Economist Ramaa Vasudevan lays bare the political-economic alchemy—the enchanter’s wand—that transmutes public debt into private wealth. She shows how US-led finance commandeers public powers in its pursuit of returns and how debt usurps authority from peripheral states. Warning that a malignant mutation is underway with the rise of cryptofinance and the tighter embrace of Big-Tech and Big Finance, she points to the possibilities and pitfalls of the Chinese model of partnership, where the state maintains a tight leash on finance. The path forward, she argues, lies in reclaiming public debt as the common property of all and establishing the democratic claims of working people over those of global finance.
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Ramaa Vasudevan is Professor of Economics at Colorado State University. Her research focuses on the political economy of money and finance. She is the author of Things Fall Apart: From the crash of 2008 to the great slump, a book on the financial crisis of 2008. She has been a contributor to Monthly Review, Jacobin, and Catalyst. She has published over 30 peer-reviewed journal articles and book chapters and is on the editorial board of Catalyst, and the Review of Political Economy.
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