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"Since the beginning of the 2000s, emerging market economies, or middle-income countries, have embarked on major changes in their domestic financial systems. These changes - in which central banks have been key players - are shaped by the process of financialisation, which can generally be characterized by the dominance of financial considerations in the conduct of major agents (banks, non-financial corporations and households). As a consequence of the emerging markets crisis at the end of the 1990s, a new phenomenon in global financial markets emerged: a massive accumulation of foreign reserves in emerging economies. This has had important consequences for the global economy in which develo...
This book addresses the problems of Latin America, through two of the most important features of the post-Bretton Woods economic order, large corporations and weak financial markets. In turn, it shows that their impact on economic growth and development is feeble and short-lived. This resulted in income concentration and an extremely unequal distribution of wealth in the region.
Through a diverse array of case studies from countries around the world, Popular Contention, Regime, and Transition places the Arab Spring uprisings in comparative perspective, demonstrating the similarities and parallels between contentious events in democratic and authoritarian-like regimes. By analyzing factors such as the set of initial conditions involved in the protest, prospects of contention, and forms of protest, the volume generates powerful insights into the impetus, dynamics, and consequences of contention in all contexts.
''Thomas Marois'' book, States, Banks and Crisis, is highly attractive to development scholars because of the combinations of topics it discusses, the countries analyzed, and its characterization of financial capital as dominant. In the last century the states of Mexico and Turkey promoted robust economic growth guided by powerful public banking organizations. The book captures how this came to a halt since the 1980s through the privatizing of economic activity, especially banking activities in ways that induced steep banking crises that halted economic development. Marois discusses the theory and history of Mexico and Turkey in depth offering an excellent analysis of their neoliberal experi...
The turmoil of 2007-2009 is a crisis of financialised capitalism, and for this reason it is systemic and unusual. The crisis commenced in the sphere of finance, spread to production, and then became a world recession. Its unusual character is apparent since never before has a global economic crisis been triggered by banks lending to workers to buy houses. Moreover, state intervention to forestall the crisis becoming a major depression has been unprecedented. This book brings together several well-known political economists to analyse the domestic and international aspects of financialisation, thus putting the crisis in its appropriate context. It draws on Marxist and other heterodox economics to cast light on the broader implications of financialisation and crisis for society.
This edited collection aims to contribute to the decolonial social and cultural analyses of global entangled inequalities by focusing on their local articulations. Drawing on empirical research conducted by scholars in Germany, Trinidad and Tobago, Australia and in Canada, the book engages with the conceptual framework of global inequalities and the methodological perspective on entanglement. It does so by approaching global inequalities and their local articulations: (a) global political economy, structural violence, entangled inequalities; (b) financial inequalities and state injustice; (c) inequality within and beyond race and ethnicity; (d) decolonial struggles against inequality; and (e) decolonial futurities. It is on these grounds that this edited volume aims to contribute to the analysis of entangled global inequalities by mobilizing a decolonial framework paying attention to the intersections of race, gender, labour, finances and the State.
Financialization is one of the most innovative concepts to emerge in the field of political economy during the last three decades, although there is no agreement on what exactly it is. Profiting Without Producing puts forth a distinctive view defining financialization in terms of the fundamental conduct of non-financial enterprises, banks and households. Its most prominent feature is the rise of financial profit, in part extracted from households through financial expropriation. Financialized capitalism is also prone to crises, none greater than the gigantic turmoil that began in 2007. Using abundant empirical data, the book establishes the causes of the crisis and discusses the options broadly available for controlling finance.
This vital new Handbook is an authoritative volume presenting key issues in finance that have been widely discussed in the financial markets but have been neglected in textbooks and the usual compilations of conventional academic wisdom. A wide range of topics including the recent economic crisis, capital controls, the Franc Zone, quantitative easing and securitization, as well as the key controversies associated with them, are explored and explained in depth by well-known authorities in finance and economics. Designed to complement and expand upon standard textbooks as well as the specialist critical literature on particular topics in finance, this informative Handbook will prove invaluable to academics, researchers and students focusing on economics, finance and heterodox economics.
This book is the thirteenth volume in the International Papers in Political Economy (IPPE) series which explores the latest developments in political economy. A collection of eight papers, the book concentrates on the deregulation of domestic financial markets and discusses financial liberalisation in terms of its past performance, current progress and future developments. The chapters have been written by expert contributors in the field and focus on topics such as past records of financial liberalisation, future policies of regulation, and current account imbalances. Other papers examine capital account regulations in developing and emerging countries, and capital controls in the Eurozone after the 2007 financial crisis. This collection of papers invites readers to consider the impact of financial liberalisation both during and after the global economic crisis. Scholars and students with an interest in political economy, financialisation, and economic performance will find this collection stimulating and informative.
The Great Financial Meltdown reviews, advocates and critiques the systemic, conjunctural and policy-based explanations for the 2008 crisis. The book expertly examines these explanations to assess their analytical and empirical validity. Comprehensive yet accessible chapters, written by a collection of prominent authors, cover a wide range of political economy approaches to the crisis, from Marxian through to Post Keynesian and other heterodox schools.