The Rise And Fall Of Money Manager Capitalism
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| Author | : Eric Tymoigne |
| Publisher | : Routledge |
| Total Pages | : 312 |
| Release | : 2013-07-24 |
| Genre | : Business & Economics |
| ISBN | : 1135076650 |
The book studies the trends that led to the worst financial crisis since the Great Depression, as well as the unfolding of the crisis, in order to provide policy recommendations to improve financial stability. The book starts with changes in monetary policy and income distribution from the 1970s. These changes profoundly modified the foundations of economic growth in the US by destroying the commitment banking model and by decreasing the earning power of households whose consumption has been at the core of the growth process. The main themes of the book are the changes in the financial structure and income distribution, the collapse of the Ponzi process in 2007, and actual and prospective policy responses. The objective is to show that Minsky’s approach can be used to understand the making and unfolding of the crisis and to draw some policy implications to improve financial stability.
| Author | : Jongchul Kim |
| Publisher | : Taylor & Francis |
| Total Pages | : 198 |
| Release | : 2022-12-30 |
| Genre | : Business & Economics |
| ISBN | : 1000829219 |
Modern Money and the Rise and Fall of Capitalist Finance examines the true nature of modern money and seeks ideas for an alternative economic system for a just society. This book suggests that adopting the ideas and institutions of a trust allowed personae to be combined with creditor-debtor relations and, by doing so, led to the evolution of modern money. This also helps explain why modern banking arose in England rather than continental Europe, by conceptualizing modern money as a trust and investigating the inseparable relationship between personae and modern money, because it is more than creditor-debtor relations - it takes the form of a trust. In explaining how the capitalist credit-money economy differs from previous economies, this book is a significant contribution to the literature on modern money, heterodox economics and the philosophy of economics and finance.
| Author | : Stephen Maher |
| Publisher | : Verso Books |
| Total Pages | : 273 |
| Release | : 2024-02-13 |
| Genre | : Political Science |
| ISBN | : 1839765275 |
How Wall Street concocted a more volatile and dangerous capitalism The Fall and Rise of American Finance traces the collapse and reconstitution of American financial power from the disintegration of robber baron J. P. Morgan’s vast empire to the rise of finance behemoth BlackRock. Contrary to what is taken for common sense by figures from Hillary Clinton to Bernie Sanders, Maher and Aquanno insist that financialization did not imply the hollowing out of the “real” economy or the retreat of the state. Rather, it served to intensify competitive discipline to maximize efficiency, profits, and the exploitation of labor—with the support of an increasingly authoritarian state.
| Author | : Scott Aquanno |
| Publisher | : Verso Books |
| Total Pages | : 350 |
| Release | : 2024-01-30 |
| Genre | : Political Science |
| ISBN | : 1839765283 |
The Fall and Rise of American Finance traces the collapse and reconstitution of American financial power from the disintegration of robber baron J. P. Morgan's vast empire to the rise of finance behemoth BlackRock. Contrary to what is taken for common sense by figures from Hillary Clinton to Bernie Sanders, Maher and Aquanno insist that financialization did not imply the hollowing out of the "real" economy or the retreat of the state. Rather, it served to intensify competitive discipline to maximize efficiency, profits, and the exploitation of labor-with the support of an increasingly authoritarian state.
