Despite causing the worst financial crisis in decades, the financial sector emerged even stronger. TNI's eighth flagship State of Power report examines through essays and infographics the varied dimensions and dynamics of financial power, and how popular movements might regain control over money and finance.
A decade on from the 2007-08 global financial crisis, the majority of private banks have changed very little. Most remain solely concerned with maximising their returns, while sustainable or social goals remain subservient to this. For conventional economists, anything else remains an impossible or distant dream.
Against all expectations, financial capital has emerged even stronger after the financial crisis having staved off regulation and putting the blame on public spending. But its victory is likely a pyrrhic one as a new crisis looms, one in which the global public could learn from victories such as reforms in Iceland and finally reassert its control over money.
Thomas Marois, Senior Lecturer in Development Studies argues that until people regain control of money and credit, we will not be able to stop economic and ecological crises. Most people don't know that fortunately there is untapped potential in public banks, that make up a quarter of all banks worldwide. Drawing on his research on public banks in Turkey, Costa Rica and elsewhere, Marois points to the potential and problems of public banks and how we might harness them to deliver social and environmental justice.