Jan Toporowski

Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics (eBook, PDF)

• Format: PDF

Produktbeschreibung

The essays in this volume explain how financial inflation shifts banking and financial markets towards more speculative activity, changing the financial structure of the economy and corroding the social and political values that underlie welfare state capitalism. The essays begin with an article that was published in the Financial Times that highlights the problems of excess debt, which emerges when financial inflation exceeds the rate at which prices and incomes are rising.

Subsequent essays examine the consequences of this for money and international financial, and for financial and accounting techniques such as financial innovation, goodwill and leverage. Among them are critical essays on the role that finance theory has played in covering up the problems caused by finance. These include a portrait of the pioneer of modern finance theorist Fischer Black. Further essays discuss the role of finance in economic inequality, fostering a new political, social and economic divide between the asset-rich and the asset-poor as the housing market (and asset markets in general) become the new 'welfare state of the middle classes'.

A final group of essays looks at how financial inflation finally broke down and financial crisis broke out. A previously unpublished essay examines the limitations of central banks in securing financial stability, while two concluding essays discuss the role of international business in transmitting the crisis around the world, and how developing countries become affected by the crisis.

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Produktdetails

• Verlag: Anthem Press
• Seitenzahl: 158
• Erscheinungstermin: 1. Dezember 2010
• Englisch
• ISBN-13: 9780857286543
• Artikelnr.: 63428586

Autorenporträt

Jan Toporowski is Reader in Economics and Chair of the Economics Department at the School of Oriental and African Studies, University of London. He studied Economics at Birkbeck College, University of London and at the University of Birmingham. Jan Toporowski has worked in fund management, international banking and central banking.

Inhaltsangabe

Introduction
1. Why the World Economy Needs a Financial Crash
Part I. The Economics of Financial Inflation
2. Money in Globalised Times
3. Neo-liberalism and International Finance
4. Financial Innovation: Better Machines for Financial Inflation?
5. The Inflation of Goodwill
6. Leverage and Balance Sheet Inflation
7. Inflation in Financial Markets
8. Asset Inflation and Deflation
Part II. The Culture of Financial Inflation
9. Twentieth-Century Finance Theory: The Frauds of Economic Innocence (in memoriam J. K. Galbraith)
10. Fischer Black’s ‘Revolution’
11. Economic Inequality and Asset Inflation
12. The Wisdom of Property and the Culture of the Middle Classes
Part III. Financial Crisis
13. Everything You Need to Know about the Financial Crisis but Couldn’t Find Out Because the Experts were Explaining It
14. The Limitations of Financial Stabilisation by Central Banks
15. International Business and the Crisis
16. Developing Countries in the Crisis Transmission Mechanism
Epilogue
Notes
Index