rates in, 106; Keynesian actions of, 105–106; neoliberalism and, 222–223; opium wars in, 99; prospects for, as material expansion center, 65; as relatively unaffected by crisis, 11; rise of, 29, 221–224; stimulus package in, 105, 181, 200; strikes in, 106; U.S. investment in, by multinational corporations, 63; U.S. Treasury bonds in, 63, 79 Chirot, Daniel, 294 Christianity, changes in, 33 Circulation, capital as, 90 Citigroup, 113, 197 Civilization and Capitalism (Braudel), 56 Civil...