dunnettreader + finance_capital   65

Admati et al - The Leverage Ratchet Effect (WP 2016) | Stanford Graduate School of Business
The Leverage Ratchet Effect
By Anat R. Admati, Peter M. DeMarzo, Martin F. Hellwig, Paul Pfleiderer
October 11,2016Working Paper No. 3029
Economics, Corporate Governance
Firms’ inability to commit to future funding choices has profound consequences for capital structure dynamics. With debt in place, shareholders pervasively resist leverage reductions no matter how much such reductions may enhance firm value. Shareholders would instead choose to increase leverage even if debt levels are already high and new debt must be junior to existing debt. These asymmetric forces in leverage adjustments, which we call the leverage ratchet effect, cause equilibrium leverage outcomes to be history-dependent. When forced to reduce leverage, shareholders are biased toward selling assets relative to potentially more efficient alternatives such as pure recapitalizations.

Keywordscapital structure, leverage, agency costs of debt, dynamic capital structure, tradeoff theory of capital structure, capital regulation, bank equity, debt overhang, under-investment, recapitalization, deleveraging, bankruptcy costs
finance_capital  equity-corporate  downloaded  capital_markets  debt-seniority  debt-restructuring  corporate_governance  recapitalization  risk_capital  debt-overhang  leverage  equity  equity_markets  corporate_finance  debt 
april 2017 by dunnettreader
JAMES LIVESEY, review essay - Berkeley, Ireland and 18thC Intellectual History (Aug 2015) | Cambridge Journaks - Modern Intellectual History Modern Intellectual History - BERKELEY, IRELAND AND EIGHTEENTH-CENTURY INTELLECTUAL HISTORY - Cambridge Journals O
Modern Intellectual History / Volume 12 / Issue 02 / August 2015, pp 453-473
Department of History, School of Humanities, University of Dundee -- (1) Marc A. Hight ed., The Correspondence of George Berkeley (Cambridge University Press, 2013) (2) Scott Breuninger , Recovering Bishop Berkeley: Virtue and Society in the Anglo-Irish Context (Palgrave, 2010) (3) Daniel Carey and Christopher J. Finlay , eds., The Empire of Credit: The Financial Revolution and the British Atlantic World, 1688–1815 (Irish Academic Press, 2011) -- 18thC Irish intellectual history has enjoyed a revival in recent years. New scholarly resources, such as the Hoppen edition of the papers of the Dublin Philosophical Society and the recently published Berkeley correspondence, have been fundamental to that revival. Since 1986 the journal Eighteenth-Century Ireland: Iris an dá chultúr has sponsored a complex conversation on the meaning and legacy of the 18thC in Irish history. Work in the journal and beyond deploying “New British” and Atlantic histories, as well as continuing attention to Europe, has helped to enrich scholarly understanding of the environments in which Irish people thought and acted. The challenge facing historians of Ireland has been to find categories of analysis that could comprehend religious division and acknowledge the centrality of the confessional state without reducing all Irish experience to sectarian conflict. Clearly the thought of the Irish Catholic community could not be approached without an understanding of the life of the Continental Catholic Church. Archivium Hibernicum has been collecting and publishing the traces of that history for a hundred years and new digital resources such as the Irish in Europe database have extended that work in new directions. The Atlantic and “New British” contexts have been more proximately important for the Protestant intellectual tradition
books  reviews  article  paywall  intellectual_history  18thC  Ireland  Berkeley  British_history  Three_Kingdoms  Church_of_England  Catholics-Ireland  Protestants-Ireland  Atlantic  economic_history  financial_system  finance_capital  credit  Glorious_Revolution  colonialism  Protestant_Ascendancy 
november 2015 by dunnettreader
Clément Fontan - La BCE et la crise du capitalisme en Europe - La Vie des idées - 24 février 2015
Selon Clément Fontan, la Banque centrale européenne a outrepassé ses prérogatives et a, sans contrôle démocratique, traité de manière trop différenciée l’aide qu’elle apporte aux États et celle qu’elle alloue au système financier. Mots-clés : Europe | banque centrale | capitalisme | Grèce | euro -- quite helpful for details of how the various powers, decision-making processes and authority in the EU, the Eurozone, the member states, and the ECB interact -- downloaded pdf to Note
article  EU_governance  Eurozone  ECB  Great_Recession  financial_crisis  capitalism-systemic_crisis  finance_capital  financialization  Greece-Troika  Eurocrsis  QE  bank_runs  payments_systems  bailouts  Germany-Eurozone  France  accountability  democracy_deficit  austerity  Maastricht  sovereign_debt  sovereignty  Europe-federalism  European_integration  downloaded 
july 2015 by dunnettreader
Werner Plumpe - The hour of the expert - economic expertise over 4 centuries - Eurozine - October 2012
What constitutes economic expertise? Looking at how European politics has answered this question over the last four centuries, Werner Plumpe argues that, at any given time, economic expertise is judged according to its coincidence with the conjuncture. -- Original in German -- Translation by Samuel Willcocks -- First published in Merkur 9-10/2012 (German version); Eurozine (English version) -- quite amusing, but nice overview that isn't excessively Anglo oriented
economic_history  economic_theory  expertise  sociology_of_knowledge  social_sciences  positivism  social_sciences-post-WWII  macroeconomics  economic_models  17thC  18thC  19thC  20thC  21stC  Europe-Early_Modern  intellectual_history  grand_narrative  narrative-contested  political_economy  economic_culture  economic_policy  capitalism  capitalism-varieties  capitalism-systemic_crisis  laisser-faire  cameralism  government-roles  business_cycles  business-and-politics  Keynesianism  neoclassical_economics  Austrian_economics  liberalism-19thC  finance_capital  bank_runs  financial_crisis  regulation  Marxism  public_enterprise  public_goods  infrastructure  market_fundamentalism  downloaded 
july 2015 by dunnettreader
Luca Corchia - Europe: Streeck replies to Habermas, and the debate goes on | Reset Dialogues on Civilizations - April 2014
The task of this brief presentation is to “establish a dialogue” with Streeck’s text, attempting to fill the hiatus between the answer and the original question that Habermas’ interpretation intended to pose to those wishing to simply dispose of economic and monetary union, ending up by dismantling the political and cultural integration project that inspired the founding fathers. -- downloaded pdf to Note
