Financialisation in CrisisThe turmoil of 2007-2009 is a crisis of financialised capitalism, and for this reason it is systemic and unusual. The crisis commenced in the sphere of finance, spread to production, and then became a world recession. Its unusual character is apparent since never before has a global economic crisis been triggered by banks lending to workers to buy houses. Moreover, state intervention to forestall the crisis becoming a major depression has been unprecedented. This book brings together several well-known political economists to analyse the domestic and international aspects of financialisation, thus putting the crisis in its appropriate context. It draws on Marxist and other heterodox economics to cast light on the broader implications of financialisation and crisis for society. |
Contents
A Crisis of Financialisation | 1 |
Part One Domestic Financialisation and the Roots of the Crisis | 13 |
Part Two International Financialisation and the Global Impact of the Crisis | 143 |
| 243 | |
| 259 | |
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Common terms and phrases
analysis billion BNP Paribas boom borrowers bubble capital-flows capital-gains capital-markets capitalist capitalist economy cent central bank changes chapter Citigroup collapse commercial banks contemporary corporations crises debt decades developing countries domestic Dymski emerged enterprises equity exchange-rate exploitation exports fees fictitious capital Figure financial assets financial crisis financial expropriation financial institutions financial liberalisation financial markets financial system financialisation flows foreign fund-management funds global global-financial growth Hilferding households housing bubble HSBC important income increased increasingly individual industrial inflation inflation-targeting interest interest-rates investment investment-banking investors Japan Japanese Lapavitsas Latino lenders lending liquidity loanable money-capital Marx Marxist Marxist political economy mergers and acquisitions monetary policy money-market mortgage-backed securities mortgages NAIRU neoliberal period production profits quasi-world-money racial real accumulation relations rentiers reserve-accumulation rise risk role rose Section sector securitisation social Source subprime loans Table tion trading transformation Turkey Turkish US-dollar US-economy US-financial wages workers world-economy world-money