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This book provides an overview of different theoretical perspectives on the long-run transition towards finance-dominated capitalism, on the implications for macroeconomic and financial stability, and ultimately on the recent global financial and econo
Financialisation and the Financial and Economic Crisesprovides comparative, empirical case studies of a diverse set of eleven countries. In particular, the book helps in understanding the current (mal)performance of Euro area economies by explaining the causes of the shifts in growth regimes during and after the crises. It goes well beyond the dominant interpretation of the recent financial and economic crises as being rooted in malfunctioning and poorly regulated financial markets. The contributions to this book provide detailed accounts of the long-term effects of financialisation and cover the main developments leading up to and during the crisis in eleven selected countries: the US, the ...
This book provides an up-to-date overview of the development of the German financial system, with a particular focus on financialization and the financial crisis, topics that have increasingly gained attention since the crisis and the discussion on the secular stagnation started. The authors of the book—economists who have conducted extensive research in this area—offer a perspective on the financial system in the context of its importance for the overall economic system. The book not only provides detailed insights into Germany’s financial system; it also takes a broader perspective on finance and connects it with current macroeconomic developments in Germany.
The Asian financial crisis of 1997–1998 was supposed to be the death knell for the developmental state. The International Monetary Fund supplied emergency funds for shattered economies but demanded that states liberalize financial markets and withdraw from direct involvement in the economy. Financial liberalization was meant to spell the end of strategic industry policy and the state-directed "policy lending" it involved. Yet, largely unremarked by analysts, South Korea has since seen a striking revival of financial activism. Policy lending by state-owned development banks has returned the state to the core of the financial system. Korean development banks now account for one quarter of al...
Martin Hülsen explores individual behavioral trustworthiness of and within the banking industry in Germany based on an economic experiment combined with psychological instruments. He finds that bankers have a reputation for being untrustworthy. However, his evidence also shows that the true story of banker trustworthiness is more complex: In particular, he explores differences between employees of commercial banks on the one hand and employees of savings and cooperative banks on the other.
Behind productive and prosperous economies are independent central banks that implement effective monetary policies. This observation is especially valid for the G20, which comprises the world’s top twenty economies in terms of gross domestic product and the largest stakeholders of the global economic system. These economies include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States, and the European Union. Three features of this book, which focuses on central banking and monetary policy in the G20, an intergovernmental platform, stand out: First...
At the end of the 20th century, mainstream economics was based on theories which viewed capitalism as a self-regulating system, whereby crises come about due to external shocks and would be automatically corrected by the price mechanism if it was flexible enough. Post-Keynesian economists, however, consider that the business cycle and the crises are endogenously generated. They recommend active policies as a response, though the remedies may be worse than the illness if they are not applied at the right moment and in the right proportions. The first great recession of the 21st century offers post-Keynesian economists an opportunity to prove the realism of their models. It is also a chance to make theoretical improvements, to abandon some hypotheses and to introduce new ones. This book, from a top group of international economists, analyzes the causes, consequences and evolution of the crisis from a variety of post-Keynesian perspectives. It then presents a case for realistic and essential remedies. The book is both theoretical and applied, with a global reach and a particular focus on the European debt crisis.
Examines the culture and conduct of six small and medium-sized enterprises (SMEs) in England and West Germany from 1945 to the late-1970s, drawing on numerous archives in Germany and Britain. This is the first book length study that examines the detailed histories of SMEs in a comparative, transnational manner. Emerging from this study is an evaluation of German and British varieties of capitalism in action, showing that they were not fixed or static, but rather have changed considerably as they evolved over time. The German companies studied formed part of the Mittelstand, the family-owned sector which is unique to German-speaking countries. This book explores whether the principles of a cl...
A set of state of the art empirical analyses at the country, regional, and global level that work from a new theoretical framework that analyzes the politics of growth and stagnation. As highlighted by the recent debate on 'secular stagnation, ' economic growth has slowed down considerably, and this has given rise to a host of new problems, from financial instability to the collapse of mainstream parties. What happens when growth--the main mechanism of capitalist legitimation--is harder to come by and less broadly shared? And how should we think about capitalist diversity in the context of global stagnation? In Diminishing Returns, Lucio Baccaro, Mark Blyth, and Jonas Pontusson address these...