We had a server outage, and we're rebuilding the site. Some of the site features won't work. Thank you for your patience.
imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
Features
latest news
best of news
syndication
commentary


KILLRADIO

VozMob

ABCF LA

A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List

LAAMN List




IMC Network:

Original Cities

www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities

www.indymedia.org africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

Housing Financialization, 66 pp

by Rosa Luxemburg foundation, www.rosalux.de Thursday, May. 09, 2019 at 6:07 PM
marc1seed@yahoo.com

https://www.rosalux.eu/fileadmin/user_upload/RLS_BRUSSELS_HOUSING.pdf?fbclid=IwAR323N5GDt0G7umuX3ae5hEd962NBfEv3n1imRBoAaQnElYqOxO1vTl-TaU

WHAT IS THE ROLE OF FINANCIAL CAPITAL IN

CONTEMPORARY CAPITALISM?

The so-called "laissez faire capitalism" of the 19th century created a huge housing need for the labor force living in cramped conditions in the cities of the most industrialized countries. At the same time, colonialism entered a new phase - imperialism - when the struggle between the colonial powers for territories, raw materials, markets, and a cheap labor force became stronger and stronger. The

state did not regulate the banks and the financial sector; hence, they became more and more speculative. This resulted in the collapse of the stock market (1929) and the banking system, generating the periodical crises of capitalism and the two world wars of the 20th century.

After the Second World War, under the pressure of the growing and organized international movement of workers, the structure of accumulation changed and was tempered through a series of social and economic policies. Housing regulation and policies started even earlier in some countries. In some cases, state capitalism came with the nationalization or, at least, regulation of many financial

institutions. Capital accumulation was supported in the non-financial sector: loans were given to productive firms for big infrastructural projects or for industries but also to households (at low interest rates) to support their capacity to consume.

Welfare states were created, and they varied tremendously from country to country. Generally, public services were developed, and markets were regulated. In the housing sector, social and public or cooperative housing were produced, and the private market was regulated.

Developmentalism also became a dominant trend in the countries where state socialism was administering the big transformations (industrialization, urbanization,

nationalization of production, etc.). National and international political forces within the Bretton Woods system prioritized the reconciliation of international free trade with domestic welfare policies.

"The Bretton Woods international system was based on an inter-state agreement regarding the need to regulate the exchange rates between currencies (a system of regulation that was disciplined by the US dollar tied to gold), to regulate the market and to control the flows of speculative international finance via central banks, but at the same time to support free trade. It promoted the investments in the form of foreign direct investment, for example the construction of factories overseas, rather than the international currency manipulation or bond market. The newly created International Monetary Fund and World Bank had a big role to play in the control of the international monetary system. Bretton Woods ended when at the beginning of the 1970s, the US president announced the 'temporary' suspension of the dollar's convertibility into gold, which led to currency destabilization, to the free floating of currencies and at the end of the day to their depreciation."

Earlier empires continued their dominance in former colonies through different forms of neocolonialism. The structural adjustment programs that the International

Monetary Fund and the World Bank administered set conditions for the loans offered to the so-called "Third World" countries (and to some of the "Second World" countries) through demands regarding privatization and

marketization.

The 1970s and 1980s witnessed major waves of systemic crises of capitalism. The response that the most powerful states promoted/imposed was the neoliberalization of policies in every domain. This was a way to dismantle the welfare state and to unleash financial capital from state control or - better said - to place states at the service of (financial) capital.
Report this post as:

© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy