CONTENTS

Introduction

The Interregnum

What is the Alternative?

Building the Future

Chapter One
The Golden Age of Capitalism

How Does Change Happen?

The Rise of Global Finance

The Political Consequences of Social Democracy

Never Let a Serious Crisis Go to Waste

Chapter Two
Vulture Capitalism:
The Financialisation of the Corporation

The Big Bang

Corporate Raiders, Hostile Takeovers and Activist Investors

From Downsize and Distribute to Merge and Monopolise

Chapter Three
Let Them Eat Houses:
The Financialisation of the Household

The Enemy Within

Privatised Keynesianism

Blowing Bubbles

Financialisation and Politics

Chapter Four
Thatcher’s Greatest Achievement:
The Financialisation of the State

Thatcher’s Greatest Achievement

PFI: Profits for Investors

The Bond Vigilantes

Illiberal Technocracy

Chapter Five
The Crash

Bubble Economics

Financial Globalisation

Securitisation, Shadow Banking and Inter-Bank Lending

Bailout Britain

Transatlantic Banking Crisis or Structural Crisis of Financial Capitalism?

Chapter Six
The Post-Crisis World

The Long Recovery

Secular Stagnation or Crisis of Capitalism?

Austerity Economics

Property-Owning Oligarchy

The Coming Crisis

Chapter Seven
The Way Forward

Capital

Democratic Socialism

Socialising Finance

Finance for the People

Conclusion

Beyond Capitalism

Notes

Acknowledgements