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Stolen: How Finance Destroyed the Economy and Corrupted our Politics
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Stolen: How Finance Destroyed the Economy and Corrupted our Politics

4.06  ·  Rating details ·  86 ratings  ·  18 reviews
A readable polemic on the growing dominance of the finance industry over the UK economy, and what the left can do to challenge it.

The last time there had been run a on a British bank was 1886, when Overend, Gurney and Company folded after their appeals to the Bank of England for support fell on deaf ears. Then, in 2008, on the brink of collapse after lending too much money
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Kindle Edition
Published September 10th 2019 by Repeater (first published 2019)
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Average rating 4.06  · 
Rating details
 ·  86 ratings  ·  18 reviews


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Peter Mcloughlin
Haven't read the book yet but will soon but this interview with the author got me interested in the book.

https://www.youtube.com/watch?v=N12-2...

https://www.youtube.com/watch?v=PD7vX...
Update 9/14/2019 Ok now I have read it.
Blakely has written a heavy-duty economics book with a light touch. If someone took Macro-economics in college then her material will be accessible to you. If one has a general idea of the difference between Keynesian economics, Neoclassical economics and a little Marx this
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Sarah Jaffe
May 26, 2019 rated it it was amazing
I thought I knew everything I needed to know about financialization, but I was wrong. Bonus points for always directing the reader back to systemic, structural problems and away from "solutionism" and for including a critique of social democracy. A great place to start for those looking to understand late capitalism and its crises.
Wendy Liu
Sep 17, 2019 rated it it was amazing  ·  review of another edition
Shelves: capitalism-etc
An accessible and well-written guide to financialisation & what we can do about it. The proposed solutions (primarily in a UK context) are wide-ranging and quite radical. Recommended for anyone who wants to better understand the left critique of capitalism and what the alternative could be.
Paul  Perry
Blakely delivers a scathing, thorough and very readable account of why the move to 'financialisation' - that is, a vast portion of economic growth has moved to the finance sector rather than the manufacturing or service. As she puts it; the majority of wealth is in the hands of those who make their money from the money they have, rather than those who work for a living. Decades of regulation encouraging this behaviour, along with the selling off of public services and the financialisaton of ...more
Robert Maisey
Sep 26, 2019 rated it it was amazing  ·  review of another edition
In the 1970s an insurgent Conservative party headed by a radical new leader emerged to challenge the post-war economic and social consensus: a consensus that had been authored in a large part by the Labour Party. Since the end of the war, radical right wing economists, academics and politicians had been working tirelessly to create an intellectual framework which might restore the dominance of unrestrained markets, big capital and - in their view - freedom itself.

The 1970s was marked by a
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Frances Coppola
Sep 17, 2019 rated it did not like it
Very disappointed. Blakeley is a self-avowed Marxist, but there is very little Marxism in this book. It is also riddled with basic errors about banks and finance, and it significantly misrepresents Keynes. I wonder if she has even read the General Theory? I expected far more radical proposals, such as nationalisation of banks and pension funds, punitive taxation of capital and strict capital controls to prevent capitalists avoiding the punitive taxes. The People's Asset Manager is an interesting ...more
George Melhuish
Oct 10, 2019 rated it did not like it  ·  review of another edition
This is one of the worst books I have ever had the misfortune to read. If you’d like to understand finance please look for something else. If you want something about the recession I would suggest Adam Tooze’s “Crashed”, if you’d like an explanation of the actions of policy makers I’d suggest “Firefighting” by Ben Bernanke, Hank Paulson and Tim Geithner and if you’d like to understand modern inequality have a look at Piketty. Don’t buy this. I got it for free and even that was too much money
Dan
Oct 09, 2019 rated it it was amazing
An urgent, powerfully written and compulsively readable account of the history of finance-led capitalism, followed by a clearly defined set of practical alternatives for moving towards a post-capitalist future. As with many other books from this publisher, the manuscript could have done with some judicious editing: the repetition of a number of key facts is particularly annoying (for instance, stating that wage growth in the UK is at its lowest point since the Napoleonic Wars sounds very ...more
Paul
Oct 20, 2019 rated it did not like it
"Not even wrong" level of argument. I like how even communists don't like to use the word nationalisation and instead call it "democratisation". If only communism could produce more than just countless manifestos.
S M-B
Nov 27, 2019 rated it it was ok
The virtue of this book is that it locates the economic crises of capitalism, from the Great Depression (1939) to the crash of 2008, within the inherent contradictions of the capitalist system itself, rather than in the personal greed or incompetence of the bankers or industrial monopolists.

