Financialization: The Economics of Finance Capital Domination
This book explores the process of financialization whereby economies are increasingly dominated by finance capital. This process is characterized by rising income inequality, wage stagnation, increased indebtedness, a rising financial sector share of profits, and tendencies to generate asset price bubbles. The financial crisis of 2008 and the subsequent recession and stagnation represent the latest phase. The book provides a comprehensive treatment of these developments, beginning with a presentation of
the empirical evidence. That is followed by economic theory chapters dealing with the macroeconomics of financialization, business cycle effects; microeconomic developments; tendencies toward Minsky-style economic instability; and economic growth effects. The final section of the book focuses on the political economy of financialization and policies to stabilize financial markets.
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List of Figures
WhatIt Is and Why It Matters
The Simple Analytics of Debtdriven Business Cycles
Deflation and Inflation Dynamics withDebt PartIIFinancialization and Instability
A Monetary Policy Framework for Asset Price Bubbles
The Political Economy of Financialization
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