Why The World Economy Needs A Financial Crash And Other Critical Essays On Finance And Financial Economics
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Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics by Jan Toporowski Pdf
The essays in this volume explain the key structural features of financial inflation that give rise to financial crisis. These features include excessive reliance on finance to maintain economic activity through rising asset prices. Reliance on asset inflation induces a preoccupation with property values and a new social divide between the asset-rich and the asset-poor that undermines the culture of the welfare state. When debt can no longer be supported by cash flow from asset markets, excess debt plunges economies into economic depression.
Money and Finance After the Crisis by Brett Christophers,Andrew Leyshon,Geoff Mann Pdf
Money and Finance After the Crisis provides a critical multi-disciplinary perspective on the post-crisis financial world in all its complexity, dynamism and unpredictability. Contributions illuminate the diversity of ways in which money and finance continue to shape global political economy and society. A multidisciplinary collection of essays that study the geographies of money and finance that have unfolded in the wake of the financial crisis Contributions discuss a wide range of contemporary social formations, including the complexities of modern debt-driven financial markets Chapters critically explore proliferating forms and spaces of financial power, from the realms of orthodox finance capital to biodiversity conservation Contributions demonstrate the centrality of money and finance to contemporary capitalism and its political and cultural economies
Crisis Economics by Nouriel Roubini,Stephen Mihm Pdf
This myth shattering book reveals the methods Nouriel Roubini used to foretell the current crisis before other economists saw it coming and shows how those methods can help us make sense of the present and prepare for the future. Renowned economist Nouriel Roubini electrified his profession and the larger financial community by predicting the current crisis well in advance of anyone else. Unlike most in his profession who treat economic disasters as freakish once-in-a-lifetime events without clear cause, Roubini, after decades of careful research around the world, realized that they were both probable and predictable. Armed with an unconventional blend of historical analysis and global economics, Roubini has forced politicians, policy makers, investors, and market watchers to face a long-neglected truth: financial systems are inherently fragile and prone to collapse. Drawing on the parallels from many countries and centuries, Nouriel Roubini and Stephen Mihm, a professor of economic history and a New York Times Magazine writer, show that financial cataclysms are as old and as ubiquitous as capitalism itself. The last two decades alone have witnessed comparable crises in countries as diverse as Mexico, Thailand, Brazil, Pakistan, and Argentina. All of these crises-not to mention the more sweeping cataclysms such as the Great Depression-have much in common with the current downturn. Bringing lessons of earlier episodes to bear on our present predicament, Roubini and Mihm show how we can recognize and grapple with the inherent instability of the global financial system, understand its pressure points, learn from previous episodes of "irrational exuberance," pinpoint the course of global contagion, and plan for our immediate future. Perhaps most important, the authors-considering theories, statistics, and mathematical models with the skepticism that recent history warrants—explain how the world's economy can get out of the mess we're in, and stay out. In Roubini's shadow, economists and investors are increasingly realizing that they can no longer afford to consider crises the black swans of financial history. A vital and timeless book, Crisis Economics proves calamities to be not only predictable but also preventable and, with the right medicine, curable.
The Global Financial Crisis and Its Aftermath by A.G. Malliaris,Leslie Shaw,Hersh Shefrin Pdf
In The Global Financial Crisis, contributors argue that the complexity of the Global Financial Crisis challenges researchers to offer more comprehensive explanations by extending the scope and range of their traditional investigations. To achieve this, the volume views the financial crisis simultaneously through three different lenses---economic, psychological, and social values. Contributors offer a constructive methodology suitable for exploring financial crises. They recognize how current economic analysis did not prepare academic economists, business economists, traders, and regulators to anticipate economic and financial crises. So, they search more extensively within the broader discipline of economics for ideas related to crises but neglected perhaps because they were not mathematically rigorous. They affirm that the complexity of financial crises necessitates complementary research. Thus, to put the focal purpose of this book differently, they explore the Global Financial Crisis from three interconnected frameworks: the standards of orthodox economic analysis, Minskyan economics, and the role of ideas and values in economics. Values are the subject of both philosophy and psychology and can contribute to a better understanding of the Global Financial Crisis. Values, in general, have been relatively neglected by economists. This is not because there is doubt about their significance, but rather because welfare economics and collective choice still operate within the neoclassical paradigm. This volume argues that analyzing the value implications requires moving from the neoclassical framework to something that is broader and multidisciplinary.
