Wall Street in the American imagination is simultaneously held in a state of contempt and awe. It’s the site of both magic and misery.
The name “Wall Street” itself has become a shorthand to denote the capitalist class. Yet, Wall Street is only a segment of this class, known as Finance Capital.
Finance Capital has become a growing segment within capitalism since the 1970s due to the decline in American manufacturing. Manufacturing took a dive during the 1970s in America due to the postwar recovery of European industries and the emergence of Asian competitors. Big swings in oil prices during the OPEC crisis of 1973, as well as inflationary spending from the Vietnam War, also broke the halcyon days of American prosperity, to which many politicians and their constituents today look to return rather than an anachronism.Read More