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Zusatztext Many leading critics of the capitalist financial system address the causes of the recent great financial crisis and measures to reform it. They emphasize the political economy of financial problems, with much analysis grounded in the theoretical framework of Marx, Keynes, and more recently Hyman Minsky. In this book, the contributors appear to strongly agree that there have been enormous costs from abandoning this framework in favor of the neoliberal ideals of efficient markets, maximization of shareholder wealth, and inherently stable markets. Recommended. Upper-division undergraduates through professionals. Informationen zum Autor Gerald A. Epstein is Professor of Economics and a founding Co-Director of the Political Economy Research Institute (PERI) at the University of Massachusetts, Amherst. He received his PhD in Economics from Princeton University in 1981. Epstein has written articles on numerous topics including financial regulation, alternative approaches to central banking for employment generation and poverty reduction, and capital account management and capital flows. Martin H. Wolfson is the Director of the Higgins Labor Studies Program. He has taught economics at the University of Notre Dame since 1989. Before that, he was an economist at the Federal Reserve Board in Washington, D.C.His research investigates the effects on working people of financial markets, macroeconomic policy, globalization, and local economic development. Klappentext 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. Zusammenfassung 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. Inhaltsverzeichnis Introduction 1. Gerald A. Epstein and Martin H. Wolfson PART I: THE GREAT FINANCIAL CRISIS: U.S. DYNAMICS AND EFFECTS 2. The Origins of the U.S. Financial Crisis of 2007: How a House Price Bubble, a Credit Bubble, and Regulatory Failure Caused the Greatest Economic Disaster Since the Great Depression. Marc Jarsulic 3. Speculation and Asset Bubbles Dean Baker 4. The Great Recession's Impact on Jobs, Wages, and Incomes Josh Bivens and Heidi Shierholz 5. Distribution and Crisis: Reviewing Some of the Linkages Arjun Jayadev 6. Housing Markets and Foreclosures Rachel Drew and Christian Weller PART II: THEORETICAL APPROACHES FOR UNDERSTANDING FINANCIAL CRISES 7. The Realism of Assumptions Does Matter: Why Keynes-Minsky Theory Must Replace Efficient Market Theory as the Guide to Financial Regulation Policy James Crotty 8. Political Economy Approaches to Financial Crisis: Hyman Minsky's Financial Fragility Hypothesis Jan Kregel 9. An Institutional Theory of Financial Crises Martin H. Wolfson 10. The Anatomy of Financial and Economic Crisis Duncan K. Foley PART III: THE GLOBAL DIMENSIONS OF FINANCIAL CRISES 11. The Economic and Financial Crisis of 2008-2010: The International Dimension Ajit Singh 12. Global Imbalances and the International Monetary System: Problems and Proposals Jane D'Arista and Korkut Erturk 13. How the Full Opening of the Capital Account to Highly Liquid and Unstable Financial Markets Led Latin America to Two and a Half Cycles of 'Mania, Panic and Crash' José Gabriel Palma 14. Financial and Currency Crises in Latin America Mario Damill, Roberto Frenkel and Martin Rapetti 15. The Asian Financial Crisis, Financial Restructuring and the Problem of C...