Grace Blakeley identifies the post-war Keynesian policies (of state intervention to stimulate demand during downturns in the economy) with the extension of social democracy and construction of the welfare
...more
Like_magic
Wanted to like this book but after going through it, I don't think it was worth the time. This is not because the author does not seem to know the material but because the book is written in such a way that the average reader (myself) is not actually able to follow the way material is presented or the way the concepts are explained without having to struggle.
Leanne Walker
Nov 19, 2019 rated it it was ok
Shelves: dnf
DNF. I may finish this one day, but it is not this day. I am disappointed because I find Grace Blakeley to be an incredibly insightful economics commentator when I see her on TV, but she has managed to make fascinating content almost unreadable. The writing style is not particularly engaging, there's a lot of repetitive language and phrases, and despite there being a review on the back of the book claiming it is a "...clear guide to left wing economics", I have to respectfully disagree. When I'm ...more
Alfred Holmes
Oct 01, 2019 rated it really liked it  ·  review of another edition
This easy to read book is essentially two books in one, one being a history of neoliberalism from its foundations up until 2008 to now and the other a series of essays on Blakeley's ideas for economic reform in the UK. The history is an excellent account, succinctly highlighting the major shifts that lead to where the economy is today. Blakeley's ideas are interesting primarily as an example of a possible future if there is a move to the left in politics and a flavour of the radical economic ...more
Darran Mclaughlin
Grace Blakely is one of the most impressive of the new wave of young Left Wing public intellectuals to have emerged over the past few years of intellectual ferment in the UK. It makes a change for the UK to actually be at the cutting edge of ideas and events again after years of torpor. She writes clearly and well about the financialization of the UK and the world economy, clearly illustrating how it was planned and engineered by a coalition of right wing interests to benefit a small, wealthy ...more
Steve Nolan
Nov 14, 2019 rated it really liked it  ·  review of another edition
Probably a 4.5 or 4.75. I hate 5 star ratings so much!!

I didn't realize how much of a knob (see, using their slang!!) until I read this. Like, I knew she was basically Reagan's equal in the UK, but fuuuuuuuck was that shit bleak.

The case that capitalism has only really worked for like, 30ish years and only after the super unique circumstance of a post-WWII world was interesting and useful and right.
mike osman
Oct 29, 2019 rated it it was amazing
Excellent description of our current predicament and possible solutions for it. The author describes the rise of finance-led capitalism out of the crisis of the 1970s and describes the shifting class politics that made neoliberalism possible, and why that version of capitalism is no longer viable. The book is mainly focused on the UK and the USA.
Liam
Nov 01, 2019 rated it it was amazing  ·  review of another edition
Really enjoyed this - accessible, informative and well written by Grace. Great overview of the finance’s modern history leading up to the ‘08 crash and beyond. Also, its good to see an author setting out a concrete plan for what an alternative economic and social future could look like.
Chris Gardom
Sep 21, 2019 rated it it was amazing
Shelves: politics, society
The new feudalism designed by Thatcher has dragged capitalism to its death, casino banks and austerity to pay for their profligate practices has flushed the savagery of Financialisation into the spotlight. This is an excellent analysis of how we got here and how the ever widening gap between rich and poor can be closed in a way that gives hope for the future.
Jason
rated it it was amazing
Nov 09, 2019
Dominic Conquest
rated it really liked it
Oct 01, 2019
Greg Weir
rated it it was ok
Nov 15, 2019
Rob
rated it it was amazing
Nov 08, 2019
Nyle
rated it it was amazing
Oct 28, 2019
John Fleming
rated it really liked it
Oct 27, 2019
Paris Marx
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Sep 18, 2019
Alex
rated it it was amazing
Nov 28, 2019
Jamie Downs
rated it really liked it
Oct 03, 2019
Matt James Smith
rated it it was amazing
Oct 02, 2019
Ingrid Hjertaker
rated it it was amazing
Oct 27, 2019
Warren
rated it it was amazing
Oct 19, 2019
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