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The End of Finance - Capital Market Inflation, Financial Derivatives and Pension Fund Capitalism (Paperback)
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The End of Finance - Capital Market Inflation, Financial Derivatives and Pension Fund Capitalism (Paperback)
Series: Routledge Frontiers of Political Economy
Expected to ship within 12 - 17 working days
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This volume develops an original critique of the belief that the
present era of finance, where finance markets dominate contemporary
capitalist economies, represents the best possible way of
organising economic affairs. In fact, it is argued, the ensuing
economic instability and inefficiency create the preconditions for
the end of the dominance of finance. The End of Finance develops a
theory of capital market inflation rooted in the work of Veblen,
Kalecki, Keynes and Minsky, demonstrating how it disinclines
productive activity on the part of firms, provides only short-term
conditions that are propitious for privatisation and distorts
monetary policy in the long-term. The author examines the role of
pension fund schemes and financial derivatives in transmitting
capital market inflation and provides a nuanced analysis of the
contradictory role they play in the financial system. Capital
market inflation is also examined in its historical context and
compared with past inflations, in particular the South Sea and
Mississippi Bubbles, which spawned the first financial derivatives,
and the first privatisations. This broad historical vision allows
us to see these forms of inflation as temporary and provisional in
character.
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