The anatomy of parasitism in financialised capitalism: Entitlement and the destructive nature of permissive neoliberalism
This paper seeks to contribute to debates about the negative consequences of inequality, by examining the resilience of the failed and damaging doctrines of neoliberal supply-sidism in terms of the powerful hegemony of economic and political interests allied to the financial services sector, focussi...
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Lodz University Press
2022-12-01
|
| Series: | Acta Universitatis Lodziensis: Folia Sociologica |
| Subjects: | |
| Online Access: | https://czasopisma.uni.lodz.pl/sociologica/article/view/16036 |
| _version_ | 1797944729938165760 |
|---|---|
| author | Jeremy Leaman |
| author_facet | Jeremy Leaman |
| author_sort | Jeremy Leaman |
| collection | DOAJ |
| description | This paper seeks to contribute to debates about the negative consequences of inequality, by examining the resilience of the failed and damaging doctrines of neoliberal supply-sidism in terms of the powerful hegemony of economic and political interests allied to the financial services sector, focussing the role of the UK in facilitating that hegemony. It deploys the concept “permissive neoliberalism”, signifying both the formal embedding of property rights over financial assets as the legal encoding of the short-term predatory hunt for “yield”, and the political toleration of criminal and criminogenic activity. The description of some of the most egregious examples of predatory financialisation illuminates the sanctification by the neoliberal state of ruthless value-extraction and the toleration of an increasingly chronic dependence on of the UK political economy on the City of London and its archipelago of secrecy jurisdictions.
The shorter second part of the paper charts the growth of a mindset of entitlement on the part of economic and political elites and the role of psychopathic narcissism in crafting a legitimating narrative of their hegemony. The chronic disorder in the allocation of humanity’s material and financial resources invites a strong conclusion that financialised capitalism is not simply “killing the host” qua sustainable economic order, but is threatening the very survival of humanity’s biosphere by blocking the deployment of financial and human capital at sufficient scale to rescue the world’s climate from catastrophe. |
| first_indexed | 2024-04-10T20:44:16Z |
| format | Article |
| id | doaj.art-f03b1e82e4d641b9b9a9ef3d519003da |
| institution | Directory Open Access Journal |
| issn | 0208-600X 2353-4850 |
| language | English |
| last_indexed | 2024-04-10T20:44:16Z |
| publishDate | 2022-12-01 |
| publisher | Lodz University Press |
| record_format | Article |
| series | Acta Universitatis Lodziensis: Folia Sociologica |
| spelling | doaj.art-f03b1e82e4d641b9b9a9ef3d519003da2023-01-24T12:42:31ZengLodz University PressActa Universitatis Lodziensis: Folia Sociologica0208-600X2353-48502022-12-018353210.18778/0208-600X.83.0115794The anatomy of parasitism in financialised capitalism: Entitlement and the destructive nature of permissive neoliberalismJeremy Leaman0Honorary Fellow in German and European Politics, Honorary Member of the Language Centre, German, Loughborough University, Epinal Way, Loughborough, Leicestershire LE11 3TU, EnglandThis paper seeks to contribute to debates about the negative consequences of inequality, by examining the resilience of the failed and damaging doctrines of neoliberal supply-sidism in terms of the powerful hegemony of economic and political interests allied to the financial services sector, focussing the role of the UK in facilitating that hegemony. It deploys the concept “permissive neoliberalism”, signifying both the formal embedding of property rights over financial assets as the legal encoding of the short-term predatory hunt for “yield”, and the political toleration of criminal and criminogenic activity. The description of some of the most egregious examples of predatory financialisation illuminates the sanctification by the neoliberal state of ruthless value-extraction and the toleration of an increasingly chronic dependence on of the UK political economy on the City of London and its archipelago of secrecy jurisdictions. The shorter second part of the paper charts the growth of a mindset of entitlement on the part of economic and political elites and the role of psychopathic narcissism in crafting a legitimating narrative of their hegemony. The chronic disorder in the allocation of humanity’s material and financial resources invites a strong conclusion that financialised capitalism is not simply “killing the host” qua sustainable economic order, but is threatening the very survival of humanity’s biosphere by blocking the deployment of financial and human capital at sufficient scale to rescue the world’s climate from catastrophe.https://czasopisma.uni.lodz.pl/sociologica/article/view/16036financialised capitalismneoliberalismmisallocation of capitalnegative environmental effectsecocidal trend |
| spellingShingle | Jeremy Leaman The anatomy of parasitism in financialised capitalism: Entitlement and the destructive nature of permissive neoliberalism Acta Universitatis Lodziensis: Folia Sociologica financialised capitalism neoliberalism misallocation of capital negative environmental effects ecocidal trend |
| title | The anatomy of parasitism in financialised capitalism: Entitlement and the destructive nature of permissive neoliberalism |
| title_full | The anatomy of parasitism in financialised capitalism: Entitlement and the destructive nature of permissive neoliberalism |
| title_fullStr | The anatomy of parasitism in financialised capitalism: Entitlement and the destructive nature of permissive neoliberalism |
| title_full_unstemmed | The anatomy of parasitism in financialised capitalism: Entitlement and the destructive nature of permissive neoliberalism |
| title_short | The anatomy of parasitism in financialised capitalism: Entitlement and the destructive nature of permissive neoliberalism |
| title_sort | anatomy of parasitism in financialised capitalism entitlement and the destructive nature of permissive neoliberalism |
| topic | financialised capitalism neoliberalism misallocation of capital negative environmental effects ecocidal trend |
| url | https://czasopisma.uni.lodz.pl/sociologica/article/view/16036 |
| work_keys_str_mv | AT jeremyleaman theanatomyofparasitisminfinancialisedcapitalismentitlementandthedestructivenatureofpermissiveneoliberalism AT jeremyleaman anatomyofparasitisminfinancialisedcapitalismentitlementandthedestructivenatureofpermissiveneoliberalism |