Gods outside the Market: Central Banks, China and the Emergence of Neoliberal State Capitalism

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World Review of Political Economy

Volume 8, Issue 1

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Gods outside the Market: Central Banks, China and the Emergence of Neoliberal State Capitalism

research-article

Author(s): Paul Kellogg

Publication date (Print): Spring 2017

Journal: World Review of Political Economy

Publisher: Pluto Journals

Keywords: market, state intervention, capitalist imperialism, neoliberal state capitalism

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Abstract

Capitalism has always had to make use of contrivances from outside the realm of the market to compensate for structural problems of valorization. These “gods outside the market” have included the forced labour and slavery characteristic of the mercantilist era, as well as the scramble for colonies in the period leading up to World War I. With the anti-colonial movement and the closing off of external avenues to assist valorization, there have been moves to discover new “gods outside the market,” but internal rather than external to national states. The nationalizations of Fannie Mae and Freddie Mac are relatively “familiar” forms of such state intervention. Less familiar, but more important, has been the newly important role of central banks, using the expansion of their asset base (most familiarly but not exclusively through Quantitative Easing) to supply the liquidity which the market cannot. Together, these developments suggest two things: first, that neoliberalism in saving itself from the effects of the Great Recession has simultaneously transformed itself. I am suggesting the term “neoliberal state capitalism,” and second, that central to this process have been actions centred in China, actions too often seen as derivative and not constitutive of developments in the world economy.

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Journal ID (doi): 10.13169

Journal ID (publisher-id): worlrevipoliecon

Title: World Review of Political Economy

Publisher: Pluto Journals

ISSN (Print): 2042891X

ISSN (Electronic): 20428928

Publication date (Print): Spring 2017

Volume: 8

Issue: 1

Pages: 56-81

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Publisher ID: worlrevipoliecon.8.1.0056

DOI: 10.13169/worlrevipoliecon.8.1.0056

SO-VID: e5c424fe-27b6-47d8-8e24-2bd4a1a46cf0

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History

References

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[1] Bank of Canada. 2015. “Statement of Financial Position as at February 28, 2015.” Ottawa: Bank of Canada. Accessed March 10, 2016. http://www.bankofcanada.ca/wp-content/uploads/2015/03/statement-financial-position-280215.pdf.

[2] Bank of England. 2014. “Total Central Bank Assets for United Kingdom© (DISCONTINUED).” FRED, Federal Reserve Bank of St. Louis. Accessed March 10, 2016. https://research.stlouisfed.org/fred2/series/UKASSETS/.

[3] Bank of England. 2016. “Weekly Report.” Accessed March 10, 2016. http://www.bankofengland.co.uk/publications/Pages/weeklyreport/default.aspx.

[4] Bank of Japan. 2016. “Bank of Japan: Total Assets for Japan©.” FRED, Federal Reserve Bank of St. Louis. Accessed March 10, 2016. https://research.stlouisfed.org/fred2/series/JPNASSETS/.

[5] BBC News . 2008. “US Rescues Giant Mortgage Lenders.” BBC News , Sec. Business, September 7. Accessed March 10, 2016. http://news.bbc.co.uk/2/hi/business/7502310.stm.

[6] Benford, J., S. Berry, K. Nikolov, and C. Young. 2009. “Quantitative Easing.” Bank of England Quarterly Bulletin 49 (2): 90–100.

[7] Bernanke, B. S. 2015. The Courage to Act: A Memoir of a Crisis and Its Aftermath . New York: W.W. Norton.

[8] Brown, E. 2015. “Quantitative Easing for People: Jeremy Corbyn's Radical Proposal.” Counter Punch , September 3. Accessed March 10, 2016. http://www.counterpunch.org/2015/09/03/quantitative-easing-for-people-jeremy-corbyns-radical-proposal/.

[9] Coy, P., and T. Kalwarski. 2008. “Back on Track—or Off the Rails?” BusinessWeek , no. 4100 (September): 22–26.

[10] Davies, K. 2016. “China's Foreign Exchange Reserves.” Chinability , April 7. Accessed March 10, 2016. http://www.chinability.com/Reserves.htm.

