Crashing through the glass ceiling: neoliberal hegemony and the repeal of the Glass-Steagall Act
thesisposted on 29.03.2022, 00:26 authored by Abhishek Nepal
This paper explores whether the repeal of the Glass-Steagall Act can be characterized as demonstrating a new form of Gramsci’s theory of hegemony. Since this theory has been popular in explaining neoliberalism, with the hypotheses that the Glass-Steagall Act was a part of the continuous process of the neoliberal hegemony, I used the theory to explain the long and slow demise of the Glass-Steagall Act. I employed Antonio Gramsci's theory of hegemony by paying particular attention to the relevance of intellectuals. I tested the theory against the long erosion of the depression-era banking act that had separated commercial banks and investment banks in the US. Since hegemony is a long and continuous process, my analysis is structured in such a way that made it suitable to the study of the erosion of the Glass- Steagall Act over the long period. The study covers its enactment and provisions, its contradiction with the financialization process, its repeal efforts and reinforcement for its repeal by the intellectuals from the academic sector and from within the political system in the US. The results demonstrate that Gramsci’s notion of hegemony explains the gradual erosion of the Act. Moreover, it demonstrates that the repeal of the Glass-Steagall Act is part of the long and continuous neoliberal process.
Alternative TitleNeoliberal hegemony and the repeal of the Glass-Steagall Act
Table of ContentsChapter 1. Introduction -- Chapter 2. Literature review -- Chapter 3. Theoretical framework : Gramsci, hegemony and intellectuals -- Chapter 4. Provision of the Glass-Steagall Act and the neoliberal challenge -- Chapter 5. Creating consent for the repeal of the Glass-Steagall Act -- Chapter 6. Role of intellectuals in the repeal of the Glass-Steagall Act -- Chapter 7. Conclusion.
NotesNeoliberal hegemony and the repeal of the Glass-Steagall Act. Bibliography: pages 54-60 Theoretical thesis.
Awarding InstitutionMacquarie University
Degree TypeThesis MRes
DegreeMRes, Macquarie University, Faculty of Arts, Department of International Relations
Department, Centre or SchoolDepartment of International Relations
Year of Award2015
Principal SupervisorAshley Lavelle
RightsCopyright Abhishek Nepal 2014. Copyright disclaimer: http://mq.edu.au/library/copyright
Extent1 online resource (60 pages)
Former Identifiersmq:69710 http://hdl.handle.net/1959.14/1256988
Investment bankingHegemonyhegemonyAlan GreenspanBanking lawSecuritiesBanks and banking -- United States -- HistorySecurities -- United StatesBanks and bankingUnited States.intellectualsneoliberalismInvestment banking -- United States -- HistoryBanking law -- United StatesGlass-Steagall ActUnited States. -- Banking Act of 1933 -- History