Financialization and the World Economy. Front Cover. Gerald A. Epstein. Edward Elgar, – Business & Economics – pages. Financialization – the increasing importance of financial markets, institutions and motives in the world economy – is described and analyzed in this rigorously. Download Citation on ResearchGate | On Jan 1, , G.A. Epstein and others published Introduction: Financialization and the world economy }.

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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. 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 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. The contributors, top scholars in their fields, explore the quantitative and qualitative dimensions of financialization and tally its costs and benefits for society as a whole. They explore the puzzling promotion of financial liberalization by governments despite its enormous costs, and describe what can be done to alter the destructive path toward excessive financialization that most countries are taking.

The book begins by presenting basic data on the distributional implications of financialization. Part two focuses on financialization in the context of the US economy, with discussion of the relationship between financialization and non-financial corporations, the stock market bubble, and the evolution of derivatives markets. The international dimensions of financialization are explored in part three, with particular attention paid to the evolution of the international monetary system.

EconPapers: Financialization and the World Economy

Part four presents five case studies of financialization and financial crises in emerging markets in the s and s: The final section offers ideas for policy responses, including capital controls and securities transaction taxes.


Researchers and students of international economics and finance will find this provocative volume an important part of the debate surrounding this multi-faceted phenomenon. Learn more click to open popover Customers who viewed this item also viewed Page 1 of 1 Start over Page 1 of 1 This shopping feature will continue to load items. In order to navigate out of this carousel please use your heading shortcut key tue navigate to the next or previous heading.

Back The Power of Finance: The Future of Capitalism Steve Keen 4. Would you like to tell us about a lower price? If you are a seller for this product, would you like to suggest updates through seller support? This book helps us to understand this dominant feature of neo-liberalism by examining the epstfin 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.

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Financialization and the World Economy

Page 1 of 1 Start over Page 1 of 1. The Power of Finance: Financialization and the Real Economy. The Economics of Finance Capital Domination. The Origins of International Economic Disorder: Customers who bought this item also bought. The Future of Capitalism. How Finance Exploits Us All. Debtfare States and the Poverty Industry: About the Author Edited by Gerald A.

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This is a great finandialization 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 ish doctoral thesis now turned into a book “America’s Protectionist Takeoff: His on-going extensive blog gives up to date views you may not find elsewhere that center on the financialization disaster, dollar financializatiion, and the importance of the balance of payments not just trade deficit 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 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 econoym.

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 teh 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”. The material in this book is absolutely essential for understanding many epsteih the most important global economic events and issues since the unfunded costs of the Vietnam War combined with the oil crises of the s to bring the U.

Epstein’s introduction is available online, and it provides an excellent summary of each chapter. It astonishes me that this book is not more econoomy known and cited among economists and policy financializaion, 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. Amazon Giveaway allows you to run promotional giveaways in order to create buzz, reward your audience, and attract new followers and customers.

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