The document discusses how capitalism has changed over the last 25 years with capital becoming more geographically mobile. Finance has also transformed from a modest helper to capital accumulation to a primary driver of growth, with speculative finance becoming a secondary engine of growth due to weaknesses in productive investment. It includes a quote noting that people have become less enthusiastic about stock market gains as they have learned more about rising inequality, and how recoveries and rallies may just reflect elites shifting money amongst themselves.

1. CPD Certificate in Social
Justice and Trade Union
Studies
8 March 2014
Finance
Dr. Conor McCabe
UCD School of Social Justice

2. Over the last quarter of a
century something
fundamental seems to have
changed in the way in which
capitalism works.
The tendency since 1970 has
been towards greater
geographical mobility of
capital.

3. Rather than being a modest
helper to the capital
accumulation process, [finance]
gradually turned into a driving
force.
Speculative finance became a
kind of secondary engine for
growth given the weakness in
the primary engine, productive
investment.

8. “Part of the reason people get less giddy
about the Dow than they did five years ago
is that they have learnt a bit about
inequality.
what looks like a recovery, a rally or an
increase in consumer confidence may just be
the effect of elites passing money among
themselves.“
Christopher Caldwell, FT 9 March 2013

29. One company –
200 employees
One employee–
200 companies