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Norfield, Tony (2014) British imperialism and finance : a contribution to the theory of contemporary imperialism. PhD Thesis. SOAS, University of London. http://eprints.soas.ac.uk/id/eprint/20315 Copyright © and Moral Rights for this PhD Thesis are retained by the author and/or other copyright owners. A copy can be downloaded for personal non‐commercial research or study, without prior permission or charge. This PhD Thesis cannot be reproduced or quoted extensively from without first obtaining permission in writing from the copyright holder/s. The content must not be changed in any way or sold commercially in any format or medium without the formal permission of the copyright holders. When referring to this PhD Thesis, full bibliographic details including the author, title, awarding institution and date of the PhD Thesis must be given e.g. AUTHOR (year of submission) "Full PhD Thesis title", name of the School or Department, PhD PhD Thesis, pagination. BRITISH IMPERIALISM & FINANCE A contribution to the theory of contemporary imperialism Tony Norfield Thesis submitted for the degree of PhD 2014 Department of Economics School of Oriental and African Studies University of London 1 Declaration for PhD thesis I have read and understood regulation 17.9 of the Regulations for students of the School of Oriental and African Studies concerning plagiarism. I undertake that all the material presented for examination is my own work and has not been written for me, in whole or in part, by any other person. I also undertake that any quotation or paraphrase from the published or unpublished work of another person has been duly acknowledged in the work that I present for examination. Tony Norfield Signed: _______________________________________ Date: 8 July 2014 Total number of pages: 226. 2 Abstract This is a Marxist analysis of how the financial system supports the appropriation of surplus value from other countries. While the focus is on Britain, the analysis shows how a Marxist understanding of the international financial system can throw light on a key aspect of the economics of imperialism today, one that follows from the normal, day-to-day operations of financial markets in the imperialist world economy. It argues that the economic content of imperialism is not only based on the trend towards monopoly, but on a world economy dominated by a small number of powers, especially in the sphere of finance. Marx's concept of fictitious capital is found to be superior to Hilferding's concept of finance capital for analysing these developments. However, the thesis also shows that 'fictitious' deposit creation by banks, largely ignored by Marxist analyses, is a key part of the financial mechanism. The thesis demonstrates the key role of finance for British imperialism through discussing the evolution of the global financial markets since 1945 and analysing the structure of the UK balance of payments data over the past three decades. It shows the importance of revenues from financial services exports and the way in which banking and portfolio flows fund relatively high returns from foreign direct investments. This analysis also shows how the UK-based banking system intermediates global financial flows, providing finance from developing countries to other major powers, particularly the US, a feature that is closely linked to the role of UK-linked tax havens. 3 Acknowledgements Working for a PhD is not only a way of analysing the world and trying to say something new, but also one that subjects to a critique one's understanding of many things that may have been taken for granted. I am glad that in this process I have had the benefit of discussions with a longstanding friend, Susil das Gupta. During my study and presentation of ideas raised in this thesis, I have made many new friends and contacts, through emails, conferences and other discussions; something helped by the productive intellectual environment at SOAS. In particular, I would like to thank my PhD supervisor, Ben Fine, for his prompt, attentive, critical, constructive and perceptive remarks. 4 TABLE OF CONTENTS Page Chapter 1 British Imperialism Today 9 1.1 Analysing Britain in the world economy 9 The invisible imperialist 11 1.2 Imperialism and finance in contemporary academic literature 12 Sources of financial profit 13 The role of finance for imperialism 18 1.3 Key issues to analyse 31 Is there any economic content to the concept of imperialism? 32 What is the role of finance? 32 Principal features of the Anglo-American financial system 32 What is the role of finance for British imperialism? 