The Demise of Finance-dominated Capitalism ─ Explaining the Financial and Economic Crises

Research economists explore and review the literature on the long-run transition towards finance-dominated capitalism and the implications for macroeconomic and financial stability--particularly for the recent global financial and economic crises. These recent crises indicate the demise of finance dominated capitalism, they argue, not in the sense that it will vanish, but that in the future it will not be able to generate sustainable high growth rates in the mature capitalist economies. Among the topics are an overview of theories of financial crises as cumulative processes, five explanations for the international financial crisis, and financial deregulation and the 2007-08 US financial crisis. Annotation c2015 Ringgold, Inc., Portland, OR (protoview.com)

Edited by Eckhard Hein, Daniel Detzer and Nina Dodig, The Institute for International Political Economy (IPE), Berlin School of Economics and Law, Germany