Credit And Crisis From Marx To Minsky
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Credit And Crisis From Marx To Minsky
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Author : Jan Toporowski
language : en
Publisher: Edward Elgar Publishing
Release Date : 2020-09-25
Credit And Crisis From Marx To Minsky written by Jan Toporowski and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-09-25 with categories.
This timely book studies the economic theories of credit cycles and disturbances in the 20th century, presenting a nuanced view of the role of finance in the economy after the financial crash of 2008. Focusing on the work of economists from Marx onwards, Jan Toporowski moves beyond conventional monetary theory to offer an insightful critical alternative to current financial macroeconomics. The book features an extended discussion of Marx's approach to credit and finance, new insights to Minsky's ideas and a reconsideration of the financial theories of Kalecki and Steindl.Economic researchers and postgraduate students seeking to extend their knowledge of critical approaches to finance will find this an invaluable read, as well as practitioners and policy makers who seek to understand financial instability and unstable markets. This will also be an insightful read for economic historians looking to understand the nuances of different key economic theories and their practical applications.
Credit And Crisis From Marx To Minsky
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Author : Jan Toporowski
language : en
Publisher: Edward Elgar Publishing
Release Date : 2020-09-25
Credit And Crisis From Marx To Minsky written by Jan Toporowski and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-09-25 with Business & Economics categories.
This timely book studies the economic theories of credit cycles and disturbances in the 20th century, presenting a nuanced view of the role of finance in the economy after the financial crash of 2008. Focusing on the work of economists from Marx onwards, Jan Toporowski moves beyond conventional monetary theory to offer an insightful critical alternative to current financial macroeconomics.
Minsky S Moment
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Author : Piero Ferri
language : en
Publisher: Edward Elgar Publishing
Release Date : 2019
Minsky S Moment written by Piero Ferri and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with BUSINESS & ECONOMICS categories.
At its core this book sets out the analytical and methodological foundations of Minsky’s financial instability hypothesis (FIH). Grounded on the joint work of Piero Ferri and Hyman Minsky, it offers insightful analysis from a unique insider's perspective. The objective is to deepen and enlarge the toolbox used by Minsky and to place the analysis within a dynamic perspective where a meta model, based upon regime switching, can encompass the different forms that the FIH can assume.
Capitalism Macroeconomics And Reality
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Author : James Crotty
language : en
Publisher: Edward Elgar Publishing
Release Date : 2017-04-28
Capitalism Macroeconomics And Reality written by James Crotty and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-04-28 with categories.
The essays comprising this collection analyze the deep flaws in the methodological foundation of mainstream economic theory, and explain how these flaws make mainstream economics more ideology than sound social science. James Crotty develops alternative theories built on realistic assumptions that can explain most of the disastrous economic and financial developments of the past four decades. His work contributes to the collective creation of a solid theoretical foundation on which to build an understanding of the ‘laws of motion’ of capitalism in the post WWII era.
Bonfire Of Illusions
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Author : Alex Callinicos
language : en
Publisher: John Wiley & Sons
Release Date : 2013-04-17
Bonfire Of Illusions written by Alex Callinicos and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-17 with Political Science categories.
Something dramatic happened in the late summer and autumn of 2008. The post-Cold War world came to an abrupt end. This was the result of two conjoined crises. First, in its brief war with Georgia in August 2008, Russia asserted its military power to halt the expansion of NATO to its very borders. Secondly, on 15 September 2008 the Wall Street investment bank Lehman Brothers collapsed. This precipitated a severe financial crash and helped to push the world economy into the worst slump since the 1930s. Both crises marked a severe setback for the global power of the United States, which had driven NATO expansion and forced through the liberalization of financial markets. More broadly they challenged the consensus that had reigned since the collapse of the Soviet bloc in 1989 that a US-orchestrated liberal capitalist order could offer the world peace and prosperity. Already badly damaged by the Iraq debacle, this consensus has now suffered potentially fatal blows. In Bonfire of Illusions Alex Callinicos explores these twin crises. He traces the credit crunch that developed in 2007-8 to a much more protracted crisis of overaccumulation and profitability that has gripped global capitalism since the late 1960s. He also confronts the interaction between economic and geopolitical events, highlighting the new assertiveness of nation-states and analysing the tense, complex relationship of interdependence and conflict that binds together the US and China. Finally, in response to the revelation that the market is not the solution to the world's problems, Callinicos reviews the prospects for alternatives to capitalism.
The Economics Of Financial Turbulence
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Author : Bill Lucarelli
language : en
Publisher: Edward Elgar Publishing
Release Date : 2011-01-01
The Economics Of Financial Turbulence written by Bill Lucarelli and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-01 with Business & Economics categories.
