The Enchanter's Wand

A deep dive into the public-private partnership at the heart of the global capitalism, and how states use debt to enrich finance while impoverishing the rest of us.

At the heart of the public-private partnership within global capitalism, how states use debt to enrich finance while impoverishing the rest of us.

This is how the financial system actually works: public debt becomes the engine of private wealth, and the more countries borrow, the richer Wall Street gets. Marx called it the enchanter’s wand. In this book, economist Ramaa Vasudevan, reveals this hidden architecture: how finance, empire, and geopolitics interlock. How public debt mediates and enforces financial power both domestically and internationally. How debt creates order for some and chaos for others—and how this system is designed to do exactly that.