ABSTRACT
In previous chapters dealing with Political Economy of Finance, we have detailed the manner in which considerations from finance in the broadest sense have come to exercise a predominant influence in specific areas of public policy: the recently all-too-obvious predominance of the interests and priorities of the financial sector and of the rating agencies on macroeconomic policy formation; the short-termism induced in project appraisals as a result of pressure from private financiers for quick returns, etc. The purpose of this chapter is to outline some further and perhaps initially less obvious areas where financial interests and pressures are exercising a subtle and perhaps more ideologically charged influence on private or public policy choices. We shall examine such themes as the influence of venture capital in business decisions (especially small businesses), privatisation and public service, sport and money. It will be argued we are in the presence of what can only be described as an amazing hijacking of the common good and the public interest by the interests of finance or of financiers.
