Financialization: The Economics of Finance Capital Domination - Hardcover

Palley, T.

Hardcover

ISBN 10: 1137265817 ISBN 13: 9781137265814

Publisher: Palgrave Macmillan, 2013

Synopsis

This book explores the process of financialization whereby economies are increasingly dominated by finance capital. This process is characterized by rising income inequality, wage stagnation, increased indebtedness, a rising financial sector share of profits, and tendencies to generate asset price bubbles. The financial crisis of 2008 and the subsequent recession and stagnation represent the latest phase. The book provides a comprehensive treatment of these developments, beginning with a presentation of
the empirical evidence. That is followed by economic theory chapters dealing with the macroeconomics of financialization, business cycle effects; microeconomic developments; tendencies toward Minsky-style economic instability; and economic growth effects. The final section of the book focuses on the political economy of financialization and policies to stabilize financial markets.

About this title

Book Description:

The book represents financialization as corresponding to financial neoliberalism, which is characterized by financial sector dominantion of the macro economy and economic policy

About the Author:

THOMAS PALLEY is an economist living in Washington DC, USA. He is currently Senior Economic Policy Adviser to the AFL-CIO in Washington DC. He was formerly chief economist with the US – China Economic and Security Review Commission. Prior to joining the Commission he served as director of the Open Society Institute's Globalization Reform Project and as assistant director of Public Policy at the AFL-CIO. He is the author of Plenty of Nothing: The Downsizing of the American Dream and the Case for Structural Keynesianism, Princeton University Press (1998); Post Keynesian Economics: Debt, Distribution and the Macro Economy, Macmillan/St.Martins Press (1996); From Financial Crisis to Stagnation: The Destruction of Shared Prosperity and the Role of Economics, Cambridge University Press (2012); and The Economic Crisis: Notes From the Underground, CreateSpace (2012). He has published in numerous academic journals, and written for The Atlantic Monthly, American Prospect and Nation magazines. His numerous op-eds are posted on his website www.thomaspalley.com. Dr. Palley holds a B.A. degree from Oxford University, UK and a M.A. degree in International Relations and Ph.D. in Economics, both from Yale University.

About this edition

• Publisher: Palgrave Macmillan
• Publication date: 2013
• ISBN 10: 1137265817
• ISBN 13: 9781137265814
• Binding: Hardcover
• Number of pages: 244