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Inequality in Financial Capitalism (Hardcover)
Loot Price: R3,987
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Inequality in Financial Capitalism (Hardcover)
Series: Routledge Frontiers of Political Economy
Expected to ship within 12 - 17 working days
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Recently, the issue of inequality has regained attention in the
economic and political debate. This is due to both an increase in
income inequality, in particular among rich countries, and an
increasing interest in this issue by researchers and politicians.
In the last three decades, income inequality among rich countries
increased. This period also witnessed the growth of "financial
capitalism", characterised by the strong dependency of economies on
the financial sector, by the globalisation and intensification of
international trade and capital mobility, and by the
"flexibilisation" of labour markets and the reduction of wage
shares. From the 1980s to the present day, this book considers the
theoretical aspects of inequality (its foundations, definitions,
approaches and origins) and examines empirical evidence of income
inequality in a wide range of advanced economies. The key arguments
in this volume are that income inequality increased during this
period because labour and welfare became seen as costs to be
compressed in "financial capitalism" rather than as a fundamental
part of aggregate demand to be expanded. However, the welfare state
is not a drain on economic performance and competitiveness, nor is
it a barrier to economic efficiency. Instead, it is demonstrated
that in countries that adopt "welfare capitalism", welfare state
expenditure not only contributes to a reduction in inequality but
also fosters economic growth. Inequality in Financial Capitalism is
of great importance to those who study economics, political
economy, labour economics and globalisation.
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