Financialization And The Future Of The American Economy
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Financialization And The Future Of The American Economy
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Author : William K Tabb
language : en
Publisher: Taylor & Francis
Release Date : 2023-07-14
Financialization And The Future Of The American Economy written by William K Tabb and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-07-14 with Business & Economics categories.
Financialization is a set of processes which has led to a financially driven and commodified economy with rising inequality, tax avoidance, and a lack of investment in the physical and social infrastructure. Given the influence of money politics, and the secular increase in the burden of debt, financialization has produced a deeply flawed economic system which mainstream economists are unable to address. This book discusses the causes and costs of financial crises, how financialization produces inequality and instability, and the patterns of value extraction it enables. It draws on key theoretical traditions, most prominently the writing of Marx, Keynes, and Minsky that illuminate much that is ignored and rejected in mainstream theorizing, including by many who identify as Keynesians. After decades of low interest rates and years of quantitative easing (QE), keeping borrowing costs near zero, many borrowers – households, businesses, banks, shadow banks, and governments – will not be able to finance their debt at the higher interest rates initiated by central banks to address inflation. The resulting stagflation will be global, producing a severe downturn that may be postponed through still greater debt creation but not avoided by conventional means. The book also explores the ways that standard financial criteria contribute to the climate emergency and the manner in which the commodification of nature proceeds from the desire to create new, marketable derivative products. It concludes with a discussion of what needs to be done to move away from a harmful regime of accumulation premised on financialization and to adopt a far better one. This book is essential reading for anyone interested in the causes and consequences of financialization and its impact on the economy.
Makers And Takers
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Author : Rana Foroohar
language : en
Publisher:
Release Date : 2016
Makers And Takers written by Rana Foroohar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Business categories.
Eight years on from the biggest market meltdown since the Great Depression, the key lessons of the crisis of 2008 still remain unlearned-and our financial system is just as vulnerable as ever. Many of us know that our government failed to fix the banking system after the subprime mortgage crisis. But what few of us realize is how the misguided financial practices and philosophies that nearly toppled the global financial system have come to infiltrate ALL American businesses, putting us on a collision course for another cataclysmic meltdown. Drawing on in-depth reporting and exclusive interviews at the highest rungs of Wall Street and Washington, Time assistant managing editor and economic columnist Rana Foroohar shows how the "financialization of America"--The trend by which finance and its way of thinking have come to reign supreme - is perpetuating Wall Street's reign over Main Street, widening the gap between rich and poor, and threatening the future of the American Dream. Policy makers get caught up in the details of regulating "Too Big To Fail" banks, but the problems in our market system go much broader and deeper than that. Consider that: - Thanks to 40 years of policy changes and bad decisions, only about 15 % of all the money in our market system actually ends up in the real economy - the rest stays within the closed loop of finance itself. - The financial sector takes a quarter of all corporate profits in this country while creating only 4 % of American jobs. - The tax code continues to favor debt over equity, making it easier for companies to hoard cash overseas rather than reinvest it on our shores. - Our biggest and most profitable corporations are investing more money in stock buybacks than in research and innovation. - And, still, the majority of the financial regulations promised after the 2008 meltdown have yet come to pass, thanks to cozy relationship between our lawmakers and the country's wealthiest financiers. Exploring these forces, which have have led American businesses to favor balancing-sheet engineering over the actual kind and the pursuit of short-term corporate profits over job creation, Foroohar shows how financialization has so gravely harmed our society, and why reversing this trend is of grave importance to us all. Through colorful stories of both "Takers" and "Makers," she'll reveal how we change the system for a better and more sustainable shared economic future. From the Hardcover edition.
Financialization And The Us Economy
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Author : È Orhangazi
language : en
Publisher: Edward Elgar Publishing
Release Date : 2008-01-01
Financialization And The Us Economy written by È Orhangazi 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 2008-01-01 with Business & Economics categories.
Profound transformations have taken place both in the US and the global economy, most especially in the realm of finance. This title brings together a comprehensive analysis of financialization in the US economy that encompasses historical, theoretical, and empirical sides of the issues.
