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Books > Business & Economics > Economics > Economic theory & philosophy
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The Specter of Capital (Hardcover)
Loot Price: R2,600
Discovery Miles 26 000
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The Specter of Capital (Hardcover)
Series: Cultural Memory in the Present
Expected to ship within 12 - 19 working days
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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.
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