| Author | : Roger Lowenstein |
| Publisher | : Random House |
| Total Pages | : 416 |
| Release | : 2001-01-18 |
| Genre | : Business & Economics |
| ISBN | : 0375506446 |
“A riveting account that reaches beyond the market landscape to say something universal about risk and triumph, about hubris and failure.”—The New York Times NAMED ONE OF THE BEST BOOKS OF THE YEAR BY BUSINESSWEEK In this business classic—now with a new Afterword in which the author draws parallels to the recent financial crisis—Roger Lowenstein captures the gripping roller-coaster ride of Long-Term Capital Management. Drawing on confidential internal memos and interviews with dozens of key players, Lowenstein explains not just how the fund made and lost its money but also how the personalities of Long-Term’s partners, the arrogance of their mathematical certainties, and the culture of Wall Street itself contributed to both their rise and their fall. When it was founded in 1993, Long-Term was hailed as the most impressive hedge fund in history. But after four years in which the firm dazzled Wall Street as a $100 billion moneymaking juggernaut, it suddenly suffered catastrophic losses that jeopardized not only the biggest banks on Wall Street but the stability of the financial system itself. The dramatic story of Long-Term’s fall is now a chilling harbinger of the crisis that would strike all of Wall Street, from Lehman Brothers to AIG, a decade later. In his new Afterword, Lowenstein shows that LTCM’s implosion should be seen not as a one-off drama but as a template for market meltdowns in an age of instability—and as a wake-up call that Wall Street and government alike tragically ignored. Praise for When Genius Failed “[Roger] Lowenstein has written a squalid and fascinating tale of world-class greed and, above all, hubris.”—BusinessWeek “Compelling . . . The fund was long cloaked in secrecy, making the story of its rise . . . and its ultimate destruction that much more fascinating.”—The Washington Post “Story-telling journalism at its best.”—The Economist
| Author | : Flavia Muller Tenorio Dantas |
| Publisher | : |
| Total Pages | : 282 |
| Release | : 2013 |
| Genre | : Economic development |
| ISBN | : |
This dissertation investigates the relationship between what Hyman Minsky termed "money manager capitalism", to an increasingly global economy, where the transmission of financial and economic instability spreads rapidly across national borders. It has been recognized by economists outside of the mainstream schools of thought that the predominance of finance over all real sectors of the economy, the demise of traditional banking activities, and the rise of shadow banks and money managers coupled to the deregulation waves of the 1980s, 1990s and early 2000s, constitute the key ingredients in the "money manager capitalism" recipe for disaster. It will be argued that when combined with the process of financial globalization, the mixture becomes explosive - it caused the most severe global economic meltdown since the Great Depression. My thesis focuses on this last element. The central question is whether financial globalization is indeed beneficial and tantamount to global economic prosperity and stability - a view that has become widespread in the economics profession and international regulating institutions. The conclusion is the opposite - globalization of finance has brought about more prolonged, severe and recurring episodes of global financial instability in the new millennium. It reaches this conclusion by investigating the operation of internationally active banks, shadow banks and money managers in two main areas: Europe and the US, and developing and emerging markets. The financial systems of the developed world, mainly Europe and US, were at the epicenter of the 2007 global financial crises. The global creation of fictitious liquidity and the cross-border leveraging and layering of debt was behind the unprecedented increase in global liquidity and cross-border international flows - primary measures of financial globalization. Developing and emerging countries did not participated on the creation of liquidity for the development of money manager capitalist was in these areas is still incipient. However, they became the focus of institutional investor in the search for yields and increased appetite for risk. Consequently, even with strongly regulated financial systems those countries were engulfed by the financial euphoria and consequent collapse of global financial liquidity.
| Author | : Peter Knight |
| Publisher | : JHU Press |
| Total Pages | : 330 |
| Release | : 2016-09-01 |
| Genre | : History |
| ISBN | : 1421420619 |
America’s fascination with the stock market dates back to the Gilded Age. Winner of the BAAS Book Prize of the British Association of American Studies Americans pay famously close attention to “the market,” obsessively watching trends, patterns, and swings and looking for clues in every fluctuation. In Reading the Market, Peter Knight explores the Gilded Age origins and development of this peculiar interest. He tracks the historic shift in market operations from local to national while examining how present-day ideas about the nature of markets are tied to past genres of financial representation. Drawing on the late nineteenth-century explosion of art, literature, and media, which sought to dramatize the workings of the stock market for a wide audience, Knight shows how ordinary Americans became both emotionally and financially invested in the market. He analyzes popular investment manuals, brokers’ newsletters, newspaper columns, magazine articles, illustrations, and cartoons. He also introduces readers to fiction featuring financial tricksters, which was characterized by themes of personal trust and insider information. The book reveals how the popular culture of the period shaped the very idea of the market as a self-regulating mechanism by making the impersonal abstractions of high finance personal and concrete. From the rise of ticker-tape technology to the development of conspiracy theories, Reading the Market argues that commentary on the Stock Exchange between 1870 and 1915 changed how Americans understood finance—and explains what our pervasive interest in Wall Street says about us now.