32 Chapter 2 Imperialism and Finance 34 2.1 Capitalism, the state and imperialism 35 2.2 Value production and transfer 41 2.3 Monopoly and imperialism 46 2.4 Hilferding's concept of 'finance capital' 53 2.5 Fictitious capital, money capitalists and financial power 57 2.6 Financial operations and parasitism 60 2.7 Imperialism and finance 66 2.8 World economic rankings: an index of imperialism 70 2.9 Conclusions 74 Appendices to Chapter 2 A2.1 US and UK Financial Asset Holdings 76 A2.2 Index of Imperialism Components 78 5 Chapter 3 Profit and Finance 79 3.1 The system rate of profit and the financial sector 80 Productive capital and the rate of profit 80 Commercial and money-dealing capital and the rate of profit 82 Interest-bearing capital and the system rate of profit 83 3.2 IBC profitability, capital advanced and financial assets 85 A tendency to equality for profit rates? 87 The accumulation of financial assets and derivatives 89 3.3 The rate of profit, borrowing, return on equity and leverage 94 Surplus value, profit of enterprise and interest 94 Return on equity: industrial, commercial and financial capitalists 96 Profit of enterprise and equity dividends 97 Rates of return and leverage: banks and non-financial companies 98 3.4 Financial revenues, surplus value and fictitious capital 101 3.5 Conclusions 103 Appendices to Chapter 3 A3.1 Calculations for the System Rate of Profit 105 A3.2 Leverage Ratios for Major UK Banks, 1960-2010 108 Chapter 4 Forms of Financial Privilege 110 4.1 Currency, international trade and seigniorage 111 4.2 'Exorbitant privilege' 114 4.3 Running the world banking system: US dollar power 117 4.4 Financial services exports 120 4.5 Equity markets, financial power and control 123 4.6 Conclusions 126 Appendix to Chapter 4 A4.1 Corporate Control by Controlling Company 128 6 Chapter 5 British Imperialism, Finance and the Major Powers 130 5.1 Anglo-American financial relationships in transition 132 Building beyond the Empire 133 New York versus London 136 5.2 The Anglo-American euromarket 139 Eurobonds and London's international intermediation 144 5.3 The 1970s interregnum 148 5.4 British imperial strategy and the pound 151 5.5 State policy on financial markets from 1979 156 5.6 Global finance and the major powers 160 5.7 Conclusions 162 Appendix to Chapter 5 A5.1 Imperial Status and Britain's Return to Gold in 1925 164 Chapter 6 The Role of Finance for British Imperialism 167 6.1 Data issues and methodology 169 6.2 UK current account: surplus from City dealing 172 6.3 Britain as the financial broker for global capitalism 175 6.4 UK financial account: FDI, portfolio flows and bank funding 179 6.5 UK investment position: low cost liabilities, high return assets 183 6.6 The City's links with other countries 188 6.7 UK financial privileges 194 6.8 Conclusions 196 Appendix to Chapter 6 A6.1 BoE and ONS International Financial UK Data 199 Chapter 7 Results and Prospects 201 Political and economic risks to UK-based finance 203 The City 'open for business': China and Islamic finance 205 Conclusions 207 Bibliography 208-226 7 LIST OF TABLES 2.1 Index of imperialism components, top 20 countries, 2010-2012 78 3.1 UK monetary financial institutions' financial balance sheet 92 4.1 Financial services export revenues, 2000-2011 121 4.2 Equity market capitalisation and turnover, 2012 125 4.3 Corporate control by controlling company, 2007 128-129 5.1 UK, Germany and France – patterns of trade, 1980-90 153 5.2 Financial market shares of major powers, 1980-2001 161 6.1 UK current account balance and components, 1986-2012 172 6.2 UK net earnings from financial services, 1986-2012 175 6.3 International positions of banks, end-2012 176 6.4 Foreign exchange turnover, 1995-2013 178 6.5 OTC interest rate derivatives turnover, April 2013 179 6.6 UK financial account balances, 1987-2012 182 6.7 UK international investment position 185 6.8 Income and returns on UK international investments 186 6.9 Net external position of UK MFIs by location 190 6.10 Comparison of data for UK MFI assets and liabilities, 2008-2012 199 LIST OF CHARTS 2.1 The global pecking order – an index of imperialism, 2010-2012 72 3.1 Leverage ratios of major international banks, 2007–2011 100 3.2 Leverage ratios of major UK banks, 1960-2010 109 6.1 Key components of the UK current account, 1986-2012 174 6.2 UK net foreign investment stock position, 1988-2012 184 8 Chapter 1 British Imperialism Today 'This business of [being] a second-tier power - we are probably, depending on what figures you use, the fifth or sixth wealthiest nation in the world. 'We have the largest percentage of our GDP on exports, apart from the tiny countries around the world, we run world shipping from the UK, we are the largest European investor in south Asia, south east Asia (and) the Pacific Rim, so our money and our wealth depends on this global scene.
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