political_economy  international_finance  EU  EU_governance  ECB  Greece-Troika  monetary_union  Eurozone  Habermas  Europe-federalism  European_integration  nationalism  nation-state  national_interest  political_press  political_culture  economic_culture  financial_crisis  finance_capital  Great_Recession  democracy_deficit  public_opinion  downloaded 
july 2015 by dunnettreader
Jürgen Habermas - Re Wolfgang Streeck - Freedom and Democracy: Democracy or Capitalism? | Reset Dialogues on Civilizations - 1 July 2013
1st of a back-and-forth with Streeck and others -- Freedom and Democracy: Democracy or Capitalism? On the Abject Spectacle of a Capitalistic World Society fragmented along National Lines -- In his book on the deferred crisis of democratic capitalism Wolfgang Streeck develops an unsparing analysis of the origins of the present banking and debt crisis that is spilling over into the real economy. This bold, empirically based study developed out of Adorno Lectures at the Institute of Social Research in Frankfurt. At its best—that is, whenever it combines political passion with the eye-opening force of critical factual analysis and telling arguments—it is reminiscent of The Eighteenth Brumaire of Louis Napoleon. It takes as its starting point a justified critique of the crisis theory developed by Claus Offe and me in the early 1970s. The Keynesian optimism concerning governance prevalent at the time had inspired our assumption that the economic crisis potential mastered at the political level would be diverted into conflicting demands on an overstrained governmental apparatus and into “cultural contradictions of capitalism” (as Daniel Bell put it a couple of years later) and would find expression in a legitimation crisis. Today we are not (yet?) experiencing a legitimation crisis but we are witnessing a palpable economic crisis.
political_economy  political_philosophy  international_political_economy  capitalism-systemic_crisis  capital_as_power  finance_capital  financialization  Great_Recession  democracy  democracy_deficit  legitimacy  nationalism  financial_crisis  sovereign_debt  social_theory  globalization  global_governance  political_culture  economic_culture  stagnation  economic_sociology  Habermas  post-secular  Eurozone  European_integration  monetary_union  EU_governance  EU  Europe-federalism  downloaded 
july 2015 by dunnettreader
Suzanne J. Konzelmann, Marc Fovargue-Davies - Anglo-Saxon Capitalism in Crisis? Models of Liberal Capitalism and the Preconditions for Financial Stability :: SSRN (rev'd September 2011) Cambridge Centre for Business Research Working Paper No. 422
Suzanne J. Konzelmann, Birkbeck College - Social Sciences, School of Management and Organizational Psychology; Cambridge - Social and Political Sciences -- Marc Fovargue-Davies, U of London - The London Centre for Corporate Governance & Ethics -- The return to economic liberalism in the Anglo-Saxon world was motivated by the apparent failure of Keynesian economic management to control the stagflation of the 1970s and early 1980s. In this context, the theories of economic liberalism, championed by Friederich von Hayek, Milton Friedman and the Chicago School economists, provided an alternative. However, the divergent experience of the US, UK, Canada and Australia reveals two distinct ‘varieties’ of economic liberalism: the ‘neo-classical’ incarnation, which describes American and British liberal capitalism, and the more ‘balanced’ economic liberalism that evolved in Canada and Australia. In large part, these were a product of the way that liberal economic theory was understood and translated into policy, which in turn shaped the evolving relationship between the state and the private sector and the relative position of the financial sector within the broader economic system. Together, these determined the nature and extent of financial market regulation and the system’s relative stability during the 2008 crisis. -- PDF File: 61 -- Keywords: Corporate governance, Regulation, Financial market instability, Liberal capitalism, Varieties of capitalism -- downloaded pdf to Note
paper  SSRN  economic_history  20thC  21stC  post-WWII  post-Cold_War  US_politics  UK_politics  political_economy  political_culture  ideology  neoliberalism  economic_theory  economic_sociology  business_practices  business-and-politics  business-norms  business_influence  Keynesianism  neoclassical_economics  Austrian_economics  Chicago_School  capitalism-systemic_crisis  capitalism-varieties  corporate_governance  corporate_finance  capital_markets  capital_as_power  financialization  finance_capital  financial_regulation  Great_Recession  financial_crisis  policymaking  trickle-down  Canada  Australia  downloaded 
july 2015 by dunnettreader
Frederick Tung -Leverage in the Board Room: The Unsung Influence of Private Lenders in Corporate Governance:: SSRN - UCLA Law Review, Vol. 57, 2009 (rev'd 2012)
Boston University School of Law --:The influence of banks and other private lenders pervades public companies. From the first day of a lending arrangement, loan covenants and built-in contingency provisions affect managerial decision making. Conventional corporate governance analysis has been slow to notice or account for this lender influence. Corporate governance discourse has traditionally focused only on corporate law arrangements. The few existing accounts of creditors' influence over firm managers emphasize the drastic actions creditors take in extreme cases - when a firm is in serious trouble - but in fact, private lender influence is a routine feature of corporate governance even absent financial distress. (..) I explain the regularity of lender influence on managerial decision making - "lender governance" - comparing this routine influence to conventional governance arrangements and boards of directors in particular. I show that the extent of private lender influence rivals that of conventional governance mechanisms, and I discuss the doctrinal and policy implications of this unsung influence. Accounting for lender governance requires a new examination of corporate fiduciary duties, debtor-creditor laws, and the regulatory reform proposals that have emerged to address the current financial crisis. I also discuss the implications of private lender influence for future corporate governance research. -- PDF File: 69 -- lender governance, corporate governance, covenants, credit agreement, private lender, private debt, creditor, financial regulation, financial crisis -- saved to briefcase
