Contents:
Preface
PART I: INTRODUCTION AND DISTRIBUTIONAL IMPLICATIONS
1. Introduction: Financialization and the World Economy
Gerald A. Epstein
2. Costs and Benefits of Neoliberalism: A Class Analysis
Gérard Duménil and Dominique Lévy
3. The Rise of Rentier Incomes in OECD Countries: Financialization,
Central Bank Policy and Labor Solidarity
Gerald A. Epstein and Arjun Jayadev
PART II: FINANCIALIZATION AND THE US ECONOMY
4. The Neoliberal Paradox: The Impact of Destructive Product Market
Competition and ‘Modern’ Financial Markets on Nonfinancial
Corporation Performance in the Neoliberal Era
James Crotty
5. The Late 1990s’ US Bubble: Financialization in the Extreme
Robert W. Parenteau
6. Derivatives Markets: Sources of Vulnerability in US Financial
Markets
Randall Dodd
PART III: FINANCIALIZATION AND THE INTERNATIONAL MONETARY
SYSTEM
7. Financial Globalization, Exchange Rates and International
Trade
Robert A. Blecker
8. The Eurodollar Market and the New Era of Global
Financialization
Edwin Dickens
9. The Role of the International Monetary System in
Financialization
Jane D’Arista
PART IV: CASE STUDIES OF FINANCIALIZATION AND ECONOMIC CRISIS
10. The Rise of the New Money Doctors in Mexico
Sarah Babb
11. The Making of the Turkish Financial Crisis
Yilmaz Akyüz and Korkut Boratav
12. The Recent Crisis – and Recovery – of the Argentine Economy:
Some Elements and Background
Arturo O’Connell
13. International Liquidity and Growth Fluctuations in Brazil
Nelson H. Barbosa-Filho
14. The Causes and Consequences of Neoliberal Restructuring in
Post-Crisis Korea
James Crotty and Kang-Kook Lee
PART IV: POLICY PERSPECTIVES
15. Averting Crisis? Assessing Measures to Manage Financial
Integration in Emerging Economies
Ilene Grabel
16. Why International Capital Mobility Should be Curbed and How it
Could be Done
David Felix
17. Applying a Securities Transactions Tax to the US: Design
Issues, Market Impact and Revenue Estimates
Robert Pollin
Index
Edited by Gerald A. Epstein, Professor of Economics and Co-Director, Political Economy Research Institute (PERI), University of Massachusetts-Amherst, US
’. . . the book's combination of breadth and depth suggests it will
remain a standard work for heterodox students for some time. It
quite correctly puts financialization at the center of the
political economy of our time. I highly recommend Financialization
and the World Economy to scholars in the field.'
*William K. Tabb, Queens College, CUNY, US*
'We are all acutely aware of the increasing role in economic life
of financial markets, institutions and operations and the pursuit
of financial rewards, that is financialization. This book helps us
to understand this dominant feature of neo-liberalism by examining
the distributional implications, the effects of financialization on
the US economy, international dimensions and monetary system,
financial crises and policy responses. The breadth and depth of the
analyses in this book will make it a most important contribution to
the awareness of the problems raised by financialization and to the
development of policy responses.'
*Malcolm Sawyer, University of Leeds, UK*
'This is a valuable collection of articles on financial
globalisation from leading unorthodox economists. Edward Elgar are
to be commended for bringing together these diverse writings in one
volume. This will surely become a standard reference on the
subject, even for those with orthodox perspectives.'
*Ajit Singh, University of Cambridge, UK*
'One of the most important economic developments of the last
quarter century has been the growth of the financial sector. In
almost every country there has been a large increase in the share
of profits that go to finance. This growth in the financial
sector's profits has not been an accident; it is the result of
conscious government policies. Remarkably, the economics profession
has mostly viewed the growth of the financial sector as being of no
special consequence, regarding its expansion as no different from
growth in any other industry. This book takes an important step
towards addressing this gap in research, examining the causes and
consequences of an enlarged financial sector. The need for such
work will become more evident as the world economy confronts more
financial crises, like the stock market crash of 2000-2002.'
*Dean Baker, Center for Economic and Policy Research, US*
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