The Alchemy of Banks: the credit card industry after deregulation

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Montgomerie, Johnna. 2006. The Alchemy of Banks: the credit card industry after deregulation. In: Duncan Wigan; Libby Assassi and Anastasia Nesvetailova, eds. Global Finance in the New Century: Beyond Deregulation. London: Palgrave. ISBN 978-0230006874 [Book Section]

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Abstract or Description

Over the past few decades, finance has been subject to an accelerated process of change and innovation. These changes have often been understood as a distortion to a self-equilibrating economic system. This volume, however, aims to investigate the financial sphere in the wake of deregulation, as an emergent driving force in shaping the nature of capitalism into the new century.

This edited volume unravels the complexity and fragility of contemporary finance. It explores the role played by international finance in reconfiguring power structures, and explains the inner workings and mechanisms of global finance in the wake of deregulation. It aims to deepen our understanding of the interconnectedness of the processes and mechanisms of financial expansion. Elucidating the effects of this expansion in the global political economy, the book looks at the central question of how financial power works today.

The volume brings together perspectives from political economy, finance, accountancy, law and sociology. Together, the contributors develop an appreciation of the novel constitutive role of finance in globalizing capitalism.

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