Beyond Mainstream Explanations of the Financial Crisis by Ismael Hossein-zadeh Pdf
This book provides a critique of the neoclassical explanations of the 2008 financial collapse, of the ensuing long recession and of the neoliberal austerity responses to it. The study argues that while the prevailing views of deregulation and financialization as instrumental culprits in the explosion and implosion of the financial bubble are not false, they fail to point out that financialization is essentially an indication of an advanced stage of capitalist development. These standard explanations tend to ignore the systemic dynamics of the accumulation of finance capital, the inherent limits to that accumulation, production and division of economic surplus, class relations, and the balance of social forces that mold economic policy. Instead of simply blaming the ‘irrational behavior’ of market players, as neoliberals do, or lax public supervision, as Keynesians do, this book focuses on the core dynamics of capitalist development that not only created the financial bubble, but also fostered the ‘irrational behavior’ of market players and subverted public policy. Due to its interdisciplinary perspective, this book will be of interest to students and researchers in economics, finance, politics and sociology.
Interest and Capital brings together Michał Kalecki's published fragments on monetary theory and policy to explore his distinctive approach to money and its circulation in the capitalist economy. Toporowski lays out Kalecki's critique of the international monetary arrangements proposed by Keynes and White at Bretton Woods, casting new light on the international monetary imbalances that have since disrupted the international economy. The greater importance of debt management revealed in Kalecki's monetary analysis makes it particularly relevant to the policy dilemmas of developing countries and governments facing high levels of debt in the wake of recent global crises. In Kalecki's theoretical approach, money has both an industrial and a financial circulation. Corporate finance takes its place at the centre of monetary considerations because it is the money of capitalists that is the autonomous determinant of expenditure in the economy. This theory has important implications for the rate of interest, which is not related to the rate of profit, nor to the kind of portfolio adjustments necessary to maintain portfolio equilibrium, but to the kind of financing that may prevail in any given phase of the business cycle.
Author : J. E. King Publisher : Edward Elgar Publishing Page : 641 pages File Size : 41,5 Mb Release : 2012-01-01 Category : Business & Economics ISBN : 9781781002438
The Elgar Companion to Post Keynesian Economics by J. E. King Pdf
The Elgar Companion to Post Keynesian Economics is a comprehensive guide to economic analyses in the tradition of Keynes and the so-called Cambridge (UK) school of economics. The coverage of themes and different theoretical orientations within Post Keynesianism is remarkable and the quality of the various entries is impressive. John Kings invisible hand is responsible for a minimum of overlaps and an optimum in quality and comprehensibility. This book has already proved to be of interest to a wide range of economists and can be expected to continue to do so for a long time to come. Heinz D. Kurz, University of Graz, Austria This thoroughly revised and updated second edition provides a comprehensive guide to Post Keynesian methodology, theory and policy prescriptions. The Companion reflects the challenges posed by the global financial crisis that began in 2008 and by the consolidation of the New Neoclassical Synthesis in macroeconomic theory. There are 41 entirely new entries, marking the emergence of a new generation of Post Keynesian scholars. The central issues that were dealt with in the first edition remain at the core of the book, but much more attention is paid in this second edition to financial markets, to Post Keynesian economics outside its traditional Anglo-American heartland and to gender issues and environmental policy. Including major theoretical, methodological and policy issues in Post Keynesian economics, this enriching Companion will strongly appeal to postgraduate and advanced undergraduate students in economics as well as related social science disciplines including international political economy, international relations, politics, public policy and sociology.
