Jack Copley
@JackCopley6
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Assistant Professor in IPE @Durham_SGIA | capitalism, state, climate | Author of Governing Financialization @OUPAcademic | RT =/= endorsement
Joined February 2017
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Pinned Tweet
Cover of my book, out in November! I’m pleased
@OUPAcademic
let me use this image of Bank Junction in the City of London. I spent a lot of time there – holed up in the archive basement deep under the Bank of England, with the Tube trains rattling by every few minutes.
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Checking proofs... Looking forward to seeing this out in the autumn 📕
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New piece in
@GPEjournal
on money, state, and sovereignty. It's part of a larger interest of mine in putting Post-Keynesian and Marxist approaches (particularly Political and Open Marxist) into conversation with one another.
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My article with
@CompChange
published today, Open Access.
I argue that the task of global decarbonization is not simply to ‘green’ economic growth or to halt rapid growth altogether – instead, the challenge is to decarbonize 1/n
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Absolutely true - and a major strength of the Open Marxist tradition, with its commitment to interrogating the changing stance of the Bank of England in relation to other branches of the state and to accumulation dynamics. A short thread of relevant pieces on this. 1/
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📢 Call for Papers 📢
We're putting together a Special Issue in Capital & Class (
@CapitalClass2
) titled:
‘Political Marxism and Open Marxism: Divergences and Convergences’.
Is this your kind of thing? Submit an abstract by 🗓️15 October 2023🗓️!
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I'm happy to share my new piece in
@NPEjournal
- Open Access.
I explore how the urgent drive to decarbonize steel production is being conditioned by global dynamics of uneven accumulation, crisis, and restructuring in the sector.
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you can't even be a character mask for the mute compulsion of economic relations any more without getting cancelled
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Can the capitalist state effectively address climate change? In this piece,
@IliasAlami
,
@moraitisalexis
, and I look at this question from a unique angle.
1/
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I wasn't big on the 'neo-feudalism' takes, but then Prince Charles started imploring his subjects to get back into the fields and pack those damn vegetables...
"If we are to harvest British fruit and vegetables this year, we need an army of people to help."
The Prince of Wales has shared a message in support of the
#PickForBritain
campaign. 🍓🍏🍅
@DefraGovUK
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Pleased to share my new article with
@moraitisalexis
in
@NPEjournal
. A BIG thank you to
@megiraudo
, Te-Anne Robles, and Werner Bonefeld for their comments, critiques, and advice on earlier drafts. 1/n
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Very excited to hear that my book was published by
@OUPPolitics
in the US and Canada last week. You can get it from all good bookstores, and some awful ones as well. A short thread of book-related stuff.... 1/5
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The 1976 IMF loan was indeed a key moment in modern British history. But not because it marked an ideological shift from social democracy to neoliberalism. Almost from the birth of postwar social democracy, British policy-makers had tried to weaken or dismantle it. 1/11
On this day 45 years ago, the Labour Cabinet of Jim Callaghan accepted an IMF loan, paving the way for Thatcherism
Denis Healey, speaking at Cabinet on 02/12/76, advocated a path based on cuts, privatisation and rising unemployment, “Anything less will not restore confidence”🧵
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someone at durham uni must have retired and blessed the local Oxfam
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I wrote something for the
@ConversationUK
about my research on decarbonisation and economic stagnation.
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Forgot to mention the fantastic work by my own comrades that extends OM to diff national contexts.
@IliasAlami
book on capitalist finance in Brazil & South Africa makes direct links between value-form Marxism and post-Keynesianism. His state capitalism work is great too! 1/2
A weakness of Open Marxism is its Anglo-centrism, but Pinar Donmez has been doing great work to extend the theoretical framework to other national case studies. 9/
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This is a bit misleading. The innovation of 1970s Marxists was to link the tendency of the falling RoP with *crisis theory*. Before, Marxists had considered it to be a secular tendency associated with concentration/centralisation of capital and growing intensity of crises, 1/
.
@SethAckerman
: 'Suffice it to say that on the Left, the canonical status of falling-profit theory in the corpus of orthodox Marxism has become a kind of “invented tradition” since the 1970s. 1/2
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This is a brilliant piece on the global return of mercantilism as an improvised response to the stagnation of world capitalism.
@pathtopraxis
dismantles liberal accounts that frame this extremely dangerous moment as the victory of progressive industrial policy.
"Bidenomics in the US, Germany’s Indstrl Strategy 2030,...Made in China 2025, Make in India, and so on —are all particular instances of a single, structural transformation of the world economy into a fragmented state-capitalist hellscape" ht
@pathtopraxis
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Moving North this week to join
@Durham_SGIA
as Assistant Professor in IPE. Very excited about this - especially to be starting alongside other brilliant political economists
@NatalieLangfo12
and
@HarveyMurenow
!
