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Books > Business & Economics > Economics > Labour economics
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Financial Crisis, Labour Markets and Institutions (Paperback)
Loot Price: R1,524
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Financial Crisis, Labour Markets and Institutions (Paperback)
Series: Routledge Frontiers of Political Economy
Expected to ship within 12 - 19 working days
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This book seeks to explain the global financial crisis and its
wider economic, political, and social repercussions, arguing that
the 2007-9 meltdown was in fact a systemic crisis of the capitalist
system. The volume makes these points through the exploration of
several key questions: What kind of institutional political economy
is appropriate to explain crisis periods and failures of
crisis-management? Are different varieties of capitalism more or
less crisis-prone, and can the global financial crisis can be
attributed to one variety more than others? What is the interaction
between the labour market and the financialization process? The
book argues that each variety of capitalism has its own specific
crisis tendencies, and that the uneven global character of the
crisis is related to the current forms of integration of the world
market. More specifically, the 2007-09 economic crisis is rooted in
the uneven income distribution and inequality caused by the current
financial-led model of growth. The book explains how the
introduction of more flexibility in the labour markets and
financial deregulation affected everything from wages to job
security to trade union influence. Uneven income distribution and
inequality weakened aggregate demand and brought about structural
deficiencies in aggregate demand and supply. It is argued that the
process of financialization has profoundly changed how capitalist
economies operate. The volume posits that financial globalization
has given rise to growing international imbalances, which have
allowed two growth models to emerge: a debt-led consumption growth
model and an export-led growth model. Both should be understood as
reactions to the lack of effective demand due to the polarization
of income distribution.
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