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The End of Finance - Capital Market Inflation, Financial Derivatives and Pension Fund Capitalism (Hardcover)
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The End of Finance - Capital Market Inflation, Financial Derivatives and Pension Fund Capitalism (Hardcover)
Series: Routledge Frontiers of Political Economy
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This volume develops a critique of the belief that the present era
of finance, where finance markets dominate contemporary capitalist
economies, represents the best possible way of organizing 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 text 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
privatization 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 privatizations. This broad
historical vision allows us to see these forms of inflation as
temporary and provisio
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