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Author: Joseph Vogl
Publisher: Stanford University Press
ISBN: 0804792968
Category : Business & Economics
Languages : en
Pages : 169
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Book Description
In his brilliant interdisciplinary analysis of the global financial crisis, Joseph Vogl aims to demystify finance capitalism—with its bewildering array of new instruments—by tracing the historical stages through which the financial market achieved its current autonomy. Classical and neoclassical economic theorists have played a decisive role here. Ignoring early warnings about the instability of speculative finance markets, they have persisted in their belief in the inherent equilibrium of the market, describing even major crises as mere aberrations or adjustments and rationalizing dubious financial practices that escalate risk while seeking to manage it. "The market knows best": this is a secular version of Adam Smith's faith in the market's "invisible hand," his economic interpretation of eighteenth-century providentialist theodicy, which subsequently hardened into an "oikodicy," an unquestioning belief in the self-regulating beneficence of market forces. Vogl shows that financial theory, assisted by mathematical modeling and digital technology, itself operates as a "hidden hand," pushing economic reality into unknown territory. He challenges economic theorists to move beyond the neoclassical paradigm to discern the true contours of the current epoch of financial convulsions.
Author: Joseph Vogl
Publisher: Stanford University Press
ISBN: 0804792968
Category : Business & Economics
Languages : en
Pages : 169
Get Book Here
Book Description
In his brilliant interdisciplinary analysis of the global financial crisis, Joseph Vogl aims to demystify finance capitalism—with its bewildering array of new instruments—by tracing the historical stages through which the financial market achieved its current autonomy. Classical and neoclassical economic theorists have played a decisive role here. Ignoring early warnings about the instability of speculative finance markets, they have persisted in their belief in the inherent equilibrium of the market, describing even major crises as mere aberrations or adjustments and rationalizing dubious financial practices that escalate risk while seeking to manage it. "The market knows best": this is a secular version of Adam Smith's faith in the market's "invisible hand," his economic interpretation of eighteenth-century providentialist theodicy, which subsequently hardened into an "oikodicy," an unquestioning belief in the self-regulating beneficence of market forces. Vogl shows that financial theory, assisted by mathematical modeling and digital technology, itself operates as a "hidden hand," pushing economic reality into unknown territory. He challenges economic theorists to move beyond the neoclassical paradigm to discern the true contours of the current epoch of financial convulsions.
Author: Nasser Saber
Publisher: FT Press
ISBN: 9780977179022
Category : Capital
Languages : en
Pages : 192
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Book Description
The first book to make sense of the invisible hand of global finance
Author: Bas van Bavel
Publisher: Oxford University Press
ISBN: 0191017671
Category : Business & Economics
Languages : en
Pages : 343
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Book Description
The Invisible Hand? offers a radical departure from the conventional wisdom of economists and economic historians, by showing that 'factor markets' and the economies dominated by them — the market economies — are not modern, but have existed at various times in the past. They rise, stagnate, and decline; and consist of very different combinations of institutions embedded in very different societies. These market economies create flexibility and high mobility in the exchange of land, labour, and capital, and initially they generate economic growth, although they also build on existing social structures, as well as existing exchange and allocation systems. The dynamism that results from the rise of factor markets leads to the rise of new market elites who accumulate land and capital, and use wage labour extensively to make their wealth profitable. In the long term, this creates social polarization and a decline of average welfare. As these new elites gradually translate their economic wealth into political leverage, it also creates institutional sclerosis, and finally makes these markets stagnate or decline again. This process is analysed across the three major, pre-industrial examples of successful market economies in western Eurasia: Iraq in the early Middle Ages, Italy in the high Middle Ages, and the Low Countries in the late Middle Ages and the early modern period, and then parallels drawn to England and the United States in the modern period. These areas successively saw a rapid rise of factor markets and the associated dynamism, followed by stagnation, which enables an in-depth investigation of the causes and results of this process.
Author: Paolo Savona
Publisher: Springer Science & Business Media
ISBN: 1475767668
Category : Business & Economics
Languages : en
Pages : 251
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Book Description
Two years ago, the Guido Carli Association, in collaboration with the Aspen Institute Italia, charged a group of distinguished economists to examine the problems created by the unsatisfactory functioning of the International Monetary System. The two resulting conferences were sponsored by the Fondazione della Cassa di Risparmio di Firenze (CESIFIN) and the Permanent Advisory Committee on the Euro and the Dollar (PACE&D). Their research had a two-fold aim. The first was an examination of the basic function of the International Monetary System with a special focus on the role the Euro would and should have. The second was the preparation of a list of recommendations on how to resolve the problems, financial problems in particular, affecting the entire world community. Last year, the group focused on efforts taking place in diverse financial institutions and universities to construct what has been called the `New International Financial Architecture'. This group considered the legal problems arising from European and international integration and, more generally, from the new architecture of the International Monetary System. This book, The New Architecture of the International Monetary System, is the final result of their efforts. It will be an invaluable resource for academics, professionals, and students alike.