The Future Of The American Economy 2050
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Author : Tomas Peñaloza
language : en
Publisher: Independently Published
Release Date : 2024-04-21
The Future Of The American Economy 2050 written by Tomas Peñaloza and has been published by Independently Published this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-04-21 with Business & Economics categories.
The rate of economic growth in the US and other major economies has been slowing down (decelerating) for the past 50 years. For the next decades, important demographic trends will have an increasing impact in their further deceleration. This book discusses actions that must be taken to address this trend and avoid falling into a state of secular stagnation. This book is written for the public in general. The authors are economists with postgraduate studies in economics and finance. Both have significant professional experience in financial institutions and have headed departments of economic studies. Their most recent publications: "Economic Deceleration" - Explains the causes that have generated economic deceleration since the 1970s. "The Era of Two Speeds" - Analyzes the impact and implications of the current financialization of the economy in the US. "Harnessing Price Inflation" - Based on the behavior of prices in the US for the last 100 years, recommendations are made on methods to harness price inflation.
Service Industries
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Author : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Economic Stabilization
language : en
Publisher:
Release Date : 1984
Service Industries written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Economic Stabilization and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with Foreign trade promotion categories.
Crisis Economics
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Author : Nouriel Roubini
language : en
Publisher: Penguin
Release Date : 2010-05-11
Crisis Economics written by Nouriel Roubini and has been published by Penguin this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-05-11 with Business & Economics categories.
This myth shattering book reveals the methods Nouriel Roubini used to foretell the current crisis before other economists saw it coming and shows how those methods can help us make sense of the present and prepare for the future. Renowned economist Nouriel Roubini electrified his profession and the larger financial community by predicting the current crisis well in advance of anyone else. Unlike most in his profession who treat economic disasters as freakish once-in-a-lifetime events without clear cause, Roubini, after decades of careful research around the world, realized that they were both probable and predictable. Armed with an unconventional blend of historical analysis and global economics, Roubini has forced politicians, policy makers, investors, and market watchers to face a long-neglected truth: financial systems are inherently fragile and prone to collapse. Drawing on the parallels from many countries and centuries, Nouriel Roubini and Stephen Mihm, a professor of economic history and a New York Times Magazine writer, show that financial cataclysms are as old and as ubiquitous as capitalism itself. The last two decades alone have witnessed comparable crises in countries as diverse as Mexico, Thailand, Brazil, Pakistan, and Argentina. All of these crises-not to mention the more sweeping cataclysms such as the Great Depression-have much in common with the current downturn. Bringing lessons of earlier episodes to bear on our present predicament, Roubini and Mihm show how we can recognize and grapple with the inherent instability of the global financial system, understand its pressure points, learn from previous episodes of "irrational exuberance," pinpoint the course of global contagion, and plan for our immediate future. Perhaps most important, the authors-considering theories, statistics, and mathematical models with the skepticism that recent history warrants—explain how the world's economy can get out of the mess we're in, and stay out. In Roubini's shadow, economists and investors are increasingly realizing that they can no longer afford to consider crises the black swans of financial history. A vital and timeless book, Crisis Economics proves calamities to be not only predictable but also preventable and, with the right medicine, curable.
Brave New World Economy
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Author : Wilhelm Hankel
language : en
Publisher: John Wiley & Sons
Release Date : 2011-02-09
Brave New World Economy written by Wilhelm Hankel 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 2011-02-09 with Business & Economics categories.
An engaging look at the road to a sustained economic recovery The global finance system can be regulated to prevent massive credit fraud, tame capitalism, confront the sovereign debt crisis, and move towards investing in the real economy and full employment. "Obamanomics", and American reinvention can lead to a sustained economic recovery but only together with major domestic, European, and global monetary reforms in cooperation with emerging nations. For decades, the U.S. dollar has served as the world's reserve currency. But after the global market meltdown and the resulting massive stimulus spending meant to keep the Great Recession from becoming an even Greater Depression, confidence in America's ability to make good on its growing debt is at all-time lows. In Brave New World Economy: Global Finance Threatens Our Future, Wilhelm Hankel and Robert Isaak—two extremely controversial, yet highly respected experts on international economics and management—describe how "Obamanomics," the Euro crisis, and shift of economic growth from the West to emerging economies, if handled properly, can lead to true economic stability and job creation. Highlights America's 'Great Bluff' bail-out strategy to cope with the crisis and the reforms Obamanomics must make to bring about sustainable job recovery Describes the risks and rewards of borrowing from future generations—in the United States, Europe, and the developing world—to save the current generation Details how money became separated from government control and why the interbanking credit system threatens western nations with bankruptcy, undermining pensions, and the human right to work Points out why nation-states need to go back to helping themselves and not rely on the false promises of regional integration and globalization Shows how legalizing underground labor will create more jobs How we arrived at this economic crossroads isn't as important as the decision as to which path to take. The Brave New World Economy points us in the right direction.