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Pleased to share my article in
@BJPIR
. I examine the political motivations underpinning UK scrapping of exchange controls. IPE lit focuses on dynamics of competitive liberalisation and rise of neoliberal ideas ... 1/3
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📢REMINDER📢
October 15th is the deadline to submit an abstract for our Special Issue of Capital and Class (
@CapitalClass2
) titled 'Political Marxism and Open Marxism: Divergences and Convergences'.
More details here:
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Once again I am begging people to read Simon Clarke. This book is a phenomenal survey of British economic governance since the rise of capitalism, which integrates the history of the Bank of England into a sophisticated value-theoretical reading of the capitalist state form. 2/
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Bristol University Press has made this article free to read and download until September 30th - if anyone is interested!
New piece in
@GPEjournal
on money, state, and sovereignty. It's part of a larger interest of mine in putting Post-Keynesian and Marxist approaches (particularly Political and Open Marxist) into conversation with one another.
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Happy to see this piece that
@moraitisalexis
and I wrote published in
@ROAR_Magazine
. We compare and think through the arguments on automation and economic stagnation put forward by two outstanding books written by
@abenanav
and
@profitratedown
.
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I wrote this piece for
@jacobin
on the messy, haphazard politics of financialization. 1/2
Popular critiques of financial deregulation often blame the City of London’s excessive political influence. But financialization wasn’t imposed on capitalism by elite plotting — it was a political response to its inherent crisis tendencies.
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Many critiques of financialization interpret the impersonal domination of capital as the personal domination of a class of financiers. Their theory of the politics of financialization is a theory of corruption. The truth is more troubling.
"Margaret Thatcher’s radical liberalization of the UK’s banking sector was instrumental in forging a global financial order in which the City of London is a crucial hub."
By
@JackCopley6
in
@jacobin
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don’t talk to me about Simon Clarke unless you have a well-thumbed copy of this on your shelf
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Decarbonization projects based on sparking a green investment boom will struggle to overcome capitalist stagnation. This makes it all the more urgent to build democratic economic planning mechanisms that seek not to bolster/redirect private market activity, but to replace it. 5/n
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This might be my favourite edited volume - a criminally underrated collection of essays on the governance of money from key thinkers of the Open Marxist tradition. The standout pieces are by Werner Bonefeld, in my opinion. 7/
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I’m not sure I’ve ever seen this kind of sustained anti-war mobilisation in the UK
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Warwick's casualised teachers marched on
@Unitemps
HQ today to protest their attempts to undermine the
#USSstrike
, and to rally against the broader attack on HE workers' rights and conditions that these employment agencies represent.
#strikeforuss
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Really honoured to get such generous endorsements of my new book from Andrew Gamble, Werner Bonefeld,
@LenaRethel
, and Matthew Watson. The book will be published on December 7th🤞Available for pre-order now!
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An unbelievably punitive and cynical stance taken by
@durham_uni
. If workers are forced to make up for any lost labour when they return from strike, then the right to strike is effectively revoked.
🔴Members have had an email from
@durham_uni
that they intend "to withhold 25% of pay for ASOS" including not sharing/uploading materials from teaching lost to strikes.🔴
Our response is now out. Read it here.
Gen Meeting Weds 1pm to discuss response.
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The mistake here is to think that US defunding of UNRWA is about the facts of the case - that US can be reasoned with. No, this is simple retaliation for the ICJ's insubordination in stating the obvious: Israel may be committing genocide in Gaza ...
NEW: Statement from UN Secretary-General Antonio Guterres on UNRWA ⬇️ ⬇️ ⬇️ ⬇️ ⬇️
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🚨New IPE Job 🚨
@Durham_SGIA
is hiring a 2-year fixed term Career Development Fellow in International Political Economy. Closing date: 1st Sept.
Contact me for more information about the post!
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I wrote a reflection on Simon Clarke’s formidable body of work. A massive loss.
Thank you to
@selfactingmule
and the
@form_legal
team for publishing it.
'The point is not to naively accept the different forms in which capitalism appears…but to discover their common origin: social relations between people at a particular point in history.'
@JackCopley6
on the life and work of Simon Clarke.
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Sending my PhD thesis to the printers after 4 long years. Existential crisis in 3, 2, 1...
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I started my undergraduate degree exactly a decade ago, driven by the events of 2008, and today I gave my first lecture on the politics of economic meltdowns - feels surreal.