article  SSRN  corporate_finance  corporate_governance  creditors  banking  relationship_lending  financial_regulation  corporate_law  capital_markets  commercial_law  debtors  debtor-creditor  debt-restructuring  financial_crisis  finance_capital  corporate_control 
july 2015 by dunnettreader
Arianna Lovera - La finance solidaire: Un marché civique pour le financement du travail | La Vie des idées - 15 janvier 2013
Face au marché capitaliste, il existerait un marché civique, dans le cadre duquel il est possible de financer les projets professionnels ou particuliers selon d’autres critères que celui de la maximisation du profit : c’est l’ambition de la finance solidaire, branche de l’économie solidaire qui permet de financer le travail en prenant en compte des critères extra-économiques ou éthiques. (...) les démarches d’octroi des prêts se fondent donc à la fois sur des critères bancaires traditionnels et sur des critères extra-économiques : parmi les premiers figure notamment l’analyse des bilans et des prévisionnels du sujet demandeur du prêt, dans le but de vérifier qu’il soit en condition de rembourser à la fois le prêt et les intérêts ; tandis que parmi les critères extra-économiques ou « éthiques » entrent des considérations concernant l’activité elle-même et son impact sur le tissu économico-social dans lequel elle s’inscrit. -- didn't download
article  financial_instiutions  financial_system  banking  nonprofit  solidarity  social_entrepreneurs  co-ops  access_to_finance  credit  financial_innovation  finance_capital 
june 2015 by dunnettreader
James Kwak - Why Capitalism Is Against Big Banks (like JP Morgan) — Bull Market — Medium - Jan 2015
Pressure now from stock analysts to break up JPM, which isn't just too-big-to-fail but too big to manage -- The debate over JPMorgan is not a debate between capitalists and socialists. It’s a debate between two types of capitalists: those who care solely about returns, and those who care about size for its own sake. In this debate, let’s hope the greedy bastards win over the megalomaniacs.
banking  banking-universal  shareholder_value  financial_regulation  financialization  finance_capital 
january 2015 by dunnettreader
Richard Andrew Berman - The Architects of Eighteenth Century English Freemasonry, 1720 - 1740 (2010 thesis) | University of Exeter
Advisors: Black, Jeremy & Goodrick-Clarke, Nicholas -- Date Issued: 2010-09-22 --
URI: http://hdl.handle.net/10036/2999 -- Following the appointment of its first aristocratic Grand Masters in the 1720s and in the wake of its connections to the scientific Enlightenment, ‘Free and Accepted’ Masonry rapidly became part of Britain’s national profile and the largest and arguably the most influential of Britain’s extensive clubs and societies. (..) Freemasonry became a vehicle for the expression and transmission of the political and religious views of those at its centre, and for the scientific Enlightenment concepts that they championed. The ‘Craft’ also offered a channel through which many sought to realise personal aspirations: social, intellectual and financial. Through an examination of relevant primary and secondary documentary evidence, this thesis seeks to contribute to a broader understanding of contemporary English political and social culture, and to explore the manner in which Freemasonry became a mechanism that promoted the interests of the Hanoverian establishment and connected and bound a number of élite metropolitan and provincial figures. A range of networks centred on the aristocracy, parliament, the magistracy and the learned and professional societies are studied, and key individuals instrumental in spreading and consolidating the Masonic message identified. The thesis also explores the role of Freemasonry in the development of the scientific Enlightenment. The evidence suggests that Freemasonry should be recognised not only as the most prominent of the many 18thC fraternal organisations, but also as a significant cultural vector and a compelling component of the social, economic, scientific and political transformation then in progress. -- downloaded pdf to Note
thesis  18thC  1720s  1730s  1740s  Walpole  Whigs-oligarchy  British_history  British_politics  Enlightenment  science-public  Scientific_Revolution  science-and-politics  Freemasonry  cultural_history  intellectual_history  networks-social  networks-political  networks-business  sociology_of_science_&_technology  elites  aristocracy  Parliament  MPs  political_nation  economic_sociology  economic_culture  commerce-doux  finance_capital  banking  capital_markets  capital_as_power  history_of_science  historical_sociology  historical_change  center-periphery  provinces  clubs  social_capital  judiciary  professions  professionalization  religious_culture  science-and-religion  latitudinarian  natural_religion  Newtonian  bibliography  downloaded  EF-add 
january 2015 by dunnettreader
Lapavitsas, Costas - Banks and the Design of the Financial System: Underpinnings in Steuart, Smith and Hilferding (2002) - SOAS Research Online (School of Oriental and African Studies)
Banks in bank-based financial systems tend to engage in long-term lending that requires substantial own capital to guarantee solvency. In market-based systems, in contrast, they tend to undertake short-term lending that requires adequate reserves to guarantee liquidity. Theoretical support for these two approaches to banking can be found in, respectively, Steuart and Smith. The innovative Marxist analysis of banking by Hilferding combined elements of both. Banks in the early stages of development are Smith-like but, as the scale of fixed investment in industry grows, they lend long-term and become Steuart-like, also developing ‘commitment’ relations with enterprises. However, Hilferding also implied, erroneously, that financial systems historically evolve in a bank-based direction. Based on Hilferding but also drawing on Japanese Marxist analysis of finance, it is suggested instead that bank behaviour in bank-based systems results from institutional changes imposed by policy-makers in order to achieve ‘catching up.’ -- Item Type: Monographs (Working Paper) -- Keywords: Adam Smith, James Steuart, Rudolf Hilferding, banking theory, Marxist theory of finance -- SOAS Departments & Centres: Faculty of Law and Social Sciences > Department of Economics -- downloaded pdf to Note
paper  intellectual_history  economic_history  18thC  19thC  20thC  21stC  financial_system  finance_capital  banking  financial_economics  Marxist  leverage  credit  money_market  industrialization  investment  liquidity  financial_crisis  capital_adequacy  financial_sector_development  financial_innovation  Smith  Steuart_James  Hilferding  downloaded  EF-add 