This challenging book examines the origins and dynamics of financialeconomic crises. Its wide theoretical scope incorporates the theories of Marx, Keynes and various other Post Keynesian scholars of endogenous money, and provides a grand synthesis of these theoretical lineages, as well as a powerful critique of prevailing neoclassical/monetarist theories of money. Bill Lucarelli provides detailed historical analyses of the causes of the current international financial crisis, and offers alternative heterodox theories with more coherent and rigorous theoretical frameworks than existing economic orthodoxies. He illustrates that the very assumptions of neoclassical theory - informed by the efficient markets hypothesis - tend to rule out the very possibility of endogenous financial crises. Consequently, he argues, the endogenous causes of these crises are either ignored or simply treated as random, extraneous historical events. In stark contrast to these neoclassical/monetarist views, this book seeks to explain the recurrence of these financial crises as a result of the inner workings of the capitalist system.
Fictitious Capital
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Author : Cédric Durand
language : en
Publisher: Verso Books
Release Date : 2017-06-06
Fictitious Capital written by Cédric Durand and has been published by Verso Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-06-06 with Political Science categories.
How finance is a mechanism of social and political domination The 2007–08 credit crisis and the long recession that followed brutally exposed the economic and social costs of financialization. Understanding what lay behind these events, the rise of “fictitious capital” and its opaque logic, is crucial to grasping the social and political conditions under which we live. Yet, for most people, the operations of the financial system remain shrouded in mystery. In this lucid and compelling book, economist Cédric Durand offers a concise and critical introduction to the world of finance, unveiling the truth behind the credit crunch. Fictitious Capital moves beyond moralizing tales about greedy bankers, short-sighted experts and compromised regulators to look at the big picture. Using comparative data covering the last four decades, Durand examines the relationship between trends such as the rise in private and public debt and the proliferation of financial products; norms such as our habitual assumptions about the production of value and financial stability; and the relationship of all this to political power. Fictitious Capital offers a stark warning about the direction that the international economy is taking. Durand argues that the accelerated expansion of financial operations is a sign of the declining power of the economies of the Global North. The City, Wall Street and other centres of the power of money, he suggests, may already be caked with the frosts of winter.
The Hyman P Minsky Hypothesis An Analysis And The Effect On The Subprime Crisis 2007
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Author : Thomas Hillen
language : en
Publisher: GRIN Verlag
Release Date : 2014-06-24
The Hyman P Minsky Hypothesis An Analysis And The Effect On The Subprime Crisis 2007 written by Thomas Hillen and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-06-24 with Business & Economics categories.
Seminar paper from the year 2012 in the subject Business economics - Operations Research, grade: 1,3, University of Applied Sciences Bielefeld, course: Multinational Business Finance, language: English, abstract: Financial crisis, a phenomena or a part of an economic and financial cycle which occurs when “...bankers, traders, and other financiers periodically played the role of arsonists, setting the entire economy ablaze.” (Cassidy, 2008) In the following we will take a closer look on the “Financial Instability Hypothesis” (FIH), it will be examined in what extent Hyman Philip Minsky (H.P.M.) predicted the financial crises in his theories and whether it can be proved or not by setting his theoretical aspects in comparison to the late occurrences of the Sub-prime crises. After giving the most important facts about H.P.M., his Financial Instability Hypothesis will be summarized and illuminated with its main aspects. Subsequently this hypothesis will be analyzed concerning essential theories that had much impact on his instability thesis, for instance “The General Theory” (TGT) of the economist John Maynard Keynes. Additionally the formation of financial crises will be illustrated with regard to Minsky’s assumption of three different types of asset holders. The Hedge-, the Speculative- and the Ponzi-debtor will be defined and explained concerning how they influence the business-cycle and could lead to a destabilized financial market. With hindsight the Sub-prime crises of 2007, which can also be defined as a financial crisis, main aspects of the development on the financial market and within the economy will be indicated to illustrate the so called “Minsky Moment”. In the end the conclusion implies not only Hyman Minsky’s advice and solution to avoid another financial crisis in the future but also our opinion upon Minsky’s Instability Hypothesis and its significance with regard to the overall question of: How far does Hyman P. Minsky’s Instability Hypothesis elucidate a financial crisis.
The Handbook Of The Political Economy Of Financial Crises
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Author : Martin H. Wolfson
language : en
Publisher: OUP USA
Release Date : 2013-02-21
The Handbook Of The Political Economy Of Financial Crises written by Martin H. Wolfson and has been published by OUP USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-02-21 with Political Science categories.
The Great Financial Crisis that began in 2007-2008 reminds us with devastating force that financial instability and crises are endemic to capitalist economies. This Handbook describes the theoretical, institutional, and historical factors that can help us understand the forces that create financial crises.
Crisis And The Failure Of Economic Theory
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Author : Giancarlo Bertocco
language : en
Publisher: Edward Elgar Publishing
Release Date : 2017-03-14
Crisis And The Failure Of Economic Theory written by Giancarlo Bertocco and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-14 with categories.
Economists have rightly been criticized for not having foreseen the crisis that exploded in 2007–2008. As Giancarlo Bertocco eloquently argues, responsibility does indeed rest heavily on their shoulders. By developing a theory which excluded the possibility that a catastrophic crisis could ever happen, the economics profession has justified decisions and behaviours that caused the Great Recession. This book presents an alternative theoretical approach built on the lessons of Marx, Keynes, Schumpeter, Kalecki, Kaldor and Minsky, which highlights the structural instability of a capitalist economy and the endogenous nature of the current crisis.