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‘We’re like gears grinding until they break’: Chinese tech companies push staff to the limit
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An important piece by Brett Christophers in the latest Critical Historical Studies. Market-based decarbonisation visions rely on climate-conscious shareholders disciplining and defunding publicly-listed fossil fuel corporations. 1/4
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But what does any of this have to do with Brenner? He explicitly disparages this theory, and instead grounds the falling RoP in a theory of anarchic competition and failed market exit. Brenner’s popularity signals the abandonment of 1970s crisis theory. 5/
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precariat - gig economy - authoritarian neoliberalism
En términos de fotos icónicas de protesta Chile nunca defrauda
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There are too many amazing pieces by Pete Burnham to mention, but this book is a standout. Based on meticulous archival research, Burnham explores the role of the Bank of England, *before the rise of the Euromarkets*, in scheming to abandon Bretton Woods and float sterling. 3/
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It's very cool to see my book discussed alongside these fantastic pieces of critical Marxist scholarship by
@sorenmau
and Tony Smith. Thank you to
@n_hold
for the deep and thoughtful engagement!
A new review essay by
@n_hold
of three recent Marxist books, each of which significantly enriches Marxism as both theory and concrete investigation.
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... US has long used defunding to retaliate against Global South power within UN: 1977, US left ILO when it condemned Israeli labour practices in occ territories; 1983, cut funds to UN progs that supported PLO; 1985, left UNESCO for its NIEO sympathies.
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Well this looks incredible. 'From the libertarian economics of Ayn Rand to Aldous Huxley’s consumerist dystopias, economics and science fiction have often orbited each other'.
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Marx's theory of the historical shift from absolute to relative surplus value production in tatters right now
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A weakness of Open Marxism is its Anglo-centrism, but Pinar Donmez has been doing great work to extend the theoretical framework to other national case studies. 9/
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The more I'm drawn into highly technical money debates the more I return to this passage by John Holloway, which captures something fundamental about the processual and contradictory nature of capitalist money.
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Very happy that my (open access) article has a home in the latest issue of Competition & Change, alongside other great pieces by
@el_fra_ngo
,
@fpape_
, & others.
The piece discusses the obstacle posed to global decarbonization by capitalism's stagnation.
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If you’re in Durham on Wednesday 15th May, come along and help us celebrate the launch of
@HarveyMurenow
’s new book!
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'The pound increasingly resembles the more liquid emerging market currencies rather than a core G10 currency ... a currency that resembles the underlying reality of the British economy: small and shrinking with a growing dual deficit problem'
Pound is becoming an emerging market currency, says BofA analyst
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In addition to his ground-breaking work on depoliticisation as a governance technique appropriate to capitalist social relations (which G Krippner relies heavily on in her fantastic book), Burnham has also explored post-2008 central bank governance. 4/
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a capitalist economy in which growth of any kind (green or brown) is increasingly difficult to generate. Decarbonizing the downturn means undertaking a global energy transition in a context of entrenched stagnation in growth, investment, and profitability. This creates 2/n
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Finally, I would humbly point to my own archival work too on UK financial liberalisation, which explores the governing motivations that underpinned the Bank of England's (and government's) decisions to unleash the City of London in the 1970s-80s. 10/10
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There is no such thing as a new idea. There are just ideas that you didn’t realise Simon Clarke had already rigorously elaborated.
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Everyone in a union should be talking to their reps about how to respond to this. It cannot go unanswered.
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From the archives: 19/7/1982 Margaret Thatcher's letter to Julius Nyerere on the Israeli invasion of Lebanon, declassified in 2013.
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I wrote something with my comrades
@IliasAlami
and
@moraitisalexis
The win-win narrative undergirding the new crop of green industrial strategies tends to obfuscate the fact that solving one problem may exacerbate another, write
@IliasAlami
,
@JackCopley6
, and
@moraitisalexis
.
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The special issue that this article is a part of is finally out!
🚨 New article on the limits and antinomies of projects of state-led green transition! Written with the awesome
@JackCopley6
and
@moraitisalexis
. Quick 🧵 with some key arguments below:
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It was a real pleasure to write this with my comrades
@IliasAlami
and
@moraitisalexis
, for an exciting special issue forthcoming with Geoforum.
It's Open Access - check it out!
(thread coming later, when I've finished teaching for the day...)
🚨 New article on the limits and antinomies of projects of state-led green transition! Written with the awesome
@JackCopley6
and
@moraitisalexis
. Quick 🧵 with some key arguments below:
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More Bonefeld: this is a tremendous study of the ordoliberal tradition, with a focus on the depoliticisation of money as a means to uphold the free labour economy. Crucial for understanding European monetary governance in particular. 8/
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A very important read! The only way out of the climate crisis is through common ownership and democratic control of renewable energy.
