SPERI Paper No.3 - Power Politics the City of London Before After the Great Crisis

Update: 2014-02-14

Description

The paper examines the power of finance in the UK in the light of debates about the meaning of power. It distinguishes four faces of power. Three are drawn from an established political science literature: decision, agenda control and non-decision. The fourth is derived from the work of Foucault, capillary power. We argue that these constitute historical strategies by finance in the UK to escape democratic control, and chart the historical evolution of these strategies. The financial crisis of 2007-8 involved the collapse of a strategy pursued in the last generation to install a system of capillary power. Finance has therefore been driven back to exercising power by the control over decision.

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SPERI Paper No.3 - Power Politics the City of London Before After the Great Crisis

Sukhdev Johal (Reader, Royal Holloway, University of London), Micheal Moran (Professor Emeritus of Government, University of Manchester) & Karel Williams (Professor, University of Manchester & Director of the Centre for Research on Socio-Cultural Change)

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SPERI Paper No.3 - Power Politics the City of London Before After the Great Crisis

Sukhdev Johal (Reader, Royal Holloway, University of London), Micheal Moran (Professor Emeritus of Government, University of Manchester) & Karel Williams (Professor, University of Manchester & Director of the Centre for Research on Socio-Cultural Change)

SPERI Paper No.3 - Power Politics the City of London Before After the Great Crisis