Dominant Finance and Stagnant Economies

Hardcover | February 28, 2014

bySunanda Sen

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Financialization in the world economy has led to massive accumulation as well as concentration of financial assets providing sources of rentier income which has been much higher than those obtainable from physical assets. The present volume attempts to analyse the pattern of financialdominance in the world economy with its links to the systemic crisis. The analysis rests on the theoretical perspectives underlying the Keynesian and the Minskian theoretical framework. This makes the present study of global finance offer a critique of the mainstream neo-liberal doctrine andpolicies. The volume consists of a collection of essays, some of which were previously published in journals and edited volumes, and a number of recent papers which are as yet unpublished. These cover a gamut of themes ranging from the paradoxes of loan tying as well as an imminent realisation in lendercountries, uncertainty and speculation in commodity markets, the recent global crisis, entry and rise of China in global finance, macro-economic constraints faced by emerging economies like India and China in following a path of autonomous economic policy and inclinations on part of corporates toinvest in the high-risk high-return financial assets rather than in assets which generate real activity, output and employment. The book also dwells on the hegemonic order of the international financial institutions with their iniquitous as well as destabilizing role in the world economy. Spanning the themes as above, the book very successfully demolishes the mainstream "efficient market" doctrine and its failure in terms ofpolicies, in the advanced as well as in the developing economies.

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Financialization in the world economy has led to massive accumulation as well as concentration of financial assets providing sources of rentier income which has been much higher than those obtainable from physical assets. The present volume attempts to analyse the pattern of financialdominance in the world economy with its links to the...

Sunanda Sen is an economist, currently researching on international finance, development and economic history. She is presently Visiting Professor at the Academy of International Studie at Jamia Millia Islamia Central University, New Delhi.

other books by Sunanda Sen

Format:HardcoverDimensions:368 pages, 8.75 × 5.5 × 0.98 inPublished:February 28, 2014Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198095414

ISBN - 13:9780198095415

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Table of Contents

List of Tables and FiguresPrefaceIntroductionSection I: Age of Official Capital Flows and Developing Countries1. Tied Loans and Liquidity Constraint2. Dimensions of External Economic TransactionsSection II: Global Capital Flows: Paradoxes, Constraints and Asymmetries3. Swings and Paradoxes in International Capital Markets: A Theoretical Note4. International Capital Flows and Global Demand5. Financial Oligarchy in Contemporary CapitalismSection III: Deregulated Global Finance6. Global Finance: On the Move to Stock Market Capitalism7. The Melt-Down of the Global Economy: A Keynes-Minsky Episode8. The Global Crisis and the Remedial Actions: A Non-Mainstream Perspective9. Uncertainty and Speculation in the Keynesian Tradition: Relevance for Commodity Markets10. Does the current crisis remind us of the Great Depression?Section IV: Deregulated Finance in Developing Economies11. Economic Turmoil in Asia: A reinterpretation12. China in the Bull Shop: Dealing with Finance after the WTO13. China in Global Economy: Encountering the Systemic Risks14. Managing Financial Flows at Cost of National Autonomy: China and India15. Managing Finance in Emerging Economies: The Case of India16. Deregulated Finance: Some Concerns for India's Industry and LabourIndexAbout the Author