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Banks have taken a backseat since the global financial crisis over a decade ago. Today, our new financial masters are asset managers, like Blackstone and BlackRock. And they don’t just own financial assets.
The roads we drive on; the pipes that supply our drinking water; the farmland that provides our food; energy systems for electricity and heat; hospitals, schools, and even the homes in which many of us live-all now swell asset managers‘ bulging investment portfolios.
As the owners of more and more of the basic building blocks of everyday life, asset managers shape the lives of each and every one of us in profound and disturbing ways. In this eye-opening follow-up to Rentier Capitalism, Brett Christophers peels back the veil on „“asset manager society.““
Asset managers, he shows, are unlike traditional owners of housing and other essential infrastructure. Buying and selling these life-supporting assets at a dizzying pace, the crux of their business model is not long-term investment and careful custodianship but making quick profits for themselves and the investors that back them.
In asset manager society, the natural and built environments that sustain us become one more vehicle for siphoning money from the many to the few.
Publisher : Verso Books
Publication date : 13 Aug. 2024
Edition : 1st
Language : English
Print length : 320 pages
ISBN-10 : 1839768991
ISBN-13 : 978-1839768996
Dimensions : 12.93 x 1.96 x 19.79 cm
Best Sellers Rank: 270,699 in Books (See Top 100 in Books) 271 in Financial Policy (Books) 448 in Political Economy (Books) 464 in International Management
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