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Beyond Mainstream Explanations of the Financial Crisis

Parasitic Finance Capital

By Ismael Hossein-zadeh

Routledge – 2014 – 172 pages

Series: Routledge Frontiers of Political Economy

Purchasing Options:

  • Add to CartHardback: $135.00
    978-0-415-63806-7
    April 15th 2014

Description

This book provides a critique of the neoclassical explanations of the 2008 financial collapse, of the ensuing long recession and of the neoliberal austerity responses to it.

The study argues that while the prevailing views of deregulation and financialization as instrumental culprits in the explosion and implosion of the financial bubble are not false, they fail to point out that financialization is essentially an indication of an advanced stage of capitalist development. These standard explanations tend to ignore the systemic dynamics of the accumulation of finance capital, the inherent limits to that accumulation, production and division of economic surplus, class relations, and the balance of social forces that mold economic policy.

Instead of simply blaming the ‘irrational behavior’ of market players, as neoliberals do, or lax public supervision, as Keynesians do, this book focuses on the core dynamics of capitalist development that not only created the financial bubble, but also fostered the ‘irrational behavior’ of market players and subverted public policy.

Due to its interdisciplinary perspective, this book will be of interest to students and researchers in economics, finance, politics and sociology.

Contents

1. Neoliberal Explanations of the Financial Crisis 2. Keynesian Explanations of the Financial Crisis 3. Specious Theories of Mainstream Economics 4. Evolution and Characteristics of Finance Capital: A new phase, not just another cycle 5. Marxian Views of Financial Crises 6. Debt Cancellation: Learning from Biblical Jubilee 7. The Case for Public Banking 8. Beyond Regulation and Public Banking

Author Bio

Ismael Hossein-zadeh is Emeritus Professor of Economics at Drake University, USA.

Name: Beyond Mainstream Explanations of the Financial Crisis: Parasitic Finance Capital (Hardback)Routledge 
Description: By Ismael Hossein-zadeh. This book provides a critique of the neoclassical explanations of the 2008 financial collapse, of the ensuing long recession and of the neoliberal austerity responses to it. The study argues that while the prevailing views of deregulation and...
Categories: Political Economy, Banking, Marxism & Communism, Economics, Finance, International Political Economy