Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/157794 
Autor:innen: 
Erscheinungsjahr: 
2015
Quellenangabe: 
[Journal:] Socio-Economic Review [Volume:] 13 [Issue:] 3 [Publisher:] The Bichler and Nitzan Archives [Place:] Toronto [Year:] 2015 [Pages:] 505-523
Verlag: 
The Bichler and Nitzan Archives, Toronto
Zusammenfassung: 
In various writings Karl Marx made references to an ‘aristocracy of finance’ in Western Europe and the United States that dominated ownership of the public debt. Drawing on original research, this article offers the first comprehensive analysis of public debt ownership within the US corporate sector. The research shows that over the past three decades, and especially in the context of the current crisis, a new aristocracy of finance has emerged, as holdings of the public debt have become rapidly concentrated in favor of large corporations classified within Finance, Insurance and Real Estate (FIRE). Operationalizing Wolfgang Streeck’s concept of the ‘debt state’, the article goes on to demonstrate how concentration in ownership of the public debt reinforces patterns of social inequality and proceeds in tandem with a shift in government policy, one that prioritizes the interests of government bondholders over the general citizenry.
Schlagwörter: 
public finance
financial institutions
distribution
redistribution
financial crisis
class
URL der Erstveröffentlichung: 
Creative-Commons-Lizenz: 
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Dokumentart: 
Article
Dokumentversion: 
Accepted Manuscript (Postprint)

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