End of Finance by Jan Toporowski
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End of Finance
By Jan Toporowski

The End of Finance

Capital Market Inflation, Financial Derivatives and Pension Fund Capitalism

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Format: Hardback

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End of Finance by Jan Toporowski

Book Description

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.

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Book Details

ISBN: 9780415208819
ISBN-10: 0415208815
Format: Hardback
(234mm x 156mm x 12mm)
Pages: 180
Imprint: Routledge
Publisher: Taylor & Francis Ltd
Publish Date: 28-Oct-1999
Country of Publication: United Kingdom

Other Editions...


Books By Author Jan Toporowski

Finance and Industrial Policy by Jan Toporowski Finance and Industrial Policy, Hardback (March 2016)

Addresses a number of critical issues in finance and industrial policy for sustainable economic recovery in Europe in the post-crisis era. Brings together current debates on banking policy, regulation, and reform to reassert the need for financial institutions that will back up and finance an industrial policy to revive the European economy.

Michal Kalecki in the 21st Century by Jan Toporowski Michal Kalecki in the 21st Century, Hardback (December 2014)

Leading experts on Kalecki have contributed special essays on what economists in the 21st century have to learn from the theories of Kalecki. Authors include surviving students of Kalecki, such as Amit Bhaduri, Mario Nuti, Kazimierz Laski Jerzy Osiatynski, and Post-Keynesian economists such as Geoff Harcourt, Marc Lavoie, and Malcolm Sawyer.

Rosa Luxemburg by Jan Toporowski Rosa Luxemburg, Hardback (December 2014)

The purpose of this translated volume Tadeusz Kowalik's book is to examine Rosa Luxemburg's contribution to economic theory. The essential subject-matter is the dependence of capital accumulation on effective demand, the dependence of economic growth on specific capitalist barriers to growth.

» View all books by Jan Toporowski

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