Financialisation in crisis

Description

The 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. List of Tables and FiguresIntroduction: A Crisis of Financialisation, Costas LapavitsasPART I: DOMESTIC FINANCIALISATION AND THE ROOTS OF THE CRISIS1. Financialised Capitalism: Crisis and Financial Expropriation, Costas Lapavitsas 2. The Political Economy of the Subprime Meltdown, Gary Dymski3. On the Content of Banking in Contemporary Capitalism, Paulo L. Dos Santos4. Central Banking in Contemporary Capitalism: The Limits of Monetary Policy, Demophanos PapadatosPART II: INTERNATIONAL FINANCIALISATION AND THE GLOBAL IMPACT OF THE CRISIS5. On the Historical Significance and Social Costs of the Subprime Financial Crisis: A Comparison with Japan, Makoto Itoh6. Oil and Finance in the Global Markets, Carlos Morera Camacho and Jose Antonio Rojas Nieto7. Developing Countries in the Era of Financialisation: From Deficit Accumulation to Reserve Accumulation, Juan Pablo Painceira 8. Global Integration of Middle-Income Developing Countries in the Era of Financialisation: The Case of Turkey, Nuray ErgunesReferencesNotes on ContributorsIndex