[11] Desai, R. 2013. Geopolitical Economy: After US Hegemony, Globalization and Empire . London: Pluto Press.

[12] Desai, R., ed. 2015. Research in Political Economy: Theoretical Engagements in Geopolitical Economy . Vol. 30A. Bingley, UK: Emerald Group Publishing Limited.

[13] Desai, R., ed. 2016. Research in Political Economy: Analytical Gains of Geopolitical Economy . Vol. 30B. Bingley, UK: Emerald Group Publishing Limited.

[14] “Deus Ex Machina.” 2016. Merriam-Webster. Encylopaedia Britannica. Accessed April 14, 2016. http://www.merriam-webster.com/dictionary/deus ex machina.

[15] Einhorn, B., T. Francis, C.-C. Tschang, M. Ihlwan, and H. Tashiro. 2008. “Asia Breathes a Sigh of Relief.” BusinessWeek , no. 4100 (September): 32.

[16] European Central Bank. 2016. “Central Bank Assets for Euro Area (11–19 Countries)©.” FRED, Federal Reserve Bank of St. Louis. Accessed March 10, 2016. https://research.stlouisfed.org/fred2/series/ECBASSETS/.

[17] Fackler, M. 2006. “Economists Are Watchful as Tokyo Ends Loose-Money Policy.” The New York Times , March 9. Academic OneFile.

[18] FHFA (Federal Housing Finance Agency). 2008. “Questions and Answers on Conservatorship.” US Department of the Treasury. September 7. Accessed March 10, 2016. http://www.treasury.gov/press-center/press-releases/Documents/fhfa_consrv_faq_090708hp1128.pdf.

[19] FHFA (Federal Housing Finance Agency). 2014. “The 2014 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac.” Washington, DC: FHFA. Accessed March 10, 2016. http://www.fhfa.gov/AboutUs/Reports/ReportDocuments/2014StrategicPlan05132014Final.pdf.

[20] Filardo, A. J., and J. Yetman. 2012. “The Expansion of Central Bank Balance Sheets in Emerging Asia: What Are the Risks?” BIS Quarterly Review , June: 47–63.

[21] Freddie Mac. 2009. “Form 10-K.” US Securities and Exchange Commission. Accessed April 22, 2017. www.freddiemac.com/investors/er/pdf/10k_031109.pdf.

[22] Galeano, E. H. 1973. Open Veins of Latin America: Five Centuries of the Pillage of a Continent . New York: Monthly Review Press.

[23] Greenwood, J. 2008. “The Costs and Implications of PBC Sterilization.” Cato Journal 28: 205–17.

[24] Hansen, E. D. 2001. European Economic History: From Mercantilism to Maastricht and Beyond . Copenhagen: Copenhagen Business School Press DK.

[25] Kellogg, P. 2015a. Escape from the Staple Trap: Canadian Political Economy after Left Nationalism . Toronto: University of Toronto Press, Scholarly Publishing Division.

[26] Kellogg, P. 2015b. “Panic Capitalism: Multipolarity, Orientalism and Theories of Neoliberalism.” Paper presented at “From the thirty Years' Crisis to Multipolarity: The Geopolitical Economy of the 21st Century World,” conference of the Geopolitical Economy Research Group, 25–27 September, Winnipeg, MB.

[27] Keynes, J. M. 1930. A Treatise on Money: The Pure Theory of Money and the Applied Theory of Money. Complete Set . Mansfield Centre, CT: Martino Fine Books.

[28] Klein, H. S. 1998. The American Finances of the Spanish Empire: Royal Income and Expenditures in Colonial Mexico, Peru, and Bolivia, 1680–1809 . Albuquerque: University of New Mexico Press.

[29] Kohl, B. H., and L. C. Farthing. 2006. Impasse in Bolivia: Neoliberal Hegemony and Popular Resistance . New York: Zed Books.

