The Power of Collective Purse Strings: The Effect of Bank Hegemony on Corporations and the State

The Power of Collective Purse Strings offers a sharp analysis of how banks, acting not as isolated firms but as a unified financial community, wield enormous power over corporations and states. Davita Silfen Glasberg demonstrates how “collective purse strings” allow banks to define what counts as crisis and to dictate terms for recovery or liquidation. Through comparative case studies—including the bankruptcy of W. T. Grant, the Chrysler bailout, Cleveland’s default, and Mexico’s foreign de...