Capital Claims: Power and Global Finance analyses how global financialized capitalism operates and reproduces itself, exploring the remarkable ability of the financial sector to maintain its dominance through even the most severe economic crises.

The book defines international financialization as a process by which the number and value, the tradability, and the enforceability of cross-border financial claims increase and are successfully defended against competing social or political agendas. By focusing on financial claims, the volume develops a conceptual toolkit for the study of the political economy of global finance and the inequalities it sustains. The book brings together leading researchers whose work is geared towards opening the black box of cross-border finance. The authors suggest shifting the analytical focus from capital flows to capital claims – credit–debt relations between identifiable actors, embedded in social and political institutions, and infused with power and hierarchy. They show how financial actors wield leverage power, infrastructural power, and enforcement power, both vis-à-vis other private actors and vis-à-vis the state.

This book will be of great interest to students, teachers, and researchers of international political economy, critical political economy, and international relations, as well as those in the fields of finance, capitalism studies, activism, policymaking, and advocacy.

An Online Appendix for Chapter 11 is available at: www.routledge.com/9781032111193

chapter 1|30 pages

The Three Phases of Financial Power

Leverage, infrastructure, and enforcement
ByBenjamin Braun, Kai Koddenbrock

part I|73 pages

Leverage power

chapter 2|17 pages

Leveraging Financial Claims

Transatlantic bank struggles and the power of US finance
ByMareike Beck, Samuel Knafo, Stefano Sgambati

chapter 3|19 pages

Countering Financial Claims

On the political economy of definancialisation
BySahil Jai Dutta

chapter 4|19 pages

Relational Claims

Offshore dollar and sovereign debt
ByAndrea Binder

chapter 5|16 pages

Claims to Sovereignty

MMT as a challenge to money's technical imaginary
ByAaron Sahr

part II|62 pages

Infrastructural power

chapter 6|22 pages

The New Gatekeepers of Financial Claims

States, passive markets, and the growing power of index providers
ByJan Fichtner, Eelke Heemskerk, Johannes Petry

chapter 7|18 pages

The Benefits of Network Centrality

Central counterparties, the enforceability of claims, and the securing of extra-profits
ByMatthias Thiemann

chapter 8|20 pages

Geoeconomic Infrastructures

Building Chinese-Russian alternatives to SWIFT
ByAndreas Nölke

part III|81 pages

Enforcement power

chapter 9|20 pages

Night of the Living Debt

Non-performing loans and the politics of making an asset class in Europe
ByDaniel Mertens, Caroline Metz

chapter 10|16 pages

The Financialization of Investor-State Dispute Settlement

ByFlorence Dafe, Zoe Phillips Williams

chapter 11|27 pages

Firm Claims

Reinterpreting the global race for foreign direct investment
ByArjan Reurink, Javier Garcia-Bernardo

chapter 12|16 pages

Claiming the Wealth of a Nation

Creditor-enforced privatizations in Greece
ByBenjamin Lemoine, Marie Piganiol

part |15 pages


chapter 13|13 pages

The Rise of Autonomous Financial Power

ByKatharina Pistor