| Author | : William K. Tabb |
| Publisher | : Columbia University Press |
| Total Pages | : 354 |
| Release | : 2012 |
| Genre | : Business & Economics |
| ISBN | : 0231158424 |
Actions taken by the United States and other countries during the Great Recession focused on restoring the viability of major financial institutions while guaranteeing debt and stimulating growth. Once the markets stabilized, the United States enacted regulatory reforms that ultimately left basic economic structures unchanged. At the same time, the political class pursued austerity measures to curb the growing national debt. Drawing on the economic theories of Keynes and Minsky and applying them to the modern evolution of American banking and finance, William K. Tabb offers a chilling prediction about future crises and the structural factors inhibiting true reform. Tabb follows the rise of banking practices and financial motives in America over the past thirty years and the simultaneous growth of a shadow industry of hedge funds, private equity firms, and financial innovations such as derivatives. He marks the shift from an American economy based primarily on the production of goods and nonfinancial services to one characterized by financialization, then shows how these developments, perspectives, and approaches not only contributed to the recent financial crisis but also prevented the enactment of effective regulatory reform. He incisively analyzes the damage that increasing unsustainable debt and excessive risk-taking has done to our financial system and expands his critique to a discussion of world systems and globalization. Revealing the willful blind spots of mainstream finance theory, Tabb moves beyond an economic model reliant on debt expansion and dangerous levels of leverage, proposing instead a social structure of accumulation that places economic justice over profit and, more practically, institutes an inclusive, sustainable model for growth.
| Author | : Michael E. Lewitt |
| Publisher | : John Wiley and Sons |
| Total Pages | : 310 |
| Release | : 2010-03-25 |
| Genre | : Business & Economics |
| ISBN | : 0470622350 |
In The Death of Capital, respected portfolio manager and longtime investment professional Michael Lewitt looks at how the U.S. economy has increasingly been dominated by short-term speculation rather than industrial expansion in recent years. These disastrous trends, described here as financialization, ignore the fact that capital itself is a highly unstable process rather than a fixed object or category. As a result of our failure to understand the true nature of capital, we have developed a financial and regulatory system that does exactly the opposite of what it should be doing—favoring obscurity over transparency and fomenting instability rather than growth. In explaining where we have gone wrong Lewitt pulls few punches in criticizing some of the counterproductive forces that have led to the death of capital—including Wall Street practices such as private equity and derivatives trading—which he views both as economically unproductive and morally misguided. Page by informative page, this timely guide: Addresses "financialization" and its consequences, such as a weaker U.S. dollar, the destruction of American industries, and the loss of American economic and political influence Explores the most important aspects of capital and capitalism through the prism of four of the world’s great economic thinkers Discusses how the legal system aided economic weakening by privileging short-term investment goals Calls for politically controversial reforms such as stricter regulation of hedge funds and private equity firms, banning naked credit default swaps and Structured Investment Vehicles, and principles-based reforms to improve systemic stability Financial reform is needed to make sure capital does not die again. Filled with in-depth insights and practical advice, The Death of Capital is not just a play-by-play of the recent financial crisis, but an original and passionate analysis of the trends that led to it and what can be done in a regulatory sense to address the problems.
| Author | : Charles R. Geisst |
| Publisher | : Praeger |
| Total Pages | : 226 |
| Release | : 1990-11-30 |
| Genre | : Business & Economics |
| ISBN | : |
This is the first financial history of the United States in the 20th century from the commercial and investment banking perspective. Arguing that the ideal of an American Dream finds its best tangible expression in the ways in which the financial markets have been used to foster and protect the ideals of quality housing, higher education, and agricultural production, the author analyzes the successes and failures of the markets in producing a high standard of living and well-being over the past 70 years.
