Money, Finance, and Capitalist Crisis

The growth of the financial sector has outpaced the non-financial sector in recent decades, leading to the financialization of contemporary capitalism. This has brought about changes in the economy, including the spread of financial concerns and practices. Different heterodox economic approaches share a common focus on financialization, the limits of monetary policy, the transformation of banking, the tendency to crisis, and the problematic role of neoliberalism in finance. The complexity of the interrelationships between finance and the rest of the economy has increased since the 2007-9 crisis.

Format: Paperback / softback
Length: 126 pages
Publication date: 29 January 2024
Publisher: Taylor & Francis Ltd

The remarkable expansion of the financial sector relative to the non-financial sector has characterized the development of mature capitalism over the past four decades. This shifting balance between the two sectors has significantly impacted the economy's outlook and facilitated the widespread dissemination of financial concerns, practices, and perspectives throughout society. Consequently, contemporary capitalism has undergone a gradual process of financialization since the late 1970s.

Similarities can be observed between various heterodox approaches to analyzing the profound transformations in money and finance in the global economy since the 1980s. These approaches include Marxian analysis, Post-Keynesian analysis, and others. A common thread among them is a focus on financialization, but they also address the limitations of monetary policy, the transformation of banking, the tendency towards crises linked to financial excess, and the problematic role of neoliberalism in finance. Furthermore, the complexity of the interrelationships between finance and the rest of the economy has grown since the Great Crisis of 2007-9.

This book explores several of these developments and engages in a debate among different currents of heterodox economics. The chapters in this book were originally published in The Japanese Political Economy.

Weight: 453g
Dimension: 254 x 178 (mm)
ISBN-13: 9781032249360