Political economy of financialization in the United States: a historical-institutional balance-sheet approach

Introduction -- Compounding financialization, critical pluralist political economy, and historical-institutional balance-sheet analysis -- Political economy and the financialization of American banking -- The centralization and financialization of American monetary authority -- Shadow banking, off-b...

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Bibliographische Detailangaben
1. Verfasser: Mettenheim, Kurt von 1957- (VerfasserIn)
Format: Elektronisch E-Book
Sprache:English
Veröffentlicht: London ; New York Routledge, Taylor & Francis Group 2022
Schriftenreihe:Routledge frontiers of political economy
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Online-Zugang:DE-188
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Zusammenfassung:Introduction -- Compounding financialization, critical pluralist political economy, and historical-institutional balance-sheet analysis -- Political economy and the financialization of American banking -- The centralization and financialization of American monetary authority -- Shadow banking, off-balance sheet activities, and nonbank finance -- Conclusion.
"Combining balance sheet analysis with historical institutional analysis, this book traces the evolution of social sector financial balance sheets in the US from 1960-2018. This innovative historical-institutional approach, ranging from the micro level of households to the macro level of the federal government, reveals that the displacement of households by banks has been a long-term process. This gradual compounding of financialization is at odds with widely accepted views about financialization, contemporary banking theory, financial intermediation theory, and Post-Keynesian and endogenous money approaches. The book returns to time tested traditional principles of banking, taps unexpected affinities about market failures in transaction cost economics and financial intermediation theory with classic ideas in political and social economics about economic moralities and social reactions of self defence against unfettered markets. This book provides an alternative explanation for the rise of finance and new ways to think about averting financialization and its devastating consequences. This book marks a significant contribution to the literature on financialization, social economics, banking, and American political economy. Kurt Mettenheim taught at the FGV-EAESP in São Paulo, Brazil, Oxford University, the University of Pittsburgh, and Columbia University."
Beschreibung:Includes bibliographical references and index
Beschreibung:1 Online-Ressource (xv, 315 Seiten) Diagramme
ISBN:9781003110507
DOI:10.4324/9781003110507

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