Author: Paul Langley
Publisher: Routledge
ISBN: 1134521405
Category : Business & Economics
Languages : en
Pages : 209
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Book Description
World Financial Orders challenges the predominance of neo-liberalism as a mode of knowledge about contemporary world finance, and claims that it neglects the social and political bases as well as the malign consequences of change. He looks to the field of International Political Economy (IPE) to construct an alternative mode, one that critically restores society and politics. An 'historical' approach to IPE is advanced that accounts for modern world finance since the seventeenth century as a succession of structurally distinct hierarchical social orders. This book will be of interest to those working in the field of IPE and to those scholars, researchers and students from across the social sciences who seek to challenge the common-sense, neo-liberal explanation of contemporary world finance.
Author: A. Nesvetailova
Publisher: Springer
ISBN: 0230592309
Category : Business & Economics
Languages : en
Pages : 202
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Book Description
Fragile Finance examines financial crisis in the era of global credit. Drawing on the work of Hyman Minsky, the book discusses the global financial system over the past decade, suggesting that financial fragility stems from an explosive combination of financial innovation, over-borrowing, and progressive illiquidity of financial structures.
Author: Peter Gowan
Publisher: Verso Books
ISBN: 1789601118
Category : Political Science
Languages : en
Pages : 348
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Book Description
In this wide-ranging and incisive collection, Peter Gowan traces the contours of the world order that emerged after the end of the Cold War and assesses its prospects in the light of the global economic downturn. Arguing that the present inter-state system was shaped from the outset by Washington's drive to maintain its status as global hegemon, Gowan dissects several cherished myths of the liberal mainstream, offering a radical counter-history of the UN and a sharp critique of the West's interventions in the Balkans. He provides a forceful response to advocates of a new cosmopolitanism, and engages with neo-realist theories of international relations-asking whether the US invasions of Iraq and Afghanistan have resulted in a crisis for their visions of American power, and discussing what the lineaments of a future order might be. Closing with an interview conducted just before his death which discusses his life's work, A Calculus of Power is a penetrating look at contemporary world politics by one of the most renowned thinkers of the New Left.
Author: Tony Lawson
Publisher: Routledge
ISBN: 131753087X
Category : Business & Economics
Languages : en
Pages : 313
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Book Description
What do modern academic economists do? What currently is mainstream economics? What is neoclassical economics? And how about heterodox economics? How do the central concerns of modern economists, whatever their associations or allegiances, relate to those traditionally taken up in the discipline? And how did economics arrive at its current state? These and various cognate questions and concerns are systematically pursued in this new book by Tony Lawson. The result is a collection of previously published and new papers distinguished in providing the only comprehensive and coherent account of these issues currently available. The financial crisis has not only revealed weaknesses of the capitalist economy but also highlighted just how limited and impoverished is modern academic economics. Despite the failings of the latter being more widely acknowledged now than ever, there is still an enormous amount of confusion about their source and true nature. In this collection, Tony Lawson also identifies the causes of the discipline’s failings and outlines a transformative solution to its deficiencies. Amongst other things, Lawson advocates for the adoption of a more historical and philosophical orientation to the study of economics, one that deemphasizes the current focus on mathematical modelling while maintaining a high level of analytical rigour. In so doing Lawson argues for a return to long term systematic and sustained projects, in the manner pursued by the likes of Marx, Veblen, Hayek and Keynes, concerned first and foremost with advancing our understanding of social reality. Overall, this forceful and persuasive collection represents a major intervention in the on-going debates about the nature, state and future direction of economics.
Author: John W. Fox
Publisher: Routledge
ISBN: 1135988277
Category : Political Science
Languages : en
Pages : 367
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Book Description
For centuries, the Arabian Gulf has been a crossroads where seafaring people and Bedouins alike travelled great distances transacting business. Events of the past few years, both good and bad, have directed the world’s attention to the Arabian Peninsula, where a rich cultural tradition is rapidly incorporating the latest innovations from around the world. This is the process of globalization. New economies create enormous potential, but it will require great care for the people of the region to steer through a period of profound change. Political and economic interests intent on maintaining the flow of petroleum products on one hand, and people in the Gulf region who assess their won interests from quite a different perspective, on the other, exert pressures from conflicting directions. Reconciling these interests in a time of rapid globalization poses enormous challenges. This timely volume brings together the work of scholars from both the Middle East and the West who have the expertise to evaluate the interaction of new ideas, new technologies and new economies. Brought together by the American University of Sharjah and the Sociological Association of the UAE, the contributors reflect on both the process of globalism and on the traditions of Gulf society and culture, offering views on how these trends interact within the global system.
Author: Christopher Krupa
Publisher: University of Pennsylvania Press
ISBN: 081229842X
Category : Political Science
Languages : en
Pages : 329
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Book Description
In A Feast of Flowers, Christopher Krupa focuses on Ecuador's booming cut-flower sector and shows how capitalist expansion bound the Global South to new modes of financial dependency and subjected indigenous workers to elaborate forms of racial "improvement" and uplift.