[30] LaHaye, L. 2008. “Mercantilism.” in The Concise Encyclopedia of Economics: Library of Economics and Liberty , edited by D. R. Henderson. Accessed March 10, 2016. http://www.econlib.org/library/Enc/Mercantilism.html.

[31] Luxemburg, R. 1915. “The Accumulation of Capital—An Anti-critique [Unpublished Book, First Published 1921].” in The Accumulation of Capital: An Anti-critique. Imperialism and the Accumulation of Capital , by Rosa Luxemburg and Nikolai I. Bukharin, edited by Kenneth J. Tarbuck, translated by Rudolph Wichmann, This edition 1972, 47–152. New York: Monthly Review Press.

[32] Lyonnet, V., and R. Werner. 2012. “Lessons from the Bank of England on ‘Quantitative Easing’ and Other ‘Unconventional’ Monetary Policies.” International Review of Financial Analysis 25: 94–105.

[33] MarketWatch. 2008. “FNM Annual Balance Sheet—Fannie Mae Annual Balance Sheet.” The Wall Street Journal Digital Network . Accessed March 10, 2016. http://web.archive.org/web/20081205131316/http://www.marketwatch.com/tools/quotes/financials.asp?symb=fnm&sid=1899&report=2&freq=1.

[34] McLeay, M., A. Radia, and R. Thomas. 2014. “Money Creation in the Modern Economy.” Bank of England Quarterly Bulletin 54 (1): 14–27.

[35] National Bureau of Statistics of China. 2014. “19–6 Gold and Foreign Exchange Reserves.” in China Statistical Yearbook 2014 , edited by Laiyun Sheng. Beijing: China Statistics Press.

[36] The New York Times . 2010. “Times Topics: Quantitative Easing News.” The New York Times , October 21. Accessed March 10, 2016. https://web.archive.org/web/20101019060538/http://topics.nytimes.com/top/reference/timestopics/subjects/q/quantitative_easing/index.html.

[37] Nielsen, B. 2016. “Fannie Mae, Freddie Mac and the Credit Crisis of 2008.” Investopedia . Accessed March 10, 2016. http://www.investopedia.com/articles/economics/08/fannie-mae-freddie-mac-credit-crisis.asp.

[38] Paulson, H. M. 2008. “Statement by Secretary Henry M. Paulson, Jr. on Treasury and Federal Housing Finance Agency Action to Protect Financial Markets and Taxpayers.” US Department of the Treasury, July 9. Accessed March 10, 2016. http://www.treasury.gov/press-center/press-releases/Pages/hp1129.aspx.

[39] The People's Bank of China. 2013. “Annual Report 2013.” Beijing: The People's Bank of China. Accessed March 10, 2016. http://www.pbc.gov.cn/english/130739/131074/2807973/index.html.

[40] The People's Bank of China. 2014. “Annual Report 2014.” Beijing: The People's Bank of China. Accessed March 10, 2016. http://web.archive.org/web/20160221071142/http://www.pbc.gov.cn/english/130739/2166049/2813528/index.html

[41] Plato. 1991. The Republic of Plato . Translated by A. Bloom. 2nd ed. New York: Basic Books.

[42] Polanyi, K. 1957. The Great Transformation . Boston: Beacon Press.

[43] Prasad, N., and M. Gerecke. 2010. “Social Security Spending in Times of Crisis.” Global Social Policy 10 (2): 218–47.

[44] Ryan-Collins, J., T. Greenham, G. Bernardo, and R. Werner. 2013. “Strategic Quantitative Easing.” Nef. Economics as If People and the Planet Mattered, July 1. Accessed March 10, 2016. http://www.neweconomics.org/publications/entry/strategic-quantitative-easing.

[45] Scholtes, S., and J. Politi. 2008. “Bank of China Flees Fannie-Freddie.” Financial Times , August 28. Accessed March 10, 2016. http://www.ft.com/intl/cms/s/0/74c5cf58-7535-11dd-ab30-0000779fd18c.html#axzz3bGIU4AF6.

[46] Schumpeter, J. A. 1994. Capitalism, Socialism, and Democracy . New York: Routledge.

