Political Economy of Financialization in the United States

Political Economy of Financialization in the United States
Author: Kurt Mettenheim
Publisher: Routledge
Total Pages: 230
Release: 2021-09-23
Genre: Business & Economics
ISBN: 100044967X

Combining balance sheet analysis with historical institutional analysis, this book traces the evolution of social sector financial balance sheets in the US from 1960 to 2018. This innovative historical-institutional approach, ranging from the micro level of households to the macro level of the federal government, reveals that the displacement of households by banks has been a long-term process. This gradual compounding of financialization is at odds with widely accepted views about financialization, contemporary banking theory, financial intermediation theory, and post-Keynesian and endogenous money approaches. The book returns to time-tested traditional principles of banking and taps unexpected affinities about market failures in transaction cost economics, financial intermediation theory, and core ideas in classic modern political and social economy about economic moralities and social reactions of self-defense against unfettered markets. This book provides an alternative explanation for the rise of finance and new ways to think about averting financialization and its devastating consequences. This book marks a significant contribution to the literature on financialization, social economics, banking, and the American political economy.

The Financialization of Housing

The Financialization of Housing
Author: Manuel B. Aalbers
Publisher: Routledge
Total Pages: 184
Release: 2016-05-05
Genre: Business & Economics
ISBN: 1317361784

Due to the financialization of housing in today’s market, housing risks are increasingly becoming financial risks. Financialization refers to the increasing dominance of financial actors, markets, practices, measurements and narratives. It also refers to the resulting structural transformation of economies, firms, states and households. This book asserts the centrality of housing to the contemporary capitalist political economy and places housing at the centre of the financialization debate. A global wall of money is looking for High-Quality Collateral (HQC) investments, and housing is one of the few asset classes considered HQC. This explains why housing is increasingly becoming financialized, but it does not explain its timing, politics and geography. Presenting a diverse range of case studies from the US, the UK, the Netherlands, Germany, Italy and Spain, the chapters in this book include coverage of the role of the state as the driver of financialization processes, and the part played by local and national histories and institutions. This cutting edge volume will pave the way for future research in the area. Where housing used to be something "local" or "national", the two-way coupling of housing to finance has been one crucial element in the recent crisis. It is time to reconsider the financialization of both homeownership and social housing. This book will be of interest to those who study international economics, economic geography and financialization.

Financialization of the Economy, Business, and Household Inequality in the United States

Financialization of the Economy, Business, and Household Inequality in the United States
Author: Kurt Mettenheim
Publisher: Routledge
Total Pages: 132
Release: 2021-11-17
Genre: Business & Economics
ISBN: 1000475719

This second volume on the political and social economy of financialization in the US focuses on the consequences of the rise of finance for the American macroeconomy, household inequality, and the management of nonfinancial business enterprises. A historical–institutional balance-sheet approach to long-term trends and recent change in the US reveals a series of anomalies and provisos for critical, heterodox, and mainstream economic approaches and provides new perspectives on debates about political economic change in advanced economies since the 2007–2008 financial crisis. This book marks a significant contribution to the literature on financialization and studies in social economics, household economics, the structure and management of nonfinancial business enterprises, and American political economy.

Capitalizing on Crisis

Capitalizing on Crisis
Author: Greta R. Krippner
Publisher: Harvard University Press
Total Pages: 241
Release: 2011-02-15
Genre: Business & Economics
ISBN: 0674050843

In the context of the recent financial crisis, the extent to which the U.S. economy has become dependent on financial activities has been made abundantly clear. In Capitalizing on Crisis, Greta Krippner traces the longer-term historical evolution that made the rise of finance possible, arguing that this development rested on a broader transformation of the U.S. economy than is suggested by the current preoccupation with financial speculation. Krippner argues that state policies that created conditions conducive to financialization allowed the state to avoid a series of economic, social, and political dilemmas that confronted policymakers as postwar prosperity stalled beginning in the late 1960s and 1970s. In this regard, the financialization of the economy was not a deliberate outcome sought by policymakers, but rather an inadvertent result of the state’s attempts to solve other problems. The book focuses on deregulation of financial markets during the 1970s and 1980s, encouragement of foreign capital into the U.S. economy in the context of large fiscal imbalances in the early 1980s, and changes in monetary policy following the shift to high interest rates in 1979. Exhaustively researched, the book brings extensive new empirical evidence to bear on debates regarding recent developments in financial markets and the broader turn to the market that has characterized U.S. society over the last several decades.

The Handbook of the Political Economy of Financial Crises

The Handbook of the Political Economy of Financial Crises
Author: Martin H. Wolfson
Publisher: OUP USA
Total Pages: 785
Release: 2013-02-21
Genre: Political Science
ISBN: 0199757232

The Great Financial Crisis that began in 2007-2008 reminds us with devastating force that financial instability and crises are endemic to capitalist economies. This Handbook describes the theoretical, institutional, and historical factors that can help us understand the forces that create financial crises.

The American Political Economy

The American Political Economy
Author: Jacob S. Hacker
Publisher: Cambridge University Press
Total Pages: 487
Release: 2021-11-11
Genre: History
ISBN: 1316516369

Drawing together leading scholars, the book provides a revealing new map of the US political economy in cross-national perspective.

Financialization

Financialization
Author: T. Palley
Publisher: Springer
Total Pages: 238
Release: 2016-04-30
Genre: Business & Economics
ISBN: 1137265825

The term financialization is a term that has become popular to describe developments within the global economy, and particularly within developed industrialized economies, over the past thirty years. The book is divided into four sections, which together give a comprehensive treatment of the economics and political economy of financialization.

Profiting Without Producing

Profiting Without Producing
Author: Costas Lapavitsas
Publisher: Verso Books
Total Pages: 417
Release: 2014-01-14
Genre: Political Science
ISBN: 178168197X

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.

Financialization and the World Economy

Financialization and the World Economy
Author: Gerald A. Epstein
Publisher: Edward Elgar Publishing
Total Pages: 472
Release: 2005-01-01
Genre: Business & Economics
ISBN: 9781781008263

The final section offers ideas for policy responses, including capital controls and securities transaction taxes."--BOOK JACKET.