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Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics (Paperback, First Edition,)
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Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics (Paperback, First Edition,)
Series: Anthem Finance
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The essays in this volume explain how financial inflation shifts
banking and financial markets towards more speculative activity,
changing the financial structure of the economy and corroding the
social and political values that underlie welfare state capitalism.
The essays begin with an article that was published in the
Financial Times that highlights the problems of excess debt, which
emerges when financial inflation exceeds the rate at which prices
and incomes are rising. Subsequent essays examine the consequences
of this for money and international financial, and for financial
and accounting techniques such as financial innovation, goodwill
and leverage. Among them are critical essays on the role that
finance theory has played in covering up the problems caused by
finance. These include a portrait of the pioneer of modern finance
theorist Fischer Black. Further essays discuss the role of finance
in economic inequality, fostering a new political, social and
economic divide between the asset-rich and the asset-poor as the
housing market (and asset markets in general) become the new
'welfare state of the middle classes'. A final group of essays
looks at how financial inflation finally broke down and financial
crisis broke out. A previously unpublished essay examines the
limitations of central banks in securing financial stability, while
two concluding essays discuss the role of international business in
transmitting the crisis around the world, and how developing
countries become affected by the crisis.
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