october 2014 by dunnettreader
Bichler, Shimshon and Nitzan, Jonathan - Differential Accumulation (Reprint) | bnarchives
Dissident Voice. 28 December 2011. pp. 1-13. (Magazine Article; English). -- This is the latest version of this eprint. -- Early in 2011, we received a surprising invitation from the Financial Times Lexicon. A reader had suggested that an entry on differential accumulation be added to the Lexicon, and the online content developer asked us if we would be willing to write it. Our first thought was that this must have been a mistake. . . . Keywords: capital, capitalization, differential accumulation, finance, investment, modes of power, sabotage -- downloaded pdf to Note
article  capital_as_power  capital  capitalism  capitalization  accumulation  accumulation-differential  financial_system  finance_capital  financialization  investment  power  power-asymmetric  sabotage-by_business  downloaded  EF-add 
october 2014 by dunnettreader
Jonathan Nitzan - Global Capital: Political Economy of Capitalist Power (YorkU, Graduate Seminar, Fall Term, 2014-15) | bnarchives
The seminar has two related goals: substantive and pedagogical. The substantive purpose is to tackle the question of capital head on. The course explores a spectrum of liberal and Marxist theories, ideologies and dogmas – as well as a radical alternative to these views. The argument is developed theoretically, historically and empirically. The first part of the seminar provides a critical overview of political economy, examining its historical emergence, triumph and eventual demise. The second part deals with the two ‘materialistic’ schools of capital – the liberal theory of utility and the Marxist theory of labour time – dissecting their structure, strengths and limitations. The third part brings power back in: it analyses the relation between accumulation and sabotage, studies the institutions of the corporation and the state and introduces a new framework – the capitalist mode of power. The final part offers an alternative approach – the theory of capital as power – and illustrates how this approach can shed light on conflict-ridden processes such as corporate merger, stagflation, imperialism and Middle East wars. Pedagogically, the seminar seeks to prepare students toward conducting their own independent re-search. Students are introduced to various electronic data sources, instructed in different methods of analysis and tutored in developing their empirical research skills. As the seminar progresses, these skills are used both to assess various theories and to develop the students’ own theoretical/empirical research projects. -- Keywords: arms accumulation capital capitalism conflict corporation crisis distribution elite energy finance globalization growth imperialism GPE liberalism Marxism military Mumford national interest neoclassical neoliberalism oil ownership peace power profit ruling class security stagflation state stock market technology TNC Veblen violence war -- syllabus and session handouts downloaded pdf to Note
bibliography  syllabus  capital_as_power  international_political_economy  political_economy  economic_theory  liberalism  neoliberalism  neoclassical_economics  Keynesian  Marxist  capital  capitalism  social_theory  power-asymmetric  globalization  financial_system  financial_regulation  risk-systemic  international_finance  finance_capital  financialization  production  distribution-income  distribution-wealth  inequality  MNCs  corporations  corporate_finance  corporate_ownership  corporate_control_markets  economic_growth  economic_models  imperialism  military  military-industrial_complex  IR_theory  ruling_class  class_conflict  energy  energy-markets  MENA  accumulation  accumulation-differential  capital_markets  public_finance  profit  investment  technology  elite_culture  elites-self-destructive  capitalism-systemic_crisis  Veblen  Mumford  downloaded  EF-add 
october 2014 by dunnettreader
Nitzan, Jonathan - LSE Public Event: Can Capitalists Afford Recovery? -- Video and Paper (May 2014) | bnarchives
Presentation at the LSE Department of International Relations. 27 May 2014. -- Theorists and policymakers from all directions and of all persuasions remain obsessed with the prospect of recovery. For mainstream economists, the key question is how to bring about such a recovery. For heterodox political economists, the main issue is whether sustained growth is possible to start with. But there is a prior question that nobody seems to ask: can capitalists afford recovery in the first place? If we think of capital not as means of production but as a mode of power, we find that accumulation thrives not on growth and investment, but on unemployment and stagnation. And if accumulation depends on crisis, why should capitalists want to see a recovery? -- Video duration: 2:24 hours -- Keywords: crisis, differential accumulation, economic policy, economic theory, expectations, growth, income distribution, Keynesianism, Marxism, monetarism, neoclassical economics, profit, underconsumption -- Subjects: BN State & Government, BN Power, BN Region - North America, BN Business Enterprise, BN Value & Price, BN Crisis, BN Production, BN Macro, BN Conflict & Violence, BN Money & Finance, BN Ideology, BN Distribution, BN Methodology, BN Capital & Accumulation, BN Policy, BN Class, BN Labour, BN Growth -- links to LSE on YouTube -- downloaded pdf to Note
paper  video  Great_Recession  financial_crisis  economic_growth  capital_as_power  capitalism-systemic_crisis  economic_theory  economic_models  macroeconomics  neoclassical_economics  Keynesian  Marxist  monetarism  monetary_policy  fiscal_policy  austerity  sovereign_debt  public_finance  public_policy  productivity  production  consumer_demand  underconsumption  investment  profit  productivity-labor_share  distribution-income  distribution-wealth  finance_capital  financialization  capitalization  accumulation  accumulation-differential  elites-self-destructive  elite_culture  ruling_class  class_conflict  Labor_markets  inequality  unemployment 
october 2014 by dunnettreader
Hyeng-Joon Park - Korea’s Post-1997 Restructuring: An Analysis of Capital as Power | forthcoming in Review of Radical Political Economics (2015) pp. 1-44 | bnarchives
