{"resolved":true,"match_type":"uuid","source_type":"original_book","book_id":"4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe","title":"Zombie Capitalism Global Crisis and the Relevance of Marx","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9781608461042","requested_by":"printed_page","book":{"source_type":"original_book","book_id":"4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe","id":"4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe","uuid":"4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe","title":"Zombie Capitalism Global Crisis and the Relevance of Marx","normalized_title":"zombiecapitalismglobalcrisisandtherelevanceofmarx","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9781608461042","isbns":["9781608461042"],"parsed":true,"ai_readable":true,"document_type":"book","page_count":426,"navigation_url":"https://workshop.closeclaw.top/ai/book/4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe","title_url":"https://workshop.closeclaw.top/ai/title/Zombie%20Capitalism%20Global%20Crisis%20and%20the%20Relevance%20of%20Marx","fixed_page_url_template":"https://workshop.closeclaw.top/ai/book/4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe/page/{printed_page}","path_api_url_template":"https://workshop.closeclaw.top/api/ai/book/4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe/page/{printed_page}","read_url":"https://workshop.closeclaw.top/api/ai/read/4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe","page_url":"https://workshop.closeclaw.top/api/ai/books/4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe/page","search_url":"https://workshop.closeclaw.top/api/ai/books/4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe/search"},"page":{"printed_page":255,"pdf_page":255,"physical_index":255,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"ec9e67ad4f69ba198fff191a2ab655c2b6bebf651df7661bc26849e173239d7c"},"chapter":"Zombie Capitalism Global Crisis and the Relevance of Marx","content":"CHAPTER TEN\n\nGlobal Capital in the New Age\n\nBursting through borders\n\nThe decades of the great delusion were decades in which capital burst out of national confines in trade, investment and production. By 2007 international trade flows were 30 times greater than in 1950, while output was only eight times greater.1 Foreign direct investment shot up: flows of it rising from \\$37 billion in 1 982 to \\$ 1 ,200 billion in 2006;2 the cumulative stock of FDI rose from 4 percent of world gross domestic product in 1 950 (less than half the 1 9 1 3 figure) to 36 percent in 2007.3 The direct organisation of production across national boundaries also took off in a way that had been very rare in the past and the multinational corporation became the generally accepted stereotype of the big capitalist enterprise.4\n\nThe movement of finance across national borders, which had fallen sharply since the crisis of the 1930s, now grew explosively, with governments dropping exchange controls as part of the more general process of deregulation. By the mid-1980s the trend was for \"bankers to map out new strategies which, for most of them\", amounted \"to establishing sizeable presences in the major financial centres, London, New York and Tokyo, and some secondary ones as well\" .5 There was a proliferation of banking mergers. The old-established Hong Kong and Shanghai Banking Corporation took over one of the \"big five\" British banks, relocated its headquarters to London and moved on to buy banks in a dozen countries. The two big Spanish banks, the Bank of Bilbao and Vizcaya, and the Bank of Santander, bought up a very large proportion of the banking systems of many Latin American countries, until they alone owned almost one third of the assets of the 20 biggest banks,6 and then branched out into other types of business, \"investment banking, insurance and in particular participation in pension fund management\", acquiring \"minority shares in some non-financial enterprises, basically in sectors where other Spanish investors are very active (telecommunications and energy) \".7\n\n255","previous_page":null,"next_page":256}