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Section5: Local-Global Geographies of the Financial Crisis

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McGill University
GEOG 216
Geraldine Akman

Local-global geographies of the financial crisis 12/5/12 1:01 AM Financial Crisis and Over Accumulation Martin p.613 “Whilst the over-accumulation crisis tendencies of capitalism attracted the attention of geographers in the 1980s, that concern has since all but evaporated. IN the light of the recent financial crisis… geographers need to re-ignite that interest…” 1980s Third World Debt Crisis “Once you have been met and guided through customs by a solicitous driver who then whisks you through traffic in an air-conditioned limousine to your luxurious hotel and thence to an elegant dinner with the truly charming people who head the finance ministries of developing countries, it is a real come-down to grab a cab and check yourself into one of the inevitably tacky hostelries that pass fort the ‘best’ in towns where so many American companies see fit to locate themselves. Dinner conversation in places like that, if someone meets you for dinner at all, is less than exotic.” -Structural Adjustment -Devaluation • lives • money • livelihoods • loans Neoliberalism and Finance Currency, Stock Bonds “The global market today is an electronic herd of anonymous stock, bond and currency traders, sitting behind computer screens. The members of this herd live everywhere there is a trading floor, everywhere there is a Bloomberg machine, everywhere that someone with a computer screen and modem can buy and sell Malaysian ringgits, stocks and bonds.” “The electronic herd cuts no one any slack. It does not recognize anyone’s unique circumstances. The heard only recognizes its own rules. But the rules of the herd are pretty consistent – they only recognizes its own rules. But the rules of the herd are pretty consistent…” 1995 Mexico Peso Crash 1980s Mexicans lost ½ of purchasing power 1991-1994 85 Billion investment in Mexico Jan 1994 NAFTA, Mexican Mirac
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