Suchergebnisse

The work of Costas Lapavitsas on money and finance develops Marxist monetary theory offering fresh insight into contemporary capitalism. It is fully conversant with the history of political economy, mainstream economic theory and the empirical reality of financialisation.

The turmoil of 2007-2009 is a crisis of financialised capitalism. This collected volume analyses financialisation by drawing on Marxist and heterodox theory of finance. It examines domestic and international aspects of financialisation, placing the crisis in its appropriate social context.

As part of the exchange on the European Union, the United Kingdom, and the left, Costas Lapavitsas provides an extensive response to Neil Davidson's and Andy Storey's contributions.

The Greek turmoil commenced as a balance of payments, or "sudden stop," crisis induced by large current account and primary government deficits. It became an economic and social disturbance of historic proportions. Its proximate cause was loss of competitiveness within the Eurozone due in large part to domestic German wage policies. The bailout policies, imposed by the lenders primarily for reasons of Eurozone stability and adopted by Greece, have had disastrous effects on both economy and society. The "historical bloc" that dominates Greek society willingly submitted to the bailout strategy, losing sovereignty, for reasons including fear and identity. JEL Classification: E66, F00, F02, F34

Costas Lapavitsas charts the growth of the 'unstable, unequal and slow‐growing' system of financialised capitalism that has taken root in mature economies over the past 40 years, and outlines initial steps to disentangling businesses, services, workers and households from its grasp.