The End of Finance: The Theory of Capital Market Inflation, Financial Derivatives, and Pension Fund CapitalismPsychology Press, 2000 - 160 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. |
Spis treści
Capital markets and the real economy | 19 |
Pension funds and Ponzi finance | 49 |
Capital market inflation and privatization | 64 |
The end of funded pension schemes | 82 |
Commercial and investment uses of financial futures | 101 |
10Regulation and the systemic risk of financial futures | 119 |
Inne wydania - Wyświetl wszystko
The End of Finance: Capital Market Inflation, Financial Derivatives and ... Jan Toporowski Ograniczony podgląd - 2002 |
The End of Finance: Capital Market Inflation, Financial Derivatives and ... Jan Toporowski Ograniczony podgląd - 2002 |
The End of Finance: The Theory of Capital Market Inflation, Financial ... Jan Toporowski Ograniczony podgląd - 2000 |
Kluczowe wyrazy i wyrażenia
activity actual additional amount analysis appear assets balance banks become bonds boom brokers capital market inflation capitalist cash cause changes Chapter commitments companies competition contributions corporate cost countries debt demand depends derivatives determined economic effect entrepreneurs equilibrium equity example excess exchange expected expenditure fall financial futures markets financial markets firms fixed capital investment flow funded pension schemes futures contract gain given gives greater hold income increase industrial inflow institutions interest investors issue Keynes less liabilities limited liquidity long-term loss managers maturity means operations particular payments pension funds period Ponzi portfolio possibility practice preference privatization productive profits purchase raised reason reduced relative rentiers require reserves resulting returns rise risk saving sector securities markets selling shares speculative stability stock market structures supposed theory trading University yield