Pleased to see it cite my article 'Decarbonizing the Downturn', which you can read with no paywall here:
🚨 New
@Cmmonwealth
research: we have public ownership of renewables, just by other governments.
Almost 45% of offshore wind is owned by foreign state-owned entities. Just 0.03% is owned by the UK government, less than Malaysia (0.1%) or Munich (0.85%).
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Not often you hear someone frame Greece post-2008 as a success story of economic governance
NEW ODD LOTS
LIVING WITH HIGH PUBLIC DEBT
It's the second episode in our Jackson Hole series.
@TheStalwart
and I speak with economist
@B_Eichengreen
about what high levels of public spending actually mean for inflation, monetary policy and more.
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another good find in Durham’s secondhand bookshops.
Does anyone have any opinions about this one by any chance?
someone at durham uni must have retired and blessed the local Oxfam
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I wrote this for
@LSEEuroppblog
- pulling back the veil on the policy-making process that birthed financialization.
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Must-read article.
@b_moraitis
shows French state purposefully withdrew support from uncompetitive industries in 1980s, w terrible social consequences, while avoiding political backlash by claiming EU rules forced their hand - which he terms 'transnational depoliticisation'. 1/2
Happy to share my new article in
@NPEjournal
on the Europeanisation of French industrial policy. 1/4
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several paradoxes that states are forced to navigate as the climate crisis intensifies. In this article, I explore these paradoxes: the growth slowdown reduces energy use, while at the same time impeding energy efficiency gains; overcapacities in carbon-intensive heavy 3/n
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Excellent presentation about an excellent book!
If you’re in Durham on Wednesday 15th May, come along and help us celebrate the launch of
@HarveyMurenow
’s new book!
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This really is a banger. Begins with crypto but quickly flourishes into a fascinating discussion of post-war monetary governance.
I've got more crypto-is-twisted content for you on
@thedigradio
: it's
@stefeich
on how cryptocurrency fits into Hayek’s old neoliberal dream of private money and why that vision emerged in a new form in the wake of the 2008 financial crisis.
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Very pleased to share this article by myself and
@megiraudo
in
@envplanc
journal.
We discuss the strategic politics of neoliberal state restructuring by bringing literature on depoliticisation and space/scale into conversation.
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Lisa is a fantastic scholar, teacher, person - read what she has to say in full.
Back in June I resigned from Birkbeck Politics because of Eric Kaufmann's activities. I'm more than sad to leave such a brilliant student community behind but here's why I had no other choice:
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@bentarnoff
This is my fave article i've read this year, which I feel makes a bold attempt to begin answering this question.
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Crucial on dispelling the myth of the Marginalist Revolution as a straightforward Fall from an unspoilt political economy
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Proud to stand with students and colleagues at Durham today, while comrades in the US are being beaten and arrested for obstructing injustice.
Durham Staff and students say
#IStandWithNadera
at our
#IWD2024
walk out for
#Gaza
#Palestine
@ucuatdurham
#CeasefireNOW
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‘Global climate policy … is probably the only policy field that doesn’t affect the climate’.
Fascinating discussion.
This debate btw Andreas Malm and
@MuellerTadzio
on the strategic and tactical options for radical climate movement is cracking.
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industries hinder their decarbonization; ostensible success stories like solar PV are increasingly plagued by waning profitability; and the political legitimacy concerns generated by economic stagnation press governments to scale back ambitious decarbonization plans. 4/n
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Great to see a thoughtful response to Riley’s Sidecar piece. I’m sympathetic to the political points, and I fundamentally agree that the Marxist theory of overproduction is a cyclical one – a normal part of capitalism’s periodic lurching from crisis to renewed dynamism. 1/
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In sum, successive postwar British govts tried to retrench social democracy long before 1976, not out of neoliberal ideological fervour, but as an attempt to govern a relatively uncompetitive economy in a context of a worsening global profitability crisis. 6/11
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Copycat saboteur spotted on the Kennet and Avon Canal - bringing the Somerset logistical hub to a standstill
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I published this essay in
@RenewalJournal
on the challenges facing Labour as it plans how to reach Net Zero in a context of UK national decline, global economic stagnation, and rising green mercantilism. 1/
Start the week strong with a NEW post from Renewal
Can Labour address both the climate crisis and economic stagnation? What resistance might their plans face?
"Climate crisis, economic stagnation and the limits of social democracy", by
@JackCopley6
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*Must read* article. In quest for social stability through food security, China is asserting deep mechanisms of control over entire soy value chain in S. America. Classic dependency theory, with its trade focus, doesn’t capture this dynamic.
@megiraudo
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Penn World Tables new IRR profitability measure provides global perspective on Brenner's 'long downturn' thesis.
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