This paper aims to transcend current debates on Korea’s post-1997 restructuring, which rely on a dichotomy between domestic industrial capital and foreign financial capital, by adopting Nitzan and Bichler’s capital-as-power perspective. Based on this approach, the paper analyzes Korea’s recent political economic restructuring as the latest phase in the evolution of capitalist power and its transformative regimes of capital accumulation. -- Keywords: differential accumulation dominant capital chaebols transnationalization strategic sabotage -- Subjects: BN State & Government, BN Institutions, BN Power, BN International & Global, BN Region - Asia, BN Business Enterprise, BN Value & Price, BN Crisis, BN Production, BN Conflict & Violence, BN Money & Finance, BN Distribution, BN Comparative, BN Capital & Accumulation, BN Policy, BN Class, BN Labour, BN Growth -- downloaded from author's blog to Note
article  international_political_economy  capital_as_power  globalization  Korea  East_Asia  20thC  21stC  economic_history  1990s  2000s  2010s  Asian_crisis  Asia_Pacific  international_finance  FDI  finance_capital  financialization  emerging_markets  oligopoly  chaebols  crony_capitalism  industry  production  capitalism  capitalism-systemic_crisis  capitalization  accumulation  distribution-income  distribution-wealth  cross-border  trade  productivity-labor_share  class_conflict  labor_share  Labor_markets  unions  violence  economic_growth  sabotage-by_business  business-and-politics  business-norms  power-asymmetric  public_policy  public_goods  corporate_finance  corporate_ownership  investment  banking  political_culture  economic_culture  economic_reform  economic_policy  democracy  opposition  downloaded  EF-add 
october 2014 by dunnettreader
Bichler, Shimshon and Nitzan, Jonathan - Nonlinearities of the Sabotage-Redistribution Process - Working Paper May 2014 | bnarchives
The relationship between sabotage and redistribution is inherently nonlinear. This research note illustrates aspects of this nolinearity in the case of the United States. 5 pages - Web page has links to small Excel sheet and 5 jpegs of the graphs. -- Keywords: sabotage redistribution United States-- Subjects: BN Conflict & Violence, BN Data & Statistics, BN Methodology, BN Resistance, BN Power, BN Region - North America, BN Capital & Accumulation, BN Business Enterprise -- downloaded pdf to Note
paper  data  capital_as_power  US_economy  political_economy  political_culture  economic_culture  business-and-politics  corporations  profit  distribution-income  labor_share  oligopoly  MNCs  military-industrial_complex  financial_system  finance_capital  financialization  accumulation  capitalism  capitalism-systemic_crisis  elites-self-destructive  inequality  neoliberalism  public_goods  sabotage-by_business  privatization  power-asymmetric  downloaded  EF-add 
october 2014 by dunnettreader
Bichler, Shimshon and Nitzan, Jonathan - The Asymptotes of Power - Real-World Economics Review. No. 60. June 2012. pp. 18-53 | bnarchives
Article workup of earlier conference paper -- This is the latest in a series of articles we have been writing on the current crisis. The purpose of our previous papers was to characterize the crisis. We claimed that it was a 'systemic crisis', and that capitalists were gripped by 'systemic fear'. In this article, we seek to explain why. The problem that capitalists face today, we argue, is not that their power has withered, but, on the contrary, that their power has increased. Indeed, not only has their power increased, it has increased by so much that it might be approaching its asymptote. And since capitalists look not backward to the past but forward to the future, they have good reason to fear that, from now on, the most likely trajectory of this power will be not up, but down. The paper begins by setting up our general framework and key concepts. It continues with a step-by-step deconstruction of key power processes in the United States, attempting to assess how close these processes are to their asymptotes. And it concludes with brief observations about what may lie ahead. -- Keywords: capitalization distribution power, systemic crisis -- Subjects: BN Money & Finance, BN Conflict & Violence, BN Distribution, BN Resistance, BN Power, BN Region - North America, BN Business Enterprise, BN Capital & Accumulation, BN Value & Price, BN Class, BN Crisis -- downloaded pdf to Note, also Excel data sheet
article  international_political_economy  capital_as_power  financial_system  international_finance  global_economy  global_system  ruling_class  transnational_elites  elite_culture  elites-self-destructive  globalization  power-asymmetric  Great_Recession  financial_crisis  finance_capital  financialization  distribution-income  distribution-wealth  profit  labor_share  risk-systemic  inequality  plutocracy  1-percent  conflict  violence  class_conflict  neoliberalism  corporate_citizenship  systems-complex_adaptive  systems_theory  grassroots  opposition  democracy  democracy_deficit  accumulation  capitalization  US_politics  US_economy  political_economy  political_culture  economic_culture  elites  rebellion  failed_states  property_rights  business-and-politics  business-norms  economic_growth  fear  data  capitalism-systemic_crisis  downloaded  EF-add 
october 2014 by dunnettreader
Michael Hudson - Veblen’s Institutionalist Elaboration of Rent Theory - Working Paper No. 729 | Levy Economics Institute - August 2012
As the heirs to classical political economy and the German historical school, the American institutionalists retained rent theory and its corollary idea of unearned income. More than any other institutionalist, Thorstein Veblen emphasized the dynamics of banks financing real estate speculation and Wall Street maneuvering to organize monopolies and trusts. Yet despite the popularity of his writings with the reading public, his contribution has remained isolated from the academic mainstream, and he did not leave behind a “school.” Veblen criticized academic economists for having fallen subject to “trained incapacity” as a result of being turned into factotums to defend rentier interests. Business schools were painting an unrealistic happy-face picture of the economy, teaching financial techniques but leaving out of account the need to reform the economy’s practices and institutions. In emphasizing how financial “predation” was hijacking the economy’s technological potential, Veblen’s vision was as materialist and culturally broad as that of the Marxists, and as dismissive of the status quo. Technological innovation was reducing costs but breeding monopolies as the finance, insurance, and real estate (FIRE) sectors joined forces to create a financial symbiosis cemented by political-insider dealings—and a trivialization of economic theory as it seeks to avoid dealing with society’s failure to achieve its technological potential. The fruits of rising productivity were used to finance robber barons who had no better use of their wealth than to reduce great artworks to the status of ownership trophies and achieve leisure-class status by funding business schools and colleges to promote a self-congratulatory but deceptive portrayal of their wealth-grabbing behavior. -- Associated Program: Explorations in Theory and Empirical Analysis -- downloaded pdf to Note
