Toporowski | The End of Finance | Buch | sack.de

Toporowski The End of Finance



Capital Market Inflation, Financial Derivatives and Pension Fund Capitalism

1. Auflage 1999, 180 Seiten, Gebunden, Format (B × H): 156 mm x 234 mm, Gewicht: 408 g Reihe: Routledge Frontiers of Political Economy
ISBN: 978-0-415-20881-9
Verlag: Taylor & Francis Ltd


Toporowski The End of Finance

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.

Weitere Infos & Material


Introduction: Antecedents and Methodology

PartI: The Theory of Capital Market Inflation

Chapter 1. Capital Markets and the Real Economy

1.1 Outside finance and industry

1.2 Liquidity and capital markets

Chapter 2. Value and Excess in Capital Markets

2.1 The value of company securities

2.2 Some policy issues

Part II: Ponzi Finance and Pension Fund Capitalism

Chapter 3. Pension Funds and Ponzi Finance

3.1 Pension funds, bamking and investment

3.2 Capital market inflation and monetary policy

3.3 Ponzi finance and securities markets

Chapter 4. Capital Market Inflation and Privatisation

Chapter 5. Pension fund inflows and their investment

5.1 The cash inflow into pension funds

5.2 Pension funds and their investment income

5.3 Peripheral and integrated markets

Chapter 6. The end of funded pension schemes

6.1 The limits of capital market inflation

6.2 Capital market disintermediation

Part III: Financial Derivatives and Liquidity Preference

Chapter 7. Liquidity preference and the conventional approach to finanial futures

7.1 Financial futures in context

7.2 Some concepts in the thepry of financial futures

Chapter 8. Commercial and investment uses of financial futures

8.1 Derivatives use by industrial and commercial firms

8.2 Derivatives use by Rentiers

Chapter 9. The broking of financial futures

Chapter 10. Regulation and the systematic risk of financial futures

10.1 Regulation and the rise of risk in financial futures markets

10.2 Financial derivatives, institutions and financial fragility

Part III Conclusion

Chapter 11 The ends of finance


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