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Finance as the fourth force - Joseph Vogl
Finance as the fourth force - Lecture and talk by Joseph Vogl © wikimedia
The modern era has not only spawned sovereign state apparatuses, separation of powers, internationally operating trading companies, influential financiers, decentralized markets and asymmetrical exchange relations. A specific type of power has also formed, which can neither be described sufficiently by political structures nor by economic strategies. It is constituted solely through the interaction between the two poles. From the integration of private creditors in the policy of early modern states to the development of central banks and public credit up to the present “financial market capitalism,” we can track a form of economic governance that eventually immunized itself against the democratization of political power.

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