- Hardcover: 464 pages
- Publisher: Edward Elgar Publishing Ltd; illustrated edition edition (26 Aug 2005)
- Language English
- ISBN-10: 1843768747
- ISBN-13: 978-1843768746
- Product Dimensions: 23.9 x 16.3 x 3.3 cm
- Amazon Bestsellers Rank: 5,361,978 in Books (See Top 100 in Books)
- See Complete Table of Contents
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Review
"'We are all acutely aware of the increasing role in economic life of financial markets, institutions and operations and the pursuit of financial rewards, that is financialization. This book helps us to understand this dominant feature of neo-liberalism by examining the distributional implications, the effects of financialization on the US economy, international dimensions and monetary system, financial crises and policy responses. The breadth and depth of the analyses in this book will make it a most important contribution to the awareness of the problems raised by financialization and to the development of policy responses.' - Malcolm Sawyer, University of Leeds, UK 'This is a valuable collection of articles on financial globalisation from leading unorthodox economists. Edward Elgar are to be commended for bringing together these diverse writings in one volume. This will surely become a standard reference on the subject, even for those with orthodox perspectives.' - Ajit Singh, Professor of Economics, Centre for Business Research, University of Cambridge, UK 'One of the most important economic developments of the last quarter century has been the growth of the financial sector. In almost every country there has been a large increase in the share of profits that go to finance. This growth in the financial sector's profits has not been an accident; it is the result of conscious government policies. Remarkably, the economics profession has mostly viewed the growth of the financial sector as being of no special consequence, regarding its expansion as no different from growth in any other industry. This book takes an important step towards addressing this gap in research, examining the causes and consequences of an enlarged financial sector. The need for such work will become more evident as the world economy confronts more financial crises, like the stock market crash of 2000-2002.' - Dean Baker, Co-Director of the Center for Economic and Policy Research, Washington, DC, US 'Financialization is a central and shaping feature of the world economy in the current period of liberalization of financial markets and trade. Financialization and the World Economy offers a series of expert, well-informed, critical studies of this phenomenon which explore its risks and costs. Readers who seek a balanced understanding of globalization will find this book an invaluable resource.' - Duncan Foley, Professor of Economics at the New School University, New York, US"
Synopsis
"Financialization," described in the 17 papers collected here as the awareness of increasing importance of financial markets, institutions and motives in the world economy, can be expressed both quantitatively and qualitatively to find its costs and benefits to developing and developed nations. The contributors describe the neoliberalism of financi
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2 reviews
9 of 10 people found the following review helpful
Tremendously helpful
28 Mar 2008
Format:Paperback
The material in this book is absolutely essential for understanding many of the most important global economic events and issues since the unfunded costs of the Vietnam War combined with the oil crises of the 1970s to bring the U.S. economy to its knees. Epstein's introduction is available online, and it provides an excellent summary of each chapter. It astonishes me that this book is not more widely known and cited among economists and policy makers, and progressives in general. There is a treasure-trove of solid academic evidence showing that neo-liberal economics in general, and the neo-liberal deregulation of financial markets in particular, have been disastrous in their effects.
0 of 1 people found the following review helpful
Seeds of the 2008 and 2012(?) crisis
4 Dec 2011
Format:Paperback
I agree with all of the other reviewers comments. This is a great book to show that not all economists got it wrong. For earlier and on-going writings along these lines, see Michael Hudson's blog. I came across this in trying to find out where Paul Mason (BBC reporter and author of "Meltdown") was getting similar, but not quite complete, ideas concerning the economic origins of the crisis. That led me here, but for a deeper view of economics, see Michael Hudson's 1970ish doctoral thesis (now turned into a book "America's Protectionist Takeoff: 1815 to 1915") and his other books written in the early 1970's, and newer books. His on-going extensive blog gives up to date views you may not find elsewhere that center on the financialization disaster, dollar hegemony, and the importance of the balance of payments (not just trade deficit...this was his first job in the finance sector before). He seems a bit extreme at times, but he knows, and is ignored. Also look up "FIRE sector".
We use 40 times as much energy per person as we did in 1900 and the technology to utilize it has grown beyond all imagination. There is no theoretical reason why properly applied and improved classical political economy could not reduce our work week to 4 hours and eradicate poverty worldwide without little signs of resource limitation. Financialization that began in earnest with Reagan/Thatcher (listen to Paul Mason's, "radical economics part 2" BBC) has been a major blow to progress.
As Dr Hudson shows in his thesis, the America's Pershine Smith was not completely accepted here even as he was starting to get his economic thinking extremely correct, so he moved to Japan where the Meiji Government listened in earnest and is cited as one of the 2 great economic success stories in C. Owen Paepke's "Evolution of Progress".
We use 40 times as much energy per person as we did in 1900 and the technology to utilize it has grown beyond all imagination. There is no theoretical reason why properly applied and improved classical political economy could not reduce our work week to 4 hours and eradicate poverty worldwide without little signs of resource limitation. Financialization that began in earnest with Reagan/Thatcher (listen to Paul Mason's, "radical economics part 2" BBC) has been a major blow to progress.
As Dr Hudson shows in his thesis, the America's Pershine Smith was not completely accepted here even as he was starting to get his economic thinking extremely correct, so he moved to Japan where the Meiji Government listened in earnest and is cited as one of the 2 great economic success stories in C. Owen Paepke's "Evolution of Progress".
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