The financial and conceptual foundations of intangible asset manager capitalism

Year 2021, Volume: 3 Issue: 1, 29 - 100, 30.06.2021

Tunç Özelli

Abstract

The text exposes the main insights acquired after LEHMAN BROTHERS’ (LBHI) autopsy, and the autopsy of May 6, 2010 FLASH CRASH and shows how these autopsies revealed the flaws of orthodox NEOCLASSICAL ECONOMIC THEORY hacked from NEWTONIAN PHYSICS, in explaining and predicting the catastrophic events of the near economic history, and suggests perspectives of understanding the role of Alan Greenspan’s (1987-2006) monetary policies of suppression of financial volatility in the United States that veered towards persistently loose-money enabling the emergence of unimpeded global dominance of plutocratic ASSET MANAGER CAPITALISM that simultaneously produced a decade long secular stagnation in the rich world with global sharp steady increases in inequality of wealth and income distribution before, during and after the 2008 financial crisis. The text tries to shed light on the development of an increasingly global legal system, which codifies different forms of tangible and intangible property to protect ownership claims from states’ and their national courts’ challenges. It attempts to show how continuing disequilibria between spending and saving, saving and investment within and between major economies, led to rising inequality that produced gluts of manufactured goods, job losses, and rising indebtedness in the United States, an economic and financial perversion of what global integration of Washington Consensus promised to achieve. Paradoxically, instead a more US-dollar centric global financial system emerged since the demise of the Bretton Woods fixed exchange rate system, and US, a low productivity growth economy of deregulated entrepreneurial financial markets, emerged as the main supplier of the global currency to world markets especially to People’s Republic of China to expand its global value chains (GVCs). PRC is a large high productivity growth economy, with not yet globally developed financial markets and is dependent on the US dollar for now. Post-WTO global economic order put in place at the end of 20th century is under stress. ANT FINANCIAL’s aborted IPO in 2020, the most integrated fin-tech platform in the world, that was expected to raise more than SAUDI ARAMCO’ debut raised in 2019 as the biggest IPO ever was to be a testimony of the world’s transition from a century of in which crude oil was the most valuable resource to an era that prizes data. The financial market volatility, a 19th and early 20th century phenomenon, is back with all its political and even military solutions.

Keywords

Asset manager capitalism, Managerial capitalism, The financial and conceptual foundations

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