Lessons from the Financial Crisis by Rob Quail Pdf
The world's best financial minds help us understand today's financial crisis With so much information saturating the market for the everyday investor, trying to understand why the economic crisis happened and what needs to be done to fix it can be daunting. There is a real need, and demand, from both investors and the financial community to obtain answers as to what really happened and why. Lessons from the Financial Crisis brings together the leading minds in the worlds of finance and academia to dissect the crisis. Divided into three comprehensive sections-The Subprime Crisis; The Global Financial Crisis; and Law, Regulation, the Financial Crisis, and The Future-this book puts the events that have transpired in perspective, and offers valuable insights into what we must do to avoid future missteps. Each section is comprised of chapters written by experienced contributors, each with his or her own point of view, research, and conclusions Examines the market collapse in detail and explores safeguards to stop future crises Encompasses the most up-to-date analysis from today's leading financial minds We currently face a serious economic crisis, but in understanding it, we can overcome the challenges it presents. This well-rounded resource offers the best chance to get through the current situation and learn from our mistakes.
Global Finance and Development by David Hudson Pdf
The question of money, how to provide it, and how to acquire it where needed is axiomatic to development. The realities of global poverty and the inequalities between the ‘haves’ and the ‘have-nots’ are clear and well documented, and the gaps between world’s richest and the world’s poorest are ever-increasing. But, even though funding development is assumed to be key, the relationship between finance and development is contested and complex. This book explores the variety of relationships between finance and development, offering a broad and critical understanding of these connections and perspectives. It breaks finance down into its various aspects, with separate chapters on aid, debt, equity, microfinance and remittances. Throughout the text, finance is presented as a double-edged sword: while it is a vital tool towards poverty reduction, helping to fund development, more critical approaches remind us of the ways in which finance can hinder development. It contains a range of case studies throughout to illustrate finance in practice, including, UK aid to India, debt in Zambia, Apple’s investment in China, microfinance in Mexico, government bond issues in Chile, and financial crisis in East Asia. The text develops and explores a number of themes throughout, such as the relationship between public and private sources of finance and debates about direct funding versus the allocation of credit through commercial financial markets. The book also explores finance and development interactions at various levels, from the global structure of finance through to local and everyday practices. Global Finance and Development offers a critical understanding of the nature of finance and development. This book encourages the reader to see financial processes as embedded within the broader structure of social relationships. Finance is defined and demonstrated to be money and credit, but also, crucially, the social relationships and institutions that enable the creation and distribution of credit and the consequences thereof. This valuable text is essential reading for all those concerned with poverty, inequality and development.
David Wiedemer,Robert A. Wiedemer,Cindy S. Spitzer
Author : David Wiedemer,Robert A. Wiedemer,Cindy S. Spitzer Publisher : John Wiley & Sons Page : 400 pages File Size : 40,5 Mb Release : 2015-07-07 Category : Business & Economics ISBN : 9781119118503
Aftershock by David Wiedemer,Robert A. Wiedemer,Cindy S. Spitzer Pdf
Secure your financial future before the next big bubble bursts Aftershock provides a definitive look at the economic climate still ahead in 2015—and beyond—and details the steps you can take now to secure your financial future. Written by the authors who accurately predicted the financial crisis of 2008 and 2009, this book serves as both a warning and a game plan for investors looking to avoid catastrophic loss. This updated fourth edition has been expanded with new actionable insights about protection and profits in an increasingly confusing investment environment, and includes the latest data, updated charts and tables, and brand new coverage of monetary stimulus. With a look back at the domino fall of the conjoined real estate, stock, and private debt bubbles that triggered the last major crisis, this book paints a vivid picture of what to expect the next time the world's economy pops. You'll learn how to protect your assets before and during the coming fall, and how to capitalize on the opportunities everyone else is missing. The housing bubble has popped, toppling banks and sending shockwaves of stock market misery around the world. It may seem like the worst is over. It's not. This book shows you what's still to come, and how to ride the crest instead of being sucked under. Learn when, why, and how the global bubble will burst Understand the repercussions that will reach into your accounts Get up to date on the data, with expert analysis and insight Start protecting yourself now with a few smart investment moves The stock market, real estate, consumer spending, private debt, dollar, and government debt bubbles will burst, driving up unemployment, devaluing the dollar, and causing deep global recession. Aftershock helps you fortify your assets before the wave so you can enjoy clear skies after the storm.
