Financialization Of The Economy Business And Household Inequality In The United States

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Financialization of the Economy, Business, and Household Inequality in the United States

Kurt Mettenheim,Olivier Butzbach
Financialization of the Economy Business and Household Inequality in the United States Book PDF

Author : Kurt Mettenheim,Olivier Butzbach
Publisher : Routledge
Page : 132 pages
File Size : 52,9 Mb
Release : 2021-11-17
Category : Business & Economics
ISBN : 9781000475715

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Financialization of the Economy, Business, and Household Inequality in the United States by Kurt Mettenheim,Olivier Butzbach Pdf

This second volume on the political and social economy of financialization in the US focuses on the consequences of the rise of finance for the American macroeconomy, household inequality, and the management of nonfinancial business enterprises. A historical–institutional balance-sheet approach to long-term trends and recent change in the US reveals a series of anomalies and provisos for critical, heterodox, and mainstream economic approaches and provides new perspectives on debates about political economic change in advanced economies since the 2007–2008 financial crisis. This book marks a significant contribution to the literature on financialization and studies in social economics, household economics, the structure and management of nonfinancial business enterprises, and American political economy.

Divested

Ken-Hou Lin,Megan Tobias Neely
Divested Book PDF

Author : Ken-Hou Lin,Megan Tobias Neely
Publisher : Oxford University Press, USA
Page : 241 pages
File Size : 42,7 Mb
Release : 2020-01-06
Category : Business & Economics
ISBN : 9780190638313

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Divested by Ken-Hou Lin,Megan Tobias Neely Pdf

Finance is an inescapable part of American life. From how one pursues an education, buys a home, runs a business, or saves for retirement, finance orders the lives of ordinary Americans. And as finance continues to expand, inequality soars. In Divested, Ken-Hou Lin and Megan Tobias Neely demonstrate why widening inequality cannot be understood without examining the rise of big finance. The growth of the financial sector has dramatically transformed the American economy by redistributing resources from workers and families into the hands of owners, executives, and financial professionals. The average American is now divested from a world driven by the maximization of financial profit. Lin and Neely provide systematic evidence to document how the ascendance of finance on Wall Street, Main Street, and among households is a fundamental cause of economic inequality. They argue that finance has reshaped the economy in three important ways. First, the financial sector extracts resources from the economy at large without providing economic benefits to those outside the financial services industry. Second, firms in other economic sectors have become increasingly involved in lending and investing, which weakens the demand for labor and the bargaining power of workers. And third, the escalating consumption of financial products by households shifts risks and uncertainties once shouldered by unions, corporations, and governments onto families. A clear, comprehensive, and convincing account of the forces driving economic inequality in America, Divested warns us that the most damaging consequence of the expanding financial system is not simply recurrent financial crises but a widening social divide between the have and have-nots.

Finance, Growth, and Inequality

Mr. Ross Levine
Finance Growth and Inequality Book PDF

Author : Mr. Ross Levine
Publisher : International Monetary Fund
Page : 80 pages
File Size : 55,6 Mb
Release : 2021-06-11
Category : Business & Economics
ISBN : 9781513583365

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Finance, Growth, and Inequality by Mr. Ross Levine Pdf

Finance and growth emerged as a distinct field of economics during the last three decades as economists integrated the fields of finance and economic growth and then explored the ramifications of the functioning of financial systems on economic growth, income distribution, and poverty. In this paper, I review theoretical and empirical research on the connections between the operation of the financial system and economic growth and inequality. While subject to ample qualifications, the preponderance of evidence suggests that (1) financial development—both the development of banks and stock markets—spurs economic growth and (2) better functioning financial systems foster growth primarily by improving resource allocation and technological change, not by increasing saving rates. Some research also suggests that financial development expands economic opportunities and tightens income distribution, primarily by boosting the incomes of the poor. This work implies that financial development fosters growth by expanding opportunities. Finally, and more tentatively, financial innovation—improvements in the ability of financial systems to ameliorate information and transaction costs—may be necessary for sustaining growth.