paper  intellectual_history  19thC  20thC  Veblen  entre_deux_guerres  economic_history  economic_theory  institutional_economics  political_economy  classical_economics  neoclassical_economics  marginalists  German_historical_school  professionalization  academia  philanthropy  Gilded_Age  robber_barons  finance_capital  technology  investment  monopolies  speculative_finance  financial_system  financialization  antitrust  history-and-social_sciences  rentiers  rent-seeking  business-and-politics  business-norms  busisness-ethics  business_schools  downloaded  EF-add 
october 2014 by dunnettreader
Sunanda Sen - The Meltdown of the Global Economy: A Keynes-Minsky Episode? - Working Paper No. 623 | Levy Economics Institute | September 2010
The paper begins with some theoretical concerns relating to factors that could trigger a crisis similar to the global economic crisis that began in 2008. The first concern relates to the deregulated financial institutions and the growing uncertainty that can be witnessed in these liberalized financial markets. The second relates to financial engineering with innovations in these markets, simultaneously providing cushions against risks while generating flows of liquidity that remain beyond the conventional sources of bank credit. Interpreting the role of uncertainty, one can observe the connections between investment and finance, both of which are subject to changes in the state of expectations. The initial formulation can be traced back to Keynes’s General Theory, where liquidity preference is linked to asset prices and new investments. The Keynesian analysis was reformulated in 1986 by Minsky, who introduced the possibility of sourcing external finance through debt, which further adds to the impact of uncertainty. Minsky’s characterization of deregulated financial markets considers the newfangled sources of nonbank credit, especially with the involvement of banks in the securities market under the universal banking model. As for the institutional arrangements that provide for profits on transactions, financial assets bought and sold in the primary market as initial public offerings of stocks are usually transacted later, in the secondary market, where these are no longer backed by physical assets.In the upswing, finance creates a myriad of financial claims and liabilities, and thus becomes increasingly remote from the real economy, while innovations to hedge and insulate assets continue to proliferate in the financial market, especially in the presence of uncertainty. The paper looks especially at the US. This is appended by a stylized account of the turn of events in terms of a theoretical model that highlights the role of uncertainty in the process. -- Associated Program: Monetary Policy and Financial Structure -- downloaded pdf to Note
paper  economic_theory  financial_crisis  bubbles  Great_Recession  financial_system  finance_capital  financialization  financial_innovation  banking  financial_regulation  derivatives  risk  risk-systemic  uncertainty  expectations  capital_markets  NBFI  intermediation  speculative_finance  securitization  Glass-Steagal  investment  investors  asset_management  real_economy  real_estate  Keynes  liquidity  Minsky  credit  debt  deleverage  leverage  asset_prices  banking-universal  disintermediation  money_market  Ponzi_finance  IPOs  secondary_markets  fragility  resilience  downloaded  EF-add 
october 2014 by dunnettreader
Philip Pilkington - Endogenous Money and the Natural Rate of Interest - Working Paper No. 817 | Levy Economics Institute - September 2014
Endogenous Money and the Natural Rate of Interest: The Reemergence of Liquidity Preference and Animal Spirits in the Post-Keynesian Theory of Capital Markets -- Since the beginning of the fall of monetarism in the mid-1980s, mainstream macroeconomics has incorporated many of the principles of post-Keynesian endogenous money theory. This paper argues that the most important critical component of post-Keynesian monetary theory today is its rejection of the “natural rate of interest.” By examining the hidden assumptions of the loanable funds doctrine as it was modified in light of the idea of a natural rate of interest — specifically, its implicit reliance on an “efficient markets hypothesis” view of capital markets — this paper seeks to show that the mainstream view of capital markets is completely at odds with the world of fundamental uncertainty addressed by post-Keynesian economists, a world in which Keynesian liquidity preference and animal spirits rule the roost. This perspective also allows us to shed new light on the debate that has sprung up around the work of Hyman Minsky, calling into question to what extent he rejected the loanable funds view of financial markets. When Minsky’s theories are examined against the backdrop of the natural rate of interest version of the loanable funds theory, it quickly becomes clear that Minsky does not fall into the loanable funds camp. -- Program: Monetary Policy and Financial Structure -- Related Topic(s): Capital markets Financial economics Financial market theory Macroeconomics Monetary economics Monetary theory
paper  economic_theory  intellectual_history  20thC  21stC  macroeconomics  monetarism  Post-Keynesian  money  interest_rate-natural  liquidity  capital_markets  EMH  monetary_policy  monetary_theory  banking  NBFI  savings  investment  investors  financial_system  finance_capital  financial_crisis  central_banks  uncertainty  Keynes  Minsky  downloaded  EF-add 
october 2014 by dunnettreader
Cassandra Does Tokyo: Sympathy For The Devil -July 2014
Brilliantly horrifying mock CV of a senior executive moving through all the financial ibdustry's greatest "hits" of the past quarter century, starting with Citibank generating loan deals in the NICs to recycle pétrodollars, through Drexel stuffing LBO junk bonds in related fiduciaries, Long Term Capital, dot com bubble, commodity "swaps" as low risk uncorrelated asset class, of course mortgage securitization, HFT "liquidity provision" via order sniffing, front running, dark pools, selective "market making", and designing equity portfolio insurance for post crash terrified institutional investors (who would lose the entire upside of past 5 years stock prices, plus a few ywists, especially from the '90s involving derivatives, the Nikkei, etc that were off my radar screen. Only thing I think he left out were the various municipal finance scams.