Revitalizing Marxist Theory for Today's Capitalism by Paul Zarembka,Radhika Desai Pdf
Amidst a capitalist crisis that has upturned mainstream orthodoxies, this title underscores the importance of historical and materialist understandings of capitalist economies. It exposes the limitations of neoclassical economics' endogenous growth theory and how it, in fact, gropes for understandings well established within Marxism.
Why was the discourse of family values so pivotal to the conservative and free-market revolution of the 1980s and why has it continued to exert such a profound influence on American political life? Why have free-market neoliberals so often made common cause with social conservatives on the question of family, despite their differences on all other issues? In this book, Melinda Cooper challenges the idea that neoliberalism privileges atomized individualism over familial solidarities, and contractual freedom over inherited status. Delving into the history of the American poor laws, she shows how the liberal ethos of personal responsibility was always undergirded by a wider imperative of family responsibility and how this investment in kinship obligations recurrently facilitated the working relationship between free-market liberals and social conservatives. Neoliberalism, she argues, must be understood as an effort to revive and extend the poor law tradition in the contemporary idiom of household debt. As neoliberal policymakers imposed cuts to health, education, and welfare budgets, they simultaneously identified the family as a wholesale alternative to the twentieth-century welfare state. And as the responsibility for deficit spending shifted from the state to the household, the private debt obligations of family were defined as foundational to socio-economic order. Despite their differences, neoliberals and social conservatives were in agreement that the bonds of family needed to be encouraged — and at the limit enforced — as a necessary counterpart to market freedom. In a series of case studies ranging from Clinton’s welfare reform to the AIDS epidemic, and from same-sex marriage to the student loan crisis, Cooper explores the key policy contributions made by neoliberal economists and legal theorists. Only by restoring the question of family to its central place in the neoliberal project, she argues, can we make sense of the defining political alliance of our times, that between free-market economics and social conservatism.
Financial Instability and Economic Security After the Great Recession by Charles J. Whalen Pdf
ÔThis book advances the re-unification of the Institutionalist and Keynesian traditions, now unstoppable, which when last combined eighty years ago proved the power of progressive and pragmatic thought. Let the spirit of Keynes and Commons inspire our new era Ð and perhaps this time a coherent, enduring and useful academic economics may also result.Õ Ð James K. Galbraith, President, Association for Evolutionary Economics (2012) ÔFinancial Instability and Economic Security after the Great Recession is a welcomed volume for a variety of reasons. The book does a good job of: 1) surveying the foundations of Post-Keynesian Institutionalism (PKI); 2) unfolding new ways of understanding and appreciating the economic and institutional insights of Hyman Minsky (which are many); and 3) providing new economic analysis into the recent financial crisis both in the United States and globally. . . How uncertainty affects institutions and individual behavior is something that needs more exploration, and this volume contributes to a much-needed discussion on how both institutionalists and Post-Keynesians can work together on this. . . a very interesting and stimulating book that provides some new insights in the development of both Institutionalist and Post-Keynesian thought.Õ Ð Heterodox Economics Newsletter ÔThis important and fascinating book confirms that policymakers would do well to brush up on their reading of Hyman Minsky as they wrestle with the ongoing effects of the global financial crisis. It makes a compelling case for understanding the current situation as a crisis of capitalism Ð a system that veers between stability and instability Ð and for managing and regulating economies on the basis of MinskyÕs insight that stability breeds instability. MinskyÕs insight was psychological, not merely economic, and this volume furthers the argument for including disciplines such as psychology and philosophy in understanding markets. It also helps us recognize the truth that, in the end, economies are human constructs and it will require strong doses of humanism to successfully manage our economic future.Õ Ð Michael E. Lewitt, Harch Capital Management and author of The Death of Capital: How Creative Policy Can Restore Stability ÔThe volume offers an intriguing economic frame that vastly broadens the possibilities for economic research and shifts the focus of economists from markets to people. . . This volume makes a coherent and articulate case for a new interpretation of existing economic theories with long traditions that could help inform both research and policy in the future.