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Our Lives in Their Portfolios

Why Asset Managers Own the World

Author Brett Christophers
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Hardcover
$29.95 US
Verso Books | Verso
On sale Apr 25, 2023 | 320 Pages | 9781839768989
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All hail the new masters of Capitalism: How asset managers acquired the world

Banks have taken a backseat since the global financial crisis over a decade ago. Today, our new financial masters are asset managers, like Blackstone and BlackRock. And they don’t just own financial assets.

The roads we drive on; the pipes that supply our drinking water; the farmland that provides our food; energy systems for electricity and heat; hospitals, schools, and even the homes in which many of us live—all now swell asset managers’ bulging investment portfolios.

As the owners of more and more of the basic building blocks of everyday life, asset managers shape the lives of each and every one of us in profound and disturbing ways. In this eye-opening follow-up to Rentier Capitalism, Brett Christophers peels back the veil on “asset manager society.”

Asset managers, he shows, are unlike traditional owners of housing and other essential infrastructure. Buying and selling these life-supporting assets at a dizzying pace, the crux of their business model is not long-term investment and careful custodianship but making quick profits for themselves and the investors that back them.

In asset manager society, the natural and built environments that sustain us become one more vehicle for siphoning money from the many to the few.
Abbreviations

Introduction
1. Asset-Manager Society: The Basics
2. How It Came to Be
3. Mapping Asset-Manager Society
4. The Costs
5. Who Gains?
6. The Future

Acknowledgements
Index
A professor at Uppsala University in Sweden, Brett Christophers is the author of Rentier Capitalism and of The New Enclosure, which won the Isaac and Tamara Deutscher Memorial Prize.
Brett Christophers View titles by Brett Christophers

About

All hail the new masters of Capitalism: How asset managers acquired the world

Banks have taken a backseat since the global financial crisis over a decade ago. Today, our new financial masters are asset managers, like Blackstone and BlackRock. And they don’t just own financial assets.

The roads we drive on; the pipes that supply our drinking water; the farmland that provides our food; energy systems for electricity and heat; hospitals, schools, and even the homes in which many of us live—all now swell asset managers’ bulging investment portfolios.

As the owners of more and more of the basic building blocks of everyday life, asset managers shape the lives of each and every one of us in profound and disturbing ways. In this eye-opening follow-up to Rentier Capitalism, Brett Christophers peels back the veil on “asset manager society.”

Asset managers, he shows, are unlike traditional owners of housing and other essential infrastructure. Buying and selling these life-supporting assets at a dizzying pace, the crux of their business model is not long-term investment and careful custodianship but making quick profits for themselves and the investors that back them.

In asset manager society, the natural and built environments that sustain us become one more vehicle for siphoning money from the many to the few.

Table of Contents

Abbreviations

Introduction
1. Asset-Manager Society: The Basics
2. How It Came to Be
3. Mapping Asset-Manager Society
4. The Costs
5. Who Gains?
6. The Future

Acknowledgements
Index

Author

A professor at Uppsala University in Sweden, Brett Christophers is the author of Rentier Capitalism and of The New Enclosure, which won the Isaac and Tamara Deutscher Memorial Prize.
Brett Christophers View titles by Brett Christophers

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