Divested

Ken-Hou Lin,Megan Tobias Neely
Divested Book PDF

Author : Ken-Hou Lin,Megan Tobias Neely
Publisher : Unknown
Page : 128 pages
File Size : 55,5 Mb
Release : 2020
Category : Equality
ISBN : 0190638346

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Divested by Ken-Hou Lin,Megan Tobias Neely Pdf

'Divested' documents how the ascendance of finance on Wall Street, Main Street, and in households is a fundamental cause of economic inequality in the United States. This wide-ranging and comprehensive account demonstrates the many ways financial sector has reshaped the economy, leaving the average American adrift in a world driven by the logic of finance and the maximisation of profit.

Financialization and the Economy

Agata Gemzik-Salwach,Krzysztof Opolski
Financialization and the Economy Book PDF

Author : Agata Gemzik-Salwach,Krzysztof Opolski
Publisher : Taylor & Francis
Page : 202 pages
File Size : 46,7 Mb
Release : 2017-07-14
Category : Business & Economics
ISBN : 9781315281520

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Financialization and the Economy by Agata Gemzik-Salwach,Krzysztof Opolski Pdf

There can be no doubt that the influence of the financial sphere has intensified rapidly in recent years, but there is much debate about the effect of that influence. The aftermath of the Financial Crisis has led to numerous discussions of the phenomenon of so-called financialization: the increasing impact of financial institutions on the activity of all business entities; emerging threats related with dynamically developing financial markets and the growing importance of financial themes. In light of these issues, which appear in all economies and touch all entities and every area of economic activity, there is a need for a summary and evaluation of the role of financialization in the world today. This monograph presents the role of financialization in the modern world. It shows positive as well as negative effects of financialization on the stability of the whole economy, the functioning of different types of markets, activity of enterprises, state institutions and behaviours of households. Written by expert contributors, this book plays an important role in the debate concerning future directions of development of the financial sector and financial markets. Financialization and the Economy is of great importance to those who study political economy, macroeconomics and banking.

Shifting Paradigms

Zia Qureshi,Cheonsik Woo
Shifting Paradigms Book PDF

Author : Zia Qureshi,Cheonsik Woo
Publisher : Brookings Institution Press
Page : 298 pages
File Size : 40,8 Mb
Release : 2022-01-11
Category : Business & Economics
ISBN : 9780815739012

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Shifting Paradigms by Zia Qureshi,Cheonsik Woo Pdf

Addressing the big questions about how technological change is transforming economies and societies Rapid technological change—likely to accelerate as a consequence of the COVID-19 pandemic—is reshaping economies and how they grow. But change also causes disruption, creates winners and losers, and produces social stress. This book examines the challenges of digital transformation and suggests how creative policies can make it more productive and inclusive. Shifting Paradigms is the second book on technological change produced by a joint research project of the Brookings Institution and the Korea Development Institute. Contributors are experts from the United States, Europe, and Korea. The first volume, Growth in a Time of Change, was published by Brookings in February 2020. The book's underlying thesis is that the future is arriving faster than expected. Long-accepted paradigms about economic growth are changing as digital technologies transform markets and nearly every aspect of business and work. Change will only intensify with advances in artificial intelligence and other innovations. Investors, business leaders, workers, and public officials face many questions. Is rising market concentration inevitable with the new technologies or can their benefits be more widely shared? How can the promise of FinTech be captured while managing risks? Should workers fear the new automation? Are technology-driven shifts in business and work causing income inequality to rise? How should public policy respond? Shifting Paradigms addresses these questions in an engaging manner for anyone interested in understanding how the economic and social agenda is being transformed by today's winds of change.

Jobs with Inequality

John Peters
Jobs with Inequality Book PDF

Author : John Peters
Publisher : University of Toronto Press
Page : 399 pages
File Size : 42,6 Mb
Release : 2022-06-29
Category : Political Science
ISBN : 9781442665125

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Jobs with Inequality by John Peters Pdf

Income inequality has skyrocketed in Canada over the past few decades. The rich have become richer, while the average household income has deteriorated and job quality has plummeted. Common explanations for these trends point to globalization, technology, or other forces largely beyond our control. But, as Jobs with Inequality shows, there is nothing inevitable about inequality. Rather, runaway inequality is the result of politics and policies - what governments have done to aid the rich and boost finance and what they have not done to uphold the interests of workers. Drawing on new tax and income data, John Peters tells the story of how inequality is unfolding in Canada today by examining post-democracy, financialization, and labour market deregulation. Timely and novel, Jobs with Inequality explains how and why business and government have rewritten the rules of the economy to the advantage of the few, and considers why progressive efforts to reverse these trends have so regularly run aground.

