By Ismael Hossein-zadeh
This e-book offers a critique of the neoclassical motives of the 2008 monetary cave in, of the resultant lengthy recession and of the neoliberal austerity responses to it.
The learn argues that whereas the present perspectives of deregulation and financialization as instrumental culprits within the explosion and implosion of the monetary bubble are usually not fake, they fail to indicate that financialization is basically a sign of a complicated degree of capitalist improvement. those normal causes are likely to forget about the systemic dynamics of the buildup of finance capital, the inherent limits to that accumulation, construction and department of financial surplus, type relatives, and the stability of social forces that mildew fiscal policy.
Instead of easily blaming the ‘irrational habit’ of industry avid gamers, as neoliberals do, or lax public supervision, as Keynesians do, this publication specializes in the middle dynamics of capitalist improvement that not just created the monetary bubble, but in addition fostered the ‘irrational habit’ of marketplace gamers and subverted public policy.
Due to its interdisciplinary standpoint, this e-book may be of curiosity to scholars and researchers in economics, finance, politics and sociology.
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Additional info for Beyond Mainstream Explanations of the Financial Crisis: Parasitic Finance Capital
Challenge, May. html (accessed December 14, 2012). Fisher, I. (1933). The debt-deflation theory of Great Depressions. Econometrica, 1 (4): 337–357. Forbes (2011). The Fed’s $16 trillion bailouts under-reported. September 20. com/sites/traceygreenstein/2011/09/20/the-feds-16-trillion-bailoutsunder-reported/ (accessed October 7, 2013). Forsyth, R. (2009). Ignoring the Austrians got us in this mess. Barron’s, March 12. html (accessed October 18, 2013). Giles, C. (2008). The vision thing. Financial Times, November 26.
Goldman Sachs and other big banks are treating the global food supply as if it was some kind of a casino game. . Specifically, the housing crisis was caused by fraud. . But instead of cracking down on the fraud, the government is backing it. ” And the fraud bubble continues to expand: the people are told that the zero interest policy, the policy of giving virtually free money to Wall Street banksters, is necessary to stimulate the economy and create jobs. In essence, however, “zero interest rate policy is just another stealth bailout for the big banks.
There are also Left and/or Post-Keynesian economists, whose discussion is beyond the purview of this study. Contrary to neoliberal economists who view major financial instabilities as abnormal or exceptional occurrences, Keynesians view them as integral parts of relatively advanced market economies. Whereas neoliberals perceive financial instability as a manifestation of the “irrational” behavior of the market players, Keynesians see such financial volatilities as indicators of rational agents’ inventiveness in taking advantage of moneymaking opportunities to maximize their profits, or optimize their bets.
Beyond Mainstream Explanations of the Financial Crisis: Parasitic Finance Capital by Ismael Hossein-zadeh