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Finance is an essential component of industrial change because it allows technologies to be developed before they can generate a return. But if finance no longer serves industrial change but instead prioritizes rent-seeking (seeking to increase its share of existing wealth without creating new sources of wealth), creative destruction of the present carbon-intensive industrial system cannot occur. The aim of this article is to investigate this issue through a study of the emergence of one low-carbon industry, solar photovoltaics (PV) in the United States. The focus is on the period after the first oil shock in 1973 until the end of the 1980s. The case is contrasted with the more successful development of the industry in Japan. In the late 1970s, American firms held 90% of the global market share; by 2005, it had declined to under 10%, whereas the Japanese share had risen to almost 50% (9). Changes to corporate governance and organization brought by financialization are identified as major causes of the difference in outcome.

One camp consisted of a small number of entrepreneurs who had been involved in producing solar cells for the space program or pioneered their application on Earth.

The other camp consisted of the energy policy bureaucracy and closely affiliated large manufacturing and energy corporations along with utilities (65).

Built from scratch by people in poorly governed, disaster-stricken Haiti, the city is emerging as an alternative model of urban existence — and its struggle is holding out lessons for similar future pockets that spring up in the aftermath of disasters.

The UN estimates there are 65 million displaced persons in the world today, more than at any time since World War II. Most live in camps where their lives are tightly restricted by host governments. They are barred from owning land or holding jobs, destined to remain dependent on foreign aid.

Canaan is the opposite. Instead of being micro-managed, it has no formal government at all. The pioneers of Canaan formed hundreds of committees that each work on a particular task or oversee the development of a particular neighborhood. These informal power structures give street names to the dirt alleyways, and set aside space for future hospitals and schools.