“The Demise Of Finance-Dominated Capitalism Explaining the Financial and Economic Crises“, the new FESSUD book co-edited by Eckhard Hein, Daniel Detzer and Nina Dodig from the Berlin School of Economics and Law, has recently been published under the New Directions in Modern Economics series, Edward Elgar.
Drawing on results from work package 3, it provides an overview of different theoretical perspectives on the long-run transition towards finance-dominated capitalism, on the implications for macroeconomic and financial stability, and ultimately on the recent global financial and economic crisis. In the first part, the macroeconomics of finance-dominated capitalism, the theories of financial crisis and important past crises are reviewed. The second part deals with the 2007-09 financial and economic crisis in particular. The special focus is on the long-run problems and inconsistencies of finance-dominated capitalism which played a key role in the crisis and its level of severity.
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