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The End of Finance: Pension Funds, Derivatives and Capital Market Inflation (Routledge Frontiers of Political Economy, 25) PDF

177 Pages·1999·0.616 MB·English
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by Jan Toporowski| 1999| 177 pages| 0.616| English

About The End of Finance: Pension Funds, Derivatives and Capital Market Inflation (Routledge Frontiers of Political Economy, 25)

This volume develops an original critique of the belief that the present era of finance, where finance markets dominate contemporary capitalist economies, represents the best possible way of organising economic affairs. In fact, it is argued, the ensuing economic instability and inefficiency create the preconditions for the end of the dominance of finance. The End of Finance develops a theory of capital market inflation rooted in the work of Veblen, Kalecki, Keynes and Minsky, demonstrating how it disinclines productive activity on the part of firms, provides only short-term conditions that are propitious for privatisation and distorts monetary policy in the long-term. The author examines the role of pension fund schemes and financial derivatives in transmitting capital market inflation and provides a nuanced analysis of the contradictory role they play in the financial system. Capital market inflation is also examined in its historical context and compared with past inflations, in particular the South Sea and Mississippi Bubbles, which spawned the first financial derivatives, and the first privatisations. This broad historical vision allows us to see these forms of inflation as temporary and provisional in character.

Detailed Information

Author:Jan Toporowski
Publication Year:1999
ISBN:9780203014097
Pages:177
Language:English
File Size:0.616
Format:PDF
Price:FREE
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