[47] Semuels, A. 2008. “Understanding Two Loan Giants.” Los Angeles Times , September 8. Accessed March 29, 2017. http://articles.latimes.com/2008/sep/08/business/fi-qanda8.

[48] Seth, S. 2015. “The Reasons Why China Buys U.S. Treasury Bonds.” Investopedia , April 1. Accessed March 10, 2016. http://www.investopedia.com/articles/investing/040115/reasons-why-china-buys-us-treasury-bonds.asp.

[49] Skidmore, T. E., and P. H. Smith. 2005. Modern Latin America . 6th ed. New York: Oxford University Press.

[50] US Bureau of Labor Statistics. 2016. “Consumer Price Index—All Urban Consumers.” Consumer Price Index. Washington, DC: US Department of Labor.

[51] US Department of the Treasury. 2015. “Foreign Holdings of US Securities at the End of the Period Shown.” Treasury International Capital System. Washington, DC: Department of the Treasury/Federal Reserve Board. Accessed March 10, 2016. http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/index.aspx.

[52] US Department of the Treasury. 2016. “Major Foreign Holders of Treasury Securities.” Washington, DC: Department of the Treasury/Federal Reserve Board. Accessed March 10, 2016. http://ticdata.treasury.gov/Publish/shlhistdat.html.

[53] US Federal Reserve. 2016a. “All Federal Reserve Banks—Total Assets, Eliminations from Consolidation.” FRED, Federal Reserve Bank of St. Louis. Accessed March 10, 2016. https://research.stlouisfed.org/fred2/series/WALCL/.

[54] US Federal Reserve. 2016b. “China / U.S. Foreign Exchange Rate.” FRED, Federal Reserve Bank of St. Louis. Accessed March 10, 2016. https://research.stlouisfed.org/fred2/series/DEXCHUS/.

[55] US Federal Reserve. 2016c. “Gross Domestic Product: Implicit Price Deflator.” FRED Economic Data. FRED, Federal Reserve Bank of St. Louis. Accessed March 10, 2016. https://research.stlouisfed.org/fred2/series/GDPDEF/.

[56] US Federal Reserve. 2016d. “Japan / U.S. Foreign Exchange Rate.” FRED, Federal Reserve Bank of St. Louis. Accessed March 10, 2016. https://research.stlouisfed.org/fred2/series/DEXJPUS/.

[57] US Federal Reserve. 2016e. “U.S. / Euro Foreign Exchange Rate.” FRED, Federal Reserve Bank of St. Louis. Accessed March 10, 2016. https://research.stlouisfed.org/fred2/series/EXUSEU/.

[58] US Federal Reserve. 2016f. “U.S. / U.K. Foreign Exchange Rate.” FRED, Federal Reserve Bank of St. Louis. Accessed March 10, 2016. https://research.stlouisfed.org/fred2/series/EXUSUK/.

[59] The World Bank. 2013. “Nonbanking Financial Institution.” Rethinking the Role of the State in Finance. Accessed March 10, 2016. http://econ.worldbank.org/.

[60] The World Bank. 2014. “GDP (Constant 2005 US$).” World Development Indicators. Accessed March 10, 2016. http://data.worldbank.org/indicator/NY.GDP.MKTP.KD.

[61] The World Bank. 2016. “GDP (Current US$).” World Development Indicators. Washington, DC: The World Bank.

[62] Yahoo! Finance . 2015a. “Federal Home Loan Mortgage Corporation (FMCC).” FMCC Interactive Stock Chart. Accessed March 10, 2016. http://finance.yahoo.com/echarts?s=FMCC+Interactive.

[63] Yahoo! Finance . 2015b. “Federal National Mortgage Association (FNMA).” FNMA Interactive Stock Chart. Accessed March 10, 2016. http://finance.yahoo.com/echarts?s=FNMA+Interactive.

[64] Yardeni, E., and Q. Mali. 2016. “Global Economic Briefing: Central Bank Balance Sheets.” Yardeni Research, Inc. Accessed March 10, 2016. http://www.yardeni.com/Pub/peacockfedecbassets.pdf.

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