1. Financialization and the Emergence of Neoliberal Nomadism
Lauri Holappa,
ESF

2. Misunderstanding neoliberalism
The difference between neoliberalism and capitalism (cf. David Harvey: accumulation by dispossession)
Neoliberalism and ”disaster capitalism” (cf. Naomi Klein: The Rise of The Shock Doctrine)
Neoliberalism and military Keynesianism
Neoliberalism and social conservatism

3. Neoliberalism: The emergence of virtual economies and the re-emergence global finance
Keynes: ”Of the maxims of orthodox finance none, surely, is more anti-social than the fetish of liquidity, the doctrine that it is a positive virtue on the part of investors to concentrate their resources upon the holding of "liquid" securities. It forgets that there is no such thing as liquidity of investment for the community as a whole... The actual, private object of the most skilled investment today is "to beat the gun", as the Americans so well express it, to outwit the crowd, and to pass the bad, or depreciating, half crown to the other fellow."
Conclusion: Global demand management (ICU) and capital controls  Bretton Woods System (BWS)
Keynes on BWS: ”Not merely as a feature of the transition, but as a permanent arrangement, the plan accords to every member government the explicit right to control all capital movements. What used to be a heresy is now endorsed as orthodox.”
BWS and capital controls:
Right to control all capital movements (including multilateral controls)
Encouraging capital controls
IMF empowered to request a member to implement controls

4. The success of the BWS: Basic mechanisms
Capital controls  slashing the over-liquidity  capitalizing real investments
Income equalization  boosting total consumption
Public investments

5. The success of the BWS: Results
Unequalled economic growth
Full employment
Increasing equality
Improvement of economic democracy

8. After The Collapse
Capital account liberalization  conditioning economic policymaking
Macroeconomic policies: Anti-inflationary emphasis
Supply side solutions
Above all: Misallocation of resources

9. Economic dynamics of neoliberalism: A Minskyan circle
Hedge financing  speculative financing  Ponzi financing
Systemic nodal point in the shift from hedge to speculative finance
The end result: Debt deflation

12. Neoliberal nomadism
Neoliberalism and financialization are undermining territorialized economies
Neoliberalism as deterritorializing class project
Solutions: Reterritorialization or global democratization?