Impunity and Capitalism: The Afterlives of European Financial Crises, 1690–1830

Impunity and Capitalism explores how financial crises became natural disasters due to legal regulation of capital markets, changing who could act with impunity and the costs borne by domestic populations.

Format: Paperback / softback
Length: 322 pages
Publication date: 25 January 2024
Publisher: Cambridge University Press

Impunity and Capitalism offers a fresh perspective on the history of capitalism and inequality by examining the concept of impunity. Through this lens, Trevor Jackson delves into the legal regulation of capital markets during a period of remarkable expansion in the complexity of finance, spanning from the bankruptcy of Europe's richest man in 1709 to the world's first stock market crash in 1720 and the first Latin American debt crisis in 1825. Jackson demonstrates how, following each crisis, popular anger and improvised policy responses led to attempts to establish a more just financial capitalism, yet these efforts ultimately resulted in changes only in who could act with impunity. Consequently, financial crises became perceived as normal and legitimate, attributed to impersonal international markets, with the costs borne by domestic populations and no one in particular held accountable.

The book explores the historical roots of impunity in financial crises, tracing its evolution from crimes to natural disasters. It argues that the rise of capitalism and the concentration of wealth have created a system where those who exploit financial systems can operate with impunity, while the consequences of their actions fall on the broader population. Jackson highlights the role of legal regulations and institutions in perpetuating impunity, as well as the political and economic factors that contribute to the persistence of financial crises.

One of the key themes of the book is the relationship between impunity and capitalism. Jackson argues that the pursuit of profit and the accumulation of wealth have become the driving forces of capitalism, leading to a concentration of power and resources in the hands of a few. This concentration of power has created a system where financial institutions and markets can operate with little oversight or regulation, leading to instability and crises.

Another theme of the book is the impact of financial crises on society. Jackson argues that financial crises not only cause economic harm but also have significant social and political consequences. They can lead to increased inequality, social unrest, and political instability, as people become frustrated with the lack of economic opportunities and the perceived lack of accountability for those responsible for the crises.

The book also explores the role of popular movements and social activism in challenging impunity and promoting a more just financial capitalism. Jackson argues that grassroots movements and social movements can play a crucial role in holding those responsible for financial crises accountable and in pushing for policy changes that promote greater financial stability and fairness.

Overall, Impunity and Capitalism is a thought-provoking and important book that offers a new perspective on the history of capitalism and inequality. It challenges the conventional understanding of financial crises as natural disasters and instead argues that they are the result of a system where impunity is pervasive and where the pursuit of profit and wealth are prioritized over social and economic well-being. The book provides valuable insights into the mechanisms that perpetuate impunity and the challenges that must be overcome to create a more just and sustainable financial system.

ISBN-13: 9781009014748