Search results

"Financialization is a set of processes which has led to a financially-driven and commodified economy with rising inequality, tax avoidance, the lack of investment in the physical and social infrastructure. Given the influence of money politics, and the secular increase in the burden of debt, financialization has led to a deeply flawed economic system which mainstream economists are unable to address. This book discusses the causes and costs of financial crises, how financialization produces inequality and instability and the patterns of value extraction it enables. It draws on key theoretical traditions, most prominently the writing of Marx, Keynes, and Minsky that illuminate much that is ignored and rejected in mainstream theorizing, including by many who identify as Keynesians. After decades of low interest rates and years of quantitative easing keeping borrowing costs near zero, many borrowers - households, businesses, banks, shadow banks, and governments - will not be able to finance their debt at higher interest rates initiated by central banks to address inflation. The resulting stagflation will be global and will bring on a severe downturn that may be postponed through still greater debt creation, but not avoided by conventional means. The book also explores the ways that standard financial criteria contribute to the climate emergency and the manner in which the commodification of nature proceeds from the desire to create new marketable derivative products. It concludes with a discussion of what needs to be done to move away from a harmful regime of accumulation premised on financialization and to adopt a far better one. This book is essential reading for any interested in the causes and consequences of financialization and its impact on the economy."

"Financialization is a set of processes which has led to a financially-driven and commodified economy with rising inequality, tax avoidance, the lack of investment in the physical and social infrastructure. Given the influence of money politics, and the secular increase in the burden of debt, financialization has led to a deeply flawed economic system which mainstream economists are unable to address. This book discusses the causes and costs of financial crises, how financialization produces inequality and instability and the patterns of value extraction it enables. It draws on key theoretical traditions, most prominently the writing of Marx, Keynes, and Minsky that illuminate much that is ignored and rejected in mainstream theorizing, including by many who identify as Keynesians. After decades of low interest rates and years of quantitative easing keeping borrowing costs near zero, many borrowers - households, businesses, banks, shadow banks, and governments - will not be able to finance their debt at higher interest rates initiated by central banks to address inflation. The resulting stagflation will be global and will bring on a severe downturn that may be postponed through still greater debt creation, but not avoided by conventional means. The book also explores the ways that standard financial criteria contribute to the climate emergency and the manner in which the commodification of nature proceeds from the desire to create new marketable derivative products. It concludes with a discussion of what needs to be done to move away from a harmful regime of accumulation premised on financialization and to adopt a far better one. This book is essential reading for any interested in the causes and consequences of financialization and its impact on the economy"--

The centrality of finance -- Financialization and social structures of accumulation -- Realism in financial economics -- The shadow of the financial system -- The coming apart -- Rescue and the limits of reform -- Nations, globalization, and financialization -- The present in history

Rapid growth, reduced poverty, and stable societies: the announced benefits of the world economy celebrated by neoliberal proponents of ""the Washington consensus"" have failed to materialize. What does this failure mean for future world order and the U.S. role as global hegemon? Addressing this crucial question, William Tabb argues that global economic institutions such as the World Bank and the International Monetary Fund constitute a nascent international state for which all previous models of sovereignty, accountability and equity are inadequate. Integrating economics and political science

While other industrialized and developing countries look towards Japan as an economic model, the political, cultural, and social arrangements that have so far allowed Japan to succeed are eroding. In particular, Japan faces a system of industrial relations that places great strain on all of Japanese society. In The Postwar Japanese System, William Tabb distinguishes between those aspects of Japanese success that can and cannot be transferred successfully to help in the revitalization of the American economy. The author discusses Japanese economic history from before the Meiji Restoration to the present, and looks at Japanese politics, state-corporate relations, the labor relations system in Japan and the nature of work as experienced by Japanese employees. He examines the organization of the Japanese corporation versus the American corporation, industrial policy, education, urban and regional reorganization, and Japan's role in the world today (and tomorrow). And, Tabb thoughtfully explores the fundamental social, political, and economic transitions the Japanese are currently experiencing. The Postwar Japanese System succeeds in placing the economic "miracle" in its proper social and political framework. A broad, intelligent overview of the Japanese political economy, the book suggests important implications for the United States in the story of Japan's prosperity and current distress. It will be a key resource for all those interested in Japanese society.

Critically examines Japan's success and places the country's postwar "miracle" within a broader social and political framework. Exploring the fundamental social, political, and economic transitions the Japanese experience, this is a key resource for those interested in Japanese society.

The job of socialists is to engage with public policy from a class perspective, informed by a Marxist understanding of contemporary capitalism—not to reform it, but to abolish it.