The Great Financial Crisis that began in 2007 reminds us with devastating force that financial instability and crises are endemic to capitalist economies, and that it is only strong and dynamically-changing financial regulations that can keep the damage caused by these crises within bounds. The international financial system and individual national economies, including that of the United States, are suffering from the aftermath of the worst financial crisis since the Great Depression. Economists are struggling to understand the origins and implications of the crisis. The Handbook ofthe Political Economy of Financial Crises uses a political economy theoretical framework to analyze the crisis.
After an opening chapter that describes the dimensions of the current crisis, the next section provides relevant theoretical frameworks. Subsequent sections apply these theoretical frameworks to analyze the background, dimensions, and implications of the crisis for the world economy. Leading scholars push forward our understanding of how and why our international and domestic economies are susceptible to financial breakdown and what can be done to mitigate this problem in the future.
The methodology throughout applies theoretical concepts in the context of an historical and institutional understanding of the real world. By emphasizing the historical and institutional aspects of financial crises, the authors advance economic knowledge and provide insights into how we can manage our financial system to improve the lives of ordinary people.
Recenzijos
Many leading critics of the capitalist financial system address the causes of the recent great financial crisis and measures to reform it. They emphasize the political economy of financial problems, with much analysis grounded in the theoretical framework of Marx, Keynes, and more recently Hyman Minsky. In this book, the contributors appear to strongly agree that there have been enormous costs from abandoning this framework in favor of the neoliberal ideals of efficient markets, maximization of shareholder wealth, and inherently stable markets. Recommended. Upper-division undergraduates through professionals. * CHOICE *
Introduction ;
1. Gerald A. Epstein and Martin H. Wolfson ; PART I: THE
GREAT FINANCIAL CRISIS: U.S. DYNAMICS AND EFFECTS ;
2. The Origins of the
U.S. Financial Crisis of 2007: How a House Price Bubble, a Credit Bubble, and
Regulatory Failure Caused the Greatest Economic Disaster Since the Great
Depression. ; Marc Jarsulic ;
3. Speculation and Asset Bubbles ; Dean Baker ;
4. The Great Recession's Impact on Jobs, Wages, and Incomes ; Josh Bivens and
Heidi Shierholz ;
5. Distribution and Crisis: Reviewing Some of the Linkages
; Arjun Jayadev ;
6. Housing Markets and Foreclosures ; Rachel Drew and
Christian Weller ; PART II: THEORETICAL APPROACHES FOR UNDERSTANDING
FINANCIAL CRISES ;
7. The Realism of Assumptions Does Matter: Why
Keynes-Minsky Theory Must Replace Efficient Market Theory as the Guide to
Financial Regulation Policy ; James Crotty ;
8. Political Economy Approaches
to Financial Crisis: Hyman Minsky's Financial Fragility Hypothesis ; Jan
Kregel ;
9. An Institutional Theory of Financial Crises ; Martin H. Wolfson ;
10. The Anatomy of Financial and Economic Crisis ; Duncan K. Foley ; PART
III: THE GLOBAL DIMENSIONS OF FINANCIAL CRISES ;
11. The Economic and
Financial Crisis of 2008-2010: The International Dimension ; Ajit Singh ;
12.
Global Imbalances and the International Monetary System: Problems and
Proposals ; Jane D'Arista and Korkut Erturk ;
13. How the Full Opening of the
Capital Account to Highly Liquid and Unstable Financial Markets Led Latin
America to Two and a Half Cycles of 'Mania, Panic and Crash' ; Jose Gabriel
Palma ;
14. Financial and Currency Crises in Latin America ; Mario Damill,
Roberto Frenkel and Martin Rapetti ;
15. The Asian Financial Crisis,
Financial Restructuring and the Problem of Contagion ; C. P. Chandrasekhar
and Jayati Ghosh ;
16. Speculation and Sovereign Debt - An Insidious
Interaction ; Gerald Epstein and Pierre Habbard ;
17. Whither the Euro?
History and Crisis of Europe's Single-Currency Project ; Robert Guttmann and
Dominique Plihon ;
18. The Eurozone Crisis through the Prism of World Money ;
Costas Lapavitsas ; PART IV: THE ROLE OF INSTITUTIONAL AND STRUCTURAL CHANGE
IN THE DEVELOPMENT OF FINANCIAL CRISES ;
19. Changes in the Postwar Global
Economy and the Roots of the Financial Crisis ; David M. Kotz ;
20. Bank
Lending and the Subprime Crisis ; Gary Dymski ;
21. Deregulation and the New
Financial Architecture ; Damon Silvers ;
22. What We Don't Talk About When We
Talk About Banking ; Jennifer S. Taub ;
23. Derivatives in the Crisis and
Financial Reform ; Michael Greenberger ;
24. From Innovation to
Financialization: How Shareholder Value Ideology is Destroying the US Economy
; William Lazonick ;
25. Financialization and the Global Economy ; Engelbert
Stockhammer ;
26. The International Spread of Financialization ; William K.
Tabb ; PART V: POLICY AND INSTITUTIONAL CHANGE TO LIMIT FINANCIAL CRISES ;
27. International and Regional Cooperation for Dealing with Financial Crises
; Jose Antonio Ocampo ;
28. Productive Incoherence in a Time of Crisis: The
IMF and the Resurrection of Capital Controls ; Ilene Grabel ;
29. The
Japanese Boom and Bust: " Lessons ; Robert McCauley ;
30. The Role of the
Federal Reserve: Lender of Last Resort ; Chris Rude ;
31. Monetary Policy and
Central Banking after the Crisis: The Implications of Rethinking
Macroeconomic Theory ; Thomas I. Palley ;
32. The Bailout of the
"Too-Big-to-Fail" Banks: Never Again ; Fred Moseley ;
33. The Savings and
Loan Crisis and Bailout: Lessons for Policy ; Dorene Isenberg ;
34. Pension
Policies to Minimize Future Economic Crises ; Teresa Ghilarducci ;
35. A
Minskian Road to Financial Reform ; Randall Wray ;
36. The Global Financial
Crisis and Africa: The Effects and Policy Responses ; Zuzana Brixiova and
Leonce Ndikumana ;
37. Beyond Capitalism? ; Minqi Li
Martin H. Wolfson is the Director of the Higgins Labor Studies Program. He teaches economics at the University of Notre Dame. Before teaching, he was an economist at the Federal Reserve Board in Washington, D.C. He is a member of the Board of Directors of the Community Forum for Economic Development, an organization that promotes social and economic equity and increased living standards of local residents.
Gerald A. Epstein is Professor of Economics and a founding Co-Director of the Political Economy Research Institute at the University of Massachusetts Amherst. He is the co-founder of SAFER, a group of economists and other analysts who participate in the debate over financial reform in the United States.
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