Beyond Mainstream Explanations of the Financial Crisis

Parasitic Finance Capital

By Ismael Hossein-zadeh

© 2014 – Routledge

172 pages | 4 B/W Illus.

Purchasing Options:
Paperback: 9781138926653
pub: 2015-06-09
US Dollars$55.95
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Hardback: 9780415638067
pub: 2014-04-15
US Dollars$145.00
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About the Book

This book provides a critique of the neoclassical explanations of the 2008 financial collapse, of the ensuing long recession and of the neoliberal austerity responses to it.

The study argues that while the prevailing views of deregulation and financialization as instrumental culprits in the explosion and implosion of the financial bubble are not false, they fail to point out that financialization is essentially an indication of an advanced stage of capitalist development. These standard explanations tend to ignore the systemic dynamics of the accumulation of finance capital, the inherent limits to that accumulation, production and division of economic surplus, class relations, and the balance of social forces that mold economic policy.

Instead of simply blaming the ‘irrational behavior’ of market players, as neoliberals do, or lax public supervision, as Keynesians do, this book focuses on the core dynamics of capitalist development that not only created the financial bubble, but also fostered the ‘irrational behavior’ of market players and subverted public policy.

Due to its interdisciplinary perspective, this book will be of interest to students and researchers in economics, finance, politics and sociology.

Table of Contents

1. Neoliberal Explanations of the Financial Crisis 2. Keynesian Explanations of the Financial Crisis 3. Specious Theories of Mainstream Economics 4. Evolution and Characteristics of Finance Capital: A new phase, not just another cycle 5. Marxian Views of Financial Crises 6. Debt Cancellation: Learning from Biblical Jubilee 7. The Case for Public Banking 8. Beyond Regulation and Public Banking

About the Author

Ismael Hossein-zadeh is Emeritus Professor of Economics at Drake University, USA.

About the Series

Routledge Frontiers of Political Economy

In recent years, there has been widespread criticism of mainstream economics. This has taken many forms, from methodological critiques of its excessive formalism, to concern about its failure to connect with many of the most pressing social issues. This series provides a forum for research which is developing alternative forms of economic analysis. Reclaiming the traditional 'political economy' title, it refrains from emphasising any single school of thought, but instead attempts to foster greater diversity within economics.

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Subject Categories

BISAC Subject Codes/Headings:
BUS000000
BUSINESS & ECONOMICS / General
BUS004000
BUSINESS & ECONOMICS / Banks & Banking
BUS027000
BUSINESS & ECONOMICS / Finance
POL005000
POLITICAL SCIENCE / Political Ideologies / Communism & Socialism