Financialization Of The Economy Business And Household Inequality In The United States
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Author : Kurt Mettenheim
language : en
Publisher: Routledge
Release Date : 2021-11-17
Financialization Of The Economy Business And Household Inequality In The United States written by Kurt Mettenheim and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-11-17 with Business & Economics categories.
This second volume on the political and social economy of financialization in the US focuses on the consequences of the rise of finance for the American macroeconomy, household inequality, and the management of nonfinancial business enterprises. A historical–institutional balance-sheet approach to long-term trends and recent change in the US reveals a series of anomalies and provisos for critical, heterodox, and mainstream economic approaches and provides new perspectives on debates about political economic change in advanced economies since the 2007–2008 financial crisis. This book marks a significant contribution to the literature on financialization and studies in social economics, household economics, the structure and management of nonfinancial business enterprises, and American political economy.
The Money Revolution
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Author : Richard Duncan
language : en
Publisher: John Wiley & Sons
Release Date : 2022-01-31
The Money Revolution written by Richard Duncan 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 2022-01-31 with Political Science categories.
Learn how the United States can stop and reverse its relative economic decline in this fascinating analysis of American Money, Credit and Capital In The Money Revolution: How to Finance the Next American Century, economist and bestselling author Richard Duncan lays out a farsighted strategy to maximize the United States unmatched financial and technological potential. In compelling fashion, the author shows that the United States can and should invest in the industries and technologies of the future on an unprecedented scale in order to ignite a new technological revolution that would cement the country’s geopolitical preeminence, greatly enhance human wellbeing, and create unimaginable wealth. In this book, you will find: An important new history of the Federal Reserve that details the transformation of the country’s central bank from the passive lender of last resort created by its founders in 1913 into the world’s most powerful economic institution today. A fascinating discussion of the evolution of money and monetary policy in the United States over the past century. An examination of the role that credit has played in generating economic growth, especially since Dollars ceased to be backed by Gold five decades ago. A detailed description of the country’s capital structure and its dangerous deficiencies. An urgent call-to-action for the United States to begin a multi-trillion-dollar investment program targeting industries of the future. The Money Revolution: How to Finance the Next American Century is a page-turning read ideal for anyone interested in the future of the United States. Its gripping thesis offers anyone with a personal or professional interest in America’s economy, financial system, or geopolitical position in the world an engrossing intellectual journey.
The Future Of Finance
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Author : Moorad Choudhry
language : en
Publisher: John Wiley & Sons
Release Date : 2010-09-16
The Future Of Finance written by Moorad Choudhry 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 2010-09-16 with Business & Economics categories.
New banking and investment business models to navigate the post-financial crisis environment The financial crisis of 2007-2008 has discredited business models in the banking and fund management industries. In The Future of Finance, Moorad Choudhry and Gino Landuyt argue that banks must realign their business models, implying a lower return-on-equity; diversifying their funding sources; and increasing liquidity reserves. On the investment side, the authors discuss how diversification did not reduce risk, but rather amplified it, and failed to stabilize returns. The authors conclude that the clear lesson from the crisis is to know one's risk. A lesson that is best served by concentrating on assets and sectors that you understand. Examines the weaknesses in the business models of many institutions, as well as the theoretical foundation for professionals in the field of finance Identifies the shortcomings of Modern Portfolio Theory Addresses how investment managers can find new strategies for creating "alpha" and why they need to re-vamp their fee structures Filled with in-depth insights and practical advice, The Future of Finance will provide bankers and investment managers with a guide to realigning their businesses in order to prosper in the post-crisis financial markets.