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The Demise of Finance-dominated Capitalism
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The Demise of Finance-dominated Capitalism

Explaining the Financial and Economic Crises

9781784714963 Edward Elgar Publishing
Edited by Eckhard Hein, Daniel Detzer and Nina Dodig, The Institute for International Political Economy (IPE), Berlin School of Economics and Law, Germany
Publication Date: 2016 ISBN: 978 1 78471 496 3 Extent: 384 pp
This book provides an overview of different theoretical perspectives on the long-run transition towards finance-dominated capitalism, on the implications for macroeconomic and financial stability, and ultimately on the recent global financial and economic crisis. In the first part, the macroeconomics of finance-dominated capitalism, the theories of financial crisis and important past crises are reviewed. The second part deals with the 2007-09 financial and economic crisis in particular. The special focus is on the long-run problems and inconsistencies of finance-dominated capitalism which played a key role in the crisis and its level of severity.

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The Demise of Finance-dominated Capitalism goes well beyond the dominant interpretation that the recent financial and economic crises are rooted in malfunctioning and poorly regulated financial markets. The book provides an overview of different theoretical, historical and empirical perspectives on the long-run transition towards finance-dominated capitalism, on the implications for macroeconomic and financial stability, and ultimately on the recent global financial and economic crises.

In the first part of the book the macroeconomics of finance-dominated capitalism, the theories of financial crisis and important past crises are reviewed. The second part deals with the 2007–09 financial and economic crises in particular, and discusses five explanations of the crises in more detail. The special focus of the book is the long-run problems and inconsistencies of finance-dominated capitalism that played a key role in the crisis and its severity.

The comprehensive literature reviews on the issues of financialization and economic crises will be a valuable aid to students. Policy makers will find the broader views on the causes of the recent financial and economic crises and the contradictions of finance-dominated capitalism of great interest. Alternative views on the long-run developments towards financialization, as well as on the relationships of these developments with the recent financial crises, will appeal to researchers in this field.
Contributors
Contributors: R. Barradas, N. Budyldina, C.A. Carrasco, D. Detzer, N. Dodig, T. Evans, G. Gabbi, E. Hein, H. Herr, A. Kalbaska, S. Lagoa, E. Leão, J. Michell, Ö. Orhangazi, F. Serrano, A. Vercelli



Contents
Contents:

List of contributors

Acknowledgements

Introduction
Eckhard Hein, Daniel Detzer and Nina Dodig

1. The Transition Towards Finance-dominated Capitalism: French Regulation School, Social Structures of Accumulation and Post-Keynesian Approaches Compared
Eckhard Hein, Nina Dodig and Natalia Budyldina

2. Finance-dominated Capitalism, Distribution, Growth and Crisis – Long-run Tendencies
Eckhard Hein and Nina Dodig

3. Theories of Financial Crises as Cumulative Processes – An Overview
Daniel Detzer and Hansjörg Herr

4. Financial Crises Leading to Stagnation – Selected Historical Case Studies
Nina Dodig and Hansjörg Herr

5. Five Explanations for the International Financial Crisis
Trevor Evans

6. Income Distribution and the Financial and Economic Crisis
Jo Michell

7. Global and European Imbalances and the Crisis: A Critical Review
Carlos A. Carrasco and Felipe Serrano

8. Financial Deregulation and the 2007-08 US Financial Crisis
Özgür Orhangazi

9. The Role of Incentives for the Great Recession: Securitization and Contagion
Giampaolo Gabbi, Alesia Kalbaska and Alessandro Vercelli

10. Risk Management, the Subprime Crisis and Finance-dominated Capitalism: What Went Wrong? A Systematic Literature Review
Sérgio Lagoa, Emanuel Leão and Ricardo Barradas


Index

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