`The editors of this book have put together a compelling compendium
of explanations and consequences of the global financial crisis.
The essays are fairly homogeneous despite their apparent diversity,
all providing a useful historical background. There is an obvious
Institutionalist twist, with authors examining the changes in
organizations and regulations that have accompanied the move
towards financialization and money-manager capitalism. This
analysis is often informed by the work of Hyman Minsky, pointing
towards the inherent destabilizing forces of competition, as well
as the dangers of deregulation, self-regulation, securitization,
excess leverage, global imbalances, and the illusion of
liquidity-enhancing and risk-reducing financial innovations.' -
Marc Lavoie, University of Ottawa, Canada `This valuable collection
offers a stimulating range of heterodox views on the global
financial crisis and proposals for reform of the financial system,
nationally and internationally. The perspective of the authors is
broadly Post Keynesian, sometimes with a radical or an
institutionalist twist. Vigorously argued, clearly presented and
largely non-technical, these essays provide a great deal of food
for thought.' - John King, La Trobe University, Australia Though
the worst of the financial crisis of 2008 has, with hope, ebbed, it
has forever changed the economy in the United States and throughout
the rest of the world. Using the financial and economic crisis as a
catalyst, this volume examines how to better regulate the financial
system and what to expect in the future if no steps are made toward
reform. This book lays the foundation for those steps by providing
concrete ideas that will push policy in the direction of jobs
growth and widespread prosperity. Paired with a history of
financial market problems, Heterodox Analysis of Financial Crisis
and Reform analyzes complacency regarding the state of the economy,
its lack of jobs, growing income disparity, poverty and the
consequences of the false but widely shared belief that the economy
is self-regulating. This book suggests ways to account for the
inherent instability of financial markets and how to make asset
values less precarious. Examining both the macro and micro sides of
financial instability, the authors argue that existing rules and
regulations are either not applied or that they are not effective
enough to prevent market fluctuations of the magnitude experienced
in 2008. This volume also sheds new light on just how inextricably
linked success on Wall Street and welfare on Main Street have
become. Students and scholars of heterodox economics, historians,
political scientists, policymakers and all those with an interest
in an economic renaissance will find this thought-provoking
analysis of significant interest.
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