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: Hardback
Length: 320 pages
Publication date: 15 September 2022
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 normalization 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 domestic populations. Jackson shows how financial crises can lead to economic downturns, job losses, and social unrest, with the costs often borne by the most vulnerable members of society. He argues that the lack of accountability and responsibility for those who exploit financial systems contributes to the perpetuation of inequality and poverty.

The book also explores the role of popular movements and social activism in challenging impunity and promoting a more just financial capitalism. Jackson highlights the successes and failures of various movements, such as the Occupy Wall Street movement and the Arab Spring, in bringing attention to the issues of inequality and financial exploitation. He argues that these movements have the potential to create real change, but that they require a coordinated and sustained effort to challenge the power of financial institutions and promote a more equitable and sustainable economy.

In conclusion, Impunity and Capitalism offers a thought-provoking and timely analysis of the history of capitalism and inequality. By examining the concept of impunity, Jackson provides a new perspective on the causes and consequences of financial crises. The book challenges the notion that financial crises are inevitable or beyond our control, and instead argues that they are the result of a system that prioritizes profit and accumulation over social well-being and sustainability. Through its exploration of the legal regulation of capital markets, the book highlights the need for greater accountability and responsibility in the financial sector. It also provides a roadmap for promoting a more just and sustainable financial capitalism, one that prioritizes the interests of all members of society and works towards a more equitable and sustainable future.

Weight: 603g
ISBN-13: 9781316516287