The global financial crisis of 2008 ushered in a system of informal decision-making in the grey zone between economics & politics Legitimized by a rhetoric of emergency ad hoc bodies have usurped democratically elected governments In line with the neoliberal credo the recent crisis has been used to realize the politically impossible & to re-align executive power with the interests of the finance industry In this important book Joseph Vogl offers a much longer perspective on these developments showing how the dynamics of modern finance capitalism have always rested on a complex & constantly evolving relationship between private creditors & the state Combining historical & theoretical analysis Vogl argues that over the last three centuries finance has become a fourth estate marked by the systematic interconnection of treasury & finance of political & private economic interests Against this historical background Vogl explores the latest phase in the financialization of government namely the dramatic transfer of power from states to markets in the latter half of the 20th century From the liberalization of credit & capital markets to the privatization of social security he shows how policy has actively enabled a restructuring of the economy around the financial sector Political systems are imprisoned by the regime of finance while the corporate model suffuses society enclosing populations in the production of financial capital The Ascendancy of Finance provides valuable & unsettling insight into the genesis of modern power & where it truly resides