Innocent Bystanders? Monetary Policy and Inequality in the U.S.

Mr.Olivier Coibion,Mr.Yuriy Gorodnichenko,Mr.Lorenz Kueng,Mr.John Silvia
Innocent Bystanders Monetary Policy and Inequality in the U S Book PDF

Author : Mr.Olivier Coibion,Mr.Yuriy Gorodnichenko,Mr.Lorenz Kueng,Mr.John Silvia
Publisher : International Monetary Fund
Page : 57 pages
File Size : 54,7 Mb
Release : 2012-08-01
Category : Business & Economics
ISBN : 9781475505498

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Innocent Bystanders? Monetary Policy and Inequality in the U.S. by Mr.Olivier Coibion,Mr.Yuriy Gorodnichenko,Mr.Lorenz Kueng,Mr.John Silvia Pdf

We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures. Furthermore, monetary shocks can account for a significant component of the historical cyclical variation in income and consumption inequality. Using detailed micro-level data on income and consumption, we document the different channels via which monetary policy shocks affect inequality, as well as how these channels depend on the nature of the change in monetary policy.

Inequality, Leverage and Crises

Mr.Michael Kumhof,Mr.Romain Ranciere
Inequality Leverage and Crises Book PDF

Author : Mr.Michael Kumhof,Mr.Romain Ranciere
Publisher : International Monetary Fund
Page : 39 pages
File Size : 54,5 Mb
Release : 2010-11-01
Category : Business & Economics
ISBN : 9781455210756

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Inequality, Leverage and Crises by Mr.Michael Kumhof,Mr.Romain Ranciere Pdf

The paper studies how high leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the income share of the rich, a large increase in leverage for the remainder, and an eventual financial and real crisis. The paper presents a theoretical model where these features arise endogenously as a result of a shift in bargaining powers over incomes. A financial crisis can reduce leverage if it is very large and not accompanied by a real contraction. But restoration of the lower income group's bargaining power is more effective.

Inequality in America

Uri B. Dadush
Inequality in America Book PDF

Author : Uri B. Dadush
Publisher : Brookings Institution Press
Page : 105 pages
File Size : 44,5 Mb
Release : 2012
Category : Business & Economics
ISBN : 9780815724216

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Inequality in America by Uri B. Dadush Pdf

Inequality in America provides a snapshot of the issues posed by growing economic disparity, focusing particularly on America but drawing on international comparisons to help set the context. The authors examine the economic, technological, and political drivers of inequality as well as identify worrying trends associated with its rise, making the issues surrounding income distribution accessible to a wider public.

Competing for Global Talent

International Labour Office
Competing for Global Talent Book PDF

Author : International Labour Office
Publisher : International Labour Organization
Page : 290 pages
File Size : 43,5 Mb
Release : 2006
Category : Business & Economics
ISBN : 9290147768

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Competing for Global Talent by International Labour Office Pdf

Global talent has never been more mobile or sought after. A complex phenomenon that takes many forms, the movement of people with skills includes migrants crossing borders for temporary stays abroad as well as settlement, students moving for degrees and temporary and permanent stays, and even tourists and refugees who decide to stay abroad and use their skills. Countries attracting global talent increase their stock of human and technological skills, and in the past decade many have welcomed foreign professionals and students to redress domestic skill shortages and to quicken economic growth. This book includes general and theoretical papers on skilled migration and also papers on the country experiences of Australia, India, Japan, Singapore, the United Kingdom, and the United States. It addresses the socio-economic and cultural challenges created by increased mobility in a world where globalizing and localizing forces are at work simultaneously