Õ Ð Christian Weller, Perspectives on Work ÔA failing orthodoxy calls out for powerful alternatives. Neoclassical economics is that failed orthodoxy; Whalen and his contributors are the critical alternative. In this finely orchestrated edited volume, the contributors take turns wielding a sledgehammer to demolish the weakened edifice of neoclassical theory. Then, each adds a brick to a new theoretical foundation as they work together to expand upon the Post-Keynesian Institutionalist approach, especially the ideas laid down by Hyman Minsky. Their critique is clear and the alternative theory and policies they present are critical for anyone trying to understand the nature and operation of market-based economies.Õ Ð Dorene Isenberg, University of Redlands, US ÔA convergence of Post Keynesian and Institutional economics, which have much in common, offers a sound and practical way forward after the Great Recession. By drawing inspiration from Hyman Minsky and tracing similarities in the economics of Veblen, Commons and Keynes, this book pursues such a convergence in an original and thought-provoking manner. The result is a new way of thinking about economics, one based on serious economic theory and rooted firmly in economic reality.Õ Ð Philip Arestis, University of Cambridge, UK ÔFinancial Instability and Economic Security after the Great Recession explores the close relationship between Institutional and Post Keynesian economics, thereby contributing greatly to our understanding of the recent Ð indeed, still ongoing Ð crisis in the U.S. economy and global financial markets. Together these two schools of thought provide coherent diagnoses and prescriptions that are wholly lacking in orthodox neoclassical theory. We are reminded that institutions matter, unregulated financial markets are not self-correcting, economies stall at equilibriums far below potential, and activist government is the only path to rebuilding a stable and balanced economy. This book will help greatly in the important task of rethinking economics and pointing us in the direction of reform and recovery.Õ Ð Timothy A. Canova, Chapman University School of Law, US ÔFor those who take the work of Hyman Minsky seriously, this collection of essays provides a most welcome and refreshing examination of modern economic reality. It also demonstrates just how fruitful a conjoining of Post Keynesian and Institutionalist theory can be. Whalen has chosen his authors wisely, and, taken as a whole, their contributions provide an illuminating inquiry into what Minsky called Òmoney-manager capitalismÓ. The authors continue in the Minsky tradition, complementing his theoretical work and driving it forward. I highly recommend this book to not only economists who consider themselves Post Keynesian or Institutionalist, but to all who are looking for a way out of the theoretical impasse posed by conventional economics.Õ Ð John Henry, University of Missouri-Kansas City, US ÔIn the 1930s, economic theory and policy underwent dramatic change; such a shift occurs rarely and only in times of great calamity. We are in a similar period today, and this book enlightens economic policy and contributes to change that is ongoing in the mainstream of economic thinking. Economists and policymakers alike will benefit from this book.Õ Ð Ronnie J. Phillips, Colorado State University, US ÔCharles Whalen has been the torch-bearer for Post-Keynesian Institutionalism for many years. The fruit of his thought and time is reaped in the publication of this valuable work that should be of interest to all economists, particularly those concerned with the macroeconomic workings of the real economy. While there are multiple authors, Whalen wrote or co-authored half of the chapters, giving the book coherence not usually found in a collection of essays; a first-rate book.Õ Ð Charles K. Wilber, University of Notre Dame, US ÔThe end of the Great Moderation (a period characterized by modest business cycles) and the demise of its intellectual underpinnings, such as the efficient market hypothesis, opens the door to fresh thinking about the evolution of the US and world economies. This volume responds with a compendium of insights that grow out of Post-Keynesian Institutionalism. Central constructs in the analysis Ð essential to understanding the new Great Instability and to generating constructive policy responses Ð include money-manager capitalism, financial regulation, and economic evolution. The book provides a persuasive basis for reconstructing macroeconomics and for finding sets of policies that could lead to greater world prosperity. This is an important contribution, since much of the intellectual and policy response to the current crisis has challenged the status quo very little and has not inoculated the global economy from further instability.