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Article: Casino capitalism.
- Article from:
- Monthly Review
- Article date:
- March 1, 1987
- Author:
CopyrightCOPYRIGHT 1987 Monthly Review Foundation, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Casino Capitalism
"The Western financial system," Susan Strange declares in the opening sentence of her new book, "is rapidly coming to resemble nothing as much as a vast casino." In fact, the metaphor is, if anything, inadequate to convey the enormity of a problem that is perhaps best described as an explosion in the financial superstructure of the advanced capitalist economy, which is expanding both absolutely and relatively in comparison to a stagnant industrial base. Some of the concrete evidence cited in her study is suggestive of the rather ominous nature of this trend:
By 1977, the Federal Reserve Bank of New York estimated the daily turnover on ...
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