Causes and Consequences of Income Inequality

Ms. Era Dabla-Norris,Ms. Kalpana Kochhar,Mrs. Nujin Suphaphiphat,Mr. Frantisek Ricka,Evridiki Tsounta
Causes and Consequences of Income Inequality Book PDF

Author : Ms. Era Dabla-Norris,Ms. Kalpana Kochhar,Mrs. Nujin Suphaphiphat,Mr. Frantisek Ricka,Evridiki Tsounta
Publisher : International Monetary Fund
Page : 33 pages
File Size : 53,8 Mb
Release : 2015-06-15
Category : Business & Economics
ISBN : 9781513547435

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Causes and Consequences of Income Inequality by Ms. Era Dabla-Norris,Ms. Kalpana Kochhar,Mrs. Nujin Suphaphiphat,Mr. Frantisek Ricka,Evridiki Tsounta Pdf

This paper analyzes the extent of income inequality from a global perspective, its drivers, and what to do about it. The drivers of inequality vary widely amongst countries, with some common drivers being the skill premium associated with technical change and globalization, weakening protection for labor, and lack of financial inclusion in developing countries. We find that increasing the income share of the poor and the middle class actually increases growth while a rising income share of the top 20 percent results in lower growth—that is, when the rich get richer, benefits do not trickle down. This suggests that policies need to be country specific but should focus on raising the income share of the poor, and ensuring there is no hollowing out of the middle class. To tackle inequality, financial inclusion is imperative in emerging and developing countries while in advanced economies, policies should focus on raising human capital and skills and making tax systems more progressive.

Political Economy of Financialization in the United States

Kurt Mettenheim
Political Economy of Financialization in the United States Book PDF

Author : Kurt Mettenheim
Publisher : Routledge
Page : 332 pages
File Size : 52,5 Mb
Release : 2021-09-23
Category : Business & Economics
ISBN : 9781000449624

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Political Economy of Financialization in the United States by Kurt Mettenheim Pdf

Combining balance sheet analysis with historical institutional analysis, this book traces the evolution of social sector financial balance sheets in the US from 1960 to 2018. This innovative historical-institutional approach, ranging from the micro level of households to the macro level of the federal government, reveals that the displacement of households by banks has been a long-term process. This gradual compounding of financialization is at odds with widely accepted views about financialization, contemporary banking theory, financial intermediation theory, and post-Keynesian and endogenous money approaches. The book returns to time-tested traditional principles of banking and taps unexpected affinities about market failures in transaction cost economics, financial intermediation theory, and core ideas in classic modern political and social economy about economic moralities and social reactions of self-defense against unfettered markets. This book provides an alternative explanation for the rise of finance and new ways to think about averting financialization and its devastating consequences. This book marks a significant contribution to the literature on financialization, social economics, banking, and the American political economy.

Macroeconomic Inequality from Reagan to Trump

Lance Taylor
Macroeconomic Inequality from Reagan to Trump Book PDF

Author : Lance Taylor
Publisher : Cambridge University Press
Page : 145 pages
File Size : 48,7 Mb
Release : 2020-08-20
Category : Business & Economics
ISBN : 9781108494632

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Macroeconomic Inequality from Reagan to Trump by Lance Taylor Pdf

An innovative approach to measuring inequality providing the first full integration of distributional and macro level data for the US.

Finance and Growth

Asli Demirgüç-Kunt,Ross Levine
Finance and Growth Book PDF

Author : Asli Demirgüç-Kunt,Ross Levine
Publisher : Unknown
Page : 1616 pages
File Size : 49,5 Mb
Release : 2018-07-27
Category : Economic development
ISBN : 1785367420

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Finance and Growth by Asli Demirgüç-Kunt,Ross Levine Pdf

This two-volume collection brings together major contributions to the study of finance and growth. It includes conceptual and empirical papers that use a range of methodologies to discover the connections between financial systems - including financial contracts, markets, and intermediaries - and the functioning of the economy - including economic growth, entrepreneurship, technological innovation, poverty alleviation, the distribution of income, and the structure and volatility of economies. It also discusses contributions to the study of the legal, political, institutional, social capital and policy determinants of financial development. With an original introduction by the editors, this collection is an important resource for students, academics and practitioners.