Õ Ð Kenneth P. Jameson, University of Utah, US ÔThis book makes a major contribution toward developing an economic framework to address the policy failures that precipitated the 2007Ð2009 financial crisis and slowed recovery from the Great Recession. It begins that process with wonderfully clear analyses of the influence of earlier non-classical economic thinkers on Keynes and Minsky and then uses their insights and hypotheses to critique the economic thinking that failed to anticipate the crisis. But, unlike many other excellent analyses of recent events, it also identifies policy options capable of preventing future crises and ensuring a more rapid recovery. The authors have laid a strong foundation for the theoretical perspective required to secure the broadly shared prosperity that many view as the overriding objective of an economic system.Õ Ð Jane DÕArista, University of Massachusetts at Amherst, US ÔInstitutionalists and Post Keynesians have a great deal in common, so much so that it is surprising how little cooperation there has been between them. This innovative and engaging volume will help to put this right. Several of the contributors identify the ideas of Hyman Minsky as providing a bridge between the two traditions (in much the same way as Micha Kalecki connects Post Keynesian and Marxian thought), suggesting important ways these camps can profit from each otherÕs insights. Across the volume, the crucial concepts of ÔfuturityÕ, expectations and fundamental uncertainty shape the authorsÕ approach to economic theory, while an insistence on the need for a Ômore wisely managed capitalismÕ unites their policy discussions. This book deserves to be widely read; it will have important consequences.Õ Ð John E. King, La Trobe University, Australia This timely book rethinks economic theory and policy by addressing the problem of economic instability and the need to secure broadly shared prosperity. It stresses that advancing economics in the wake of the Great Recession requires an evolutionary standpoint, greater attention to uncertainty and expectations, and the integration of finance into macroeconomics. The result is a broader array of policy options Ð and challenges Ð than conventional economics presents. Building on the pioneering work of Thorstein Veblen, John R. Commons and John Maynard Keynes, the authors synthesize key insights from Institutional and Post Keynesian economics into Post-Keynesian Institutionalism. Then they use that framework to explore an array of economic problems confronting the United States and the world. Inspired by the work of Hyman Minsky, the authors place financial relations at the center of their analysis of how economies operate and change over time. Students and scholars of macroeconomics and public policy will find this book of interest, as will a wider audience of financial analysts, policymakers and citizens interested in understanding economic booms and downturns.
The Failure of Financial Regulation by Anil Hira,Norbert Gaillard,Theodore H. Cohn Pdf
“This publication could not be more timely. Little more than a decade after the global financial crisis of 2008, governments are once again loosening the reins over financial markets. The authors of this volume explain why that is a mistake and could invite yet another major crisis.” —Benjamin Cohen, University of California, Santa Barbara, USA “Leading political scientists from several generations here offer historical depth, as well as sensible suggestions about what reforms are needed now.” —John Kirton, University of Toronto, Canada, and Co-founder of the G7 Research Group “A valuable antidote to complacency for policy-makers, scholars and students.” —Timothy J. Sinclair, University of Warwick, UK This book examines the long-term, previously underappreciated breakdowns in financial regulation that fed into the 2008 global financial crash. While most related literature focuses on short-term factors such as the housing bubble, low interest rates, the breakdown of credit rating services and the emergence of new financial instruments, the authors of this volume contend that the larger trends in finance which continue today are most relevant to understanding the crash. Their analysis focuses on regulatory capture, moral hazard and the reflexive challenges of regulatory intervention in order to demonstrate that financial regulation suffers from long-standing, unaddressed and fundamental weaknesses.
How much do economists really know? In most cases, they claim to have profound knowledge but in fact understand little and obscure almost everything. Most people are convinced that economics should be left to the ‘experts’, when they themselves are perfectly capable of understanding it. This book explains that mainstream economics serves the interests of the rich through its logical inconsistency and unabashedly reactionary conclusions. John F. Weeks exposes the myths of mainstream economics and explains in straightforward language why current policies fail to serve the vast majority of people in the United States, Europe and elsewhere. Their failure to serve the interests of the many results from their devoted service to the few.
