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States, Banks And Crisis

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States, Banks And Crisis

Emerging Finance Capitalism in Mexico and Turkey

Thomas Marois

Thomas Marois, Department of Development Studies, School of Oriental and African Studies, University of London, UK

2012 288 pp Hardback 978 0 85793 857 2
2013 Paperback 978 1 78100 425 8
ebook isbn 978 0 85793 858 9

Hardback £73.00 on-line price £65.70

Paperback £30.00 on-line price £24.00


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‘Marois has provided us with a fascinating, rigorous and important study of the rise and persistence of finance capitalism in Mexico and Turkey. Drawing on an innovative historical materialist lens, Marois’ analysis reveals the struggles, contradictions, and continued significance of the banking sector in defining and redefining neoliberal-led development in these so-called “emerging markets”. This is a very welcome addition to critical understandings of the role of finance and states in the global South.’
– Susanne Soederberg, Queen’s University, Canada


Further information

Thomas Marois’ groundbreaking interpretation of banking and development in Mexico and Turkey builds on a Marxian-inspired framework premised on understanding states and banks as social relationships alongside crisis and labor as vital to finance today. The book’s rich historical and empirical content reveals definite institutionalized relationships of power that mainstream political economists often miss.

While leading to a timely analysis of the impact of the Great Recession on Mexico and Turkey, the major contribution of States, Banks and Crisis in its account of emerging finance capitalism. This is defined as the current phase of accumulation wherein the interests of financial capital are fused in the state apparatus as the institutionalized priorities and overarching social logic guiding the actions of state managers and government elites, often to the detriment of labor.

This interdisciplinary and accessible study on banking and development will prove to be an important resource for upper-level undergraduates, graduates, and scholars in economics, development studies, political science, political economy, development finance, sociology, international relations and international political economy.

Full table of contents

Contents: 1. Introducing Emerging Finance Capitalism 2. States, Banks, and Crisis in Emerging Finance Capitalism 3. States, Banks, and the History of Postwar Development in Mexico and Turkey 4. Neoliberal Idealism, Crisis, and Banking in Mexico’s State-led Structural Transformation, 1982–94 5. Crisis and the Neoliberal Idealism of State and Bank Restructuring in Turkey, 1980–2000 6. Another Round of Tequila? Interpreting the Costs and Benefits of Emerging Finance Capitalism in Mexico 7. Richer than Croesus? Understanding the Subordination of State and Banks to Emerging Finance Capitalism in Turkey 8. Comparing Alternatives in an Era of Emerging Finance Capitalism Bibliography Index

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