Re: WB/IMF reconstructing capitalism yet again - !!??

["Ian Murray" <seamus2001@xxxxxxxx>]

----- Original Message -----
From: "Steve Diamond" <sdiamond@xxxxxxx>
To: <pen-l@xxxxxxxxxxxxxxxxxxx>
Sent: Tuesday, August 21, 2001 9:28 PM
>Subject: [PEN-L:16149] WB/IMF reconstructing capitalism yet again -
!!??


> Re:
>
> Forget Locke? From Proprietor to Risk-Bearer in New Logics of
Finance
>
> Bill Maurer..........
>
> God forbid that postmodernism should try to take on global finance.
I don't
> know who this guy is, but he doesn't know a lot about the global
capital
> markets.  For example, "securitization" and "secured interests" are
NOT the
> same thing.    What the World Bank in emerging market countries is
trying to
> do is what every modern capitalist economy has done for decades or
more -
> allow creditors a claim on the assets underlying a financial
instrument.
> Securitization on the other hand is the creation of a new financial
> instrument based on the bundling together of underlying income
streams from
> another set of assets - if you want to understand, for example, the
collapse
> of Superior Bank in Chicago, the Pritzker subprime lender, you need
to
> understand its ability to bundle together mortgages and sell them
into the
> capital markets - that is securitization.  It is a fascinating high
wire act
> underway in modern capitalism.
>
> But I don't think "deconstruction" will tell us very much about it.
=========
The article does nothing on deconstruction. He does go into how one
material medium's relation to time--paper--affected the bundling of
asset streams and how computer programs for bundling, unbundling and
rebundling in the quest for the dream of liquidity and market clearing
is effecting a shift in the meaning of property rights that we've
gotten from the legal realists through Berle and Means. No Derrida, no
Foucault, no Lyotard, no jargon either.

Ian