20thC  post-Cold_War  21stC  economic_history  financialization  Great_Recession  financial_innovation  bubbles  busisness-ethics  institutional_investors  derivatives  securitization  HFT  emerging_markets  fraud  fiduciaries  financial_regulation  finance_capital 
september 2014 by dunnettreader
David Fields - NAKED KEYNESIANISM: Ben Fine on the Material Culture of Financialisation
A FESSUD Working paper by Ben Fine. -- From the abstract: -- The purpose of this paper is threefold. First is to comment upon the nature of financialisation. Second is to frame how this leads financialisation to be understood whether consciously or otherwise. And, third, is to draw out implications for surveying households as their experiences and understandings of, and reactions to, financialisation without specifically designing a questionnaire itself for this purpose. As should already be apparent, underpinning this contribution is the presumption that financialisation is a characteristic of contemporary capitalism (and that the term is also an appropriate category for representing this characteristic). The material culture of financialisation is addressed by drawing upon the 10 Cs approach that was developed for the study of consumption, highlighting how it is Constructed, Construed, Commodified, Conforming, Contextual, Contradictory, Closed, Contested, Collective, and Chaotic. - downloaded pdf to Note
economic_culture  financialization  social_theory  consumers  finance_capital  downloaded  EF-add 
september 2014 by dunnettreader
Lance Taylor - Maynard's Revenge: The Collapse of Free Market Macroeconomics (2011) | Harvard University Press
Taylor argues that the ideas of J.M. Keynes and others provide a more useful framework both for understanding the crisis and for dealing with it effectively. Keynes’s basic points were fundamental uncertainty and the absence of Say’s Law. He set up machinery to analyze the macro economy under such circumstances, including the principle of effective demand, liquidity preference, different rules for determining commodity and asset prices, distinct behavioral patterns of different collective actors, and the importance of thinking in terms of complete macro accounting schemes. Economists working in this tradition also worked out growth and cycle models. Employing these ideas throughout Maynard’s Revenge, Taylor provides an analytical narrative about the causes of the crisis, and suggestions for dealing with it. 1. Macroeconomics. 2. Macroeconomic Thought during the Long 19thC. 3. Gold Standard, Reparations, Mania, Crash, and Depression. 4. Maynard Ascendant. 5. Keynesian Growth, Cycles, and Crisis. 6. The Counterrevolution. 7. Finance. 8. The International Dimension. 9. Keynesianism and the
books  intellectual_history  economic_theory  economic_history  economic_models  18thC  19thC  20thC  social_sciences-post-WWII  entre_deux_guerres  political_economy  macroeconomics  classical_economics  neoclassical_economics  Keynes  Keynesianism  Post-Keynesian  finance_capital  financial_economics  microfoundations  EMH  rational_expectations  rationality-economics  rationality-bounded  behavioral_economics  business_cycles  Great_Depression  Great_Recession  financial_crisis  gold_standard  economic_growth  international_monetary_system  balance_of_payments  FX  uncertainty  liquidity  savings  Labor_markets  wages 
september 2014 by dunnettreader
Steve Denning - From CEO 'Takers' To CEO 'Makers': The Great Transformation - Forbes - August 2014
CEOs, through the pervasive use of share buybacks, have become takers, not makers. Instead of creating value for their organizations and society, they are extracting value. Pervasive share buybacks are an economic, social and moral disaster: they contribute to loss of shareholder value, crippled capacity to innovate, runaway executive compensation, destruction of jobs, rapidly increasing inequality and sustained economic stagnation. Yet share buybacks have become “an unhealthy corporate obsession,” even “an addiction.” The situation is one of fundamental institutional failure. CEOs are extracting value from their firms. Business schools are teaching them how to do it. Institutional shareholders are complicit in what the CEOs are doing. Regulators pursue individuals but remain indifferent to systemic failure. Rating agencies reward malfeasance. Analysts applaud short-term gains and ignore obvious long-term rot. Politicians stand by and watch. In a great betrayal, the very leaders who should be fixing the system are complicit in its continuance. Unless our society reverses course, it is heading for a cataclysm. The solution to fundamental institutional failure goes beyond passing a few regulations or changing the behavior of a few CEOs. It involves changes in behavior in a whole set of institutions and actors: -- Change won’t happen merely by pointing out that shareholder primacy is a bad idea. Bad ideas don’t die just because they are bad. They hang around until a consensus forms around another idea that is better. Fortunately, a consensus is emerging around a better idea. The idea isn’t new. It’s Peter Drucker’s foundational insight of 1973: the only valid purpose of a firm is to create a customer. It’s through providing value to customers that firms justify their existence. Profits and share price increases are the result, not the goal of a firm’s activities
business  busisness-ethics  norms-business  corporate_governance  corporate_finance  investment  investors  management  financialization  finance_capital  capital_markets  inequality  1-percent  Drucker_Peter  Friedman_Milton  shareholder_value  profit 
august 2014 by dunnettreader
Branko Milanovic - The Tale Of Two Middle Classes | Yale Global -July 2014
Far Right in Europe starting to agitate re middle class incomes in Asia growing vs stagnating or declining in West -- The rich have benefited immensely from globalization and they have keen interest in its continuation. But while their use of political power has enabled the continuation of globalization, it has also hollowed out national democracies and moved many countries closer to becoming plutocracies. Thus, the choice would seem either plutocracy and globalization – or populism and a halt to globalization. Another solution, one that involves neither populism nor plutocracy, would imply more substantial redistribution policies in the rich world. Some of the gains of the top 5 percent could go toward alleviating the anger of the lower- and middle-class rich world’s “losers.” These need not nor should be mere transfers of money from one group to another. Instead, money should come in the form of investments in public education, local infrastructure, housing and preventive health care. But the history of the last quarter century during which the top classes in the rich world have continually piled up larger and larger gains, all the while socially and mentally separating themselves from fellow citizens, does not bode well for that alternative.
international_political_economy  globalization  plutocracy  populism  right-wing  democracy  1-percent  public_goods  infrastructure  finance_capital  politics-and-money  OECD_economies  economic_growth  protectionism  trade-policy 
august 2014 by dunnettreader
John P. Diggins - Dos Passos and Veblen's Villains | JSTOR: The Antioch Review, Vol. 23, No. 4 (Winter, 1963-1964), pp. 485-500
Explains apparent shift from radical Left to Goldwater Right as consistent champion of productivist classes - craftsmen, engineers, and labor generally - first against Veblen's villains, the captains of finance capital, the PR men, and the managerialist ethos driven by profit at the expense of productive values of quality, know-how etc -- post WWII, Dos Passos added big government and labor bosses to his villains
article  jstor  19thC  20thC  US_history  US_society  entre_deux_guerres  post-WWII  intellectual_history  political_culture  political_economy  social_order  finance_capital  production  labor  industry  profit  craftsmanship  capitalism  Veblen 
august 2014 by dunnettreader
N. Draper - The City of London and Slavery: Evidence from the First Dock Companies, 1795-1800 | JSTOR: The Economic History Review, New Series, Vol. 61, No. 2 (May, 2008), pp. 432-466
Through analysing the composition of the founding shareholders in the West India and London Docks, this article explores the connections between the City of London and the slave economy on the eve of the abolition of the slave trade. It establishes that over one-third of docks investors were active in slave-trading, slave-ownership, or the shipping, trading, finance, and insurance of slave produce. It argues that the slave economy was neither dominant nor marginal, but instead was fully integrated into the City's commercial and financial structure, contributing materially alongside other key sectors to the foundations of the nineteenth-century City. -- huge bibliography -- downloaded pdf to Note
article  jstor  political_economy  economic_history  17thC  18thC  British_history  British_politics  Atlantic  West_Indies  American_colonies  slavery  abolition  London  ports  trade  merchants  planters  investors  shipping  finance_capital  insurance  City  City_politics  Industrial_Revolution  bibliography  downloaded  EF-add 
june 2014 by dunnettreader
BofA Merrill Lynch Backs Piketty - Business Insider June 2014
Ajay Kapur and his team said this in a lengthy report titled, "Piketty and Plutonomy: The revenge of inequality," outlining the impacts of plutonomists, or the super rich, on investors. The skew toward the super-rich makes looking at averages an incomplete exercise: "When wealth and income are as concentrated as they are, and expected (a la Piketty) to get even more so, examining the 'average' consumer or 'average' investor makes little sense. Examining the fat tail – the behavior of the plutonomists, rather than that of the multitudinous many – is more advantageous to investors. Plutonomists determine and dominate spending and investment decisions and their magnitudes. Any analysis that does not tease out the skewed global income and wealth distribution, but focuses on the average is flawed from the start and is incomplete, as we step into its deeper extremes." "Economic and earnings surprises are linked to their behavior," they write. -- charts show the biggest wealth gains in US have been made mostly among the super rich. -- see Kapur papers from 2005 & 2006 on Plutonomy -- downloaded pdfs to Note
Piketty  US_economy  economic_history  economic_growth  economic_sociology  economic_culture  plutocracy  inequality  investment  investors  profit  finance_capital  wealth  downloaded  EF-add 
june 2014 by dunnettreader
Suresh Naidu - Capital Eats the World | Jacobin May 2014
A first step could be a multisector model with both a productive sector and an extractive, rent-seeking outlet for investment, so that the rate of return on capital has the potential to be unanchored from the growth of the economy. This model could potentially do a better job of explaining r > g in a world where capital has highly profitable opportunities in rent-seeking ....More fundamentally, a model that started with the financial and firm-level institutions underneath the supply and demand curves for capital, rather than blackboxing them in production and utility functions, could illuminate complementarities among the host of other political demands that would claw back the share taken by capital and lower the amount paid out as profits before the fiscal system gets its take. This is putting meat on what Brad Delong calls the “wedge” between the actual and warranted rate of profit. -- We need even more and even better economics to figure out which of these may get undone via market responses and which won’t, and to think about them jointly with the politics that make each feasible or not. While Piketty’s book diagnoses the problem of capital’s voracious appetite, it would require a different kind of model to take our focus off the nominal quantities registered by state fiscal systems, and instead onto the broader distribution of political power in the world economy.
books  reviews  kindle-available  Piketty  political_economy  economic_theory  heterodox_economics  neoclassical_economics  economic_models  economic_growth  wealth  capital  finance_capital  capitalism  labor  Labor_markets  unemployment  markets_in_everything  tax_havens  investment  investors  savings  inheritance  profit  corporate_governance  corporate_citizenship  inequality  technology  1-percent  rent-seeking  rentiers  class_conflict  oligarchy  taxes  productivity  corporate_finance  property  property_rights  neoliberalism 
june 2014 by dunnettreader
Riger Cohen - Capitalism Eating Its Children - NYTimes.com - May 2014
“Prosperity requires not just investment in economic capital, but investment in social capital,” Carney argues, having defined social capital as “the links, shared values and beliefs in a society which encourage individuals not only to take responsibility for themselves and their families but also to trust each other and work collaboratively to support each other.” A stirring through the hall, a focusing of gazes — Carney has the attention of the chief executives, bankers and investors gathered here for a conference on “Inclusive Capitalism.” His bluntness reflects the fact that, six years after the crisis, the core problem has not gone away: The deep unease and anger in developed countries about the ways globalization and technology magnify returns for the super-rich, operating in a world of low taxation and lax regulation where short-term gain becomes a guiding principle, even as societies become more unequal, offering diminished opportunities to the young, less community and a growing sense of unfairness.
finance_capital  Great_Recession  laisser-faire  social_capital  inequality  plutocracy  financial_regulation  capitalism 
may 2014 by dunnettreader
Tom Jones - Pope's "Epistle to Bathurst" and the Meaning of Finance | JSTOR: Studies in English Literature, 1500-1900, Vol. 44, No. 3 (Summer, 2004), pp. 487-504
This article attempts to show that Alexander Pope's argument and poetic technique in the Epistle to Bathurst challenge the idea that words are like money or other economic tokens. Reading against the recent characterization of Pope's work as nostalgic, this piece takes issue with the corollary established by J. G. A. Pocock and others between financial change and linguistic uncertainty in the early eighteenth century. It presents Pope as a skeptical thinker aware of the radical contingency of all human values, more in line with David Hume than earlier writers on money. It suggests that Pope's imitative meter is an investigation of this contingency of value. -- Yeah ! -- downloaded pdf to Note
article  jstor  18thC  English_lit  Pope  political_economy  moral_economy  finance_capital  financial_innovation  language  semiotics  values  historical_change  scepticism  contingency  morality-conventional  social_order  Pