How Wall Street concocted a more volatile and dangerous capitalism

The Fall and Rise of American Finance traces the collapse and reconstitution of American financial power from the disintegration of robber baron J. P. Morgan’s vast empire to the rise of finance behemoth BlackRock. Contrary to what is taken for common sense by figures from Hillary Clinton to Bernie Sanders, Maher and Aquanno insist that financialization did not imply the hollowing out of the “real” economy or the retreat of the state. Rather, it served to intensify competitive discipline to maximize efficiency, profits, and the exploitation of labor—with the support of an increasingly authoritarian state.

Stephen Maher has been writing about Canadian politics since 1989. As a columnist and investigative reporter for Postmedia News, iPolitics, and Maclean’s, he has often set the agenda on Parliament Hill, covering political corruption, electoral wrongdoing, misinformation, and human rights abuses. He has also won many awards, including the Nieman Fellowship at Harvard University, the Michener Award for meritorious public service journalism, the National Newspaper Award, two Canadian Association of Journalism Awards, a Canadian Hillman Prize, and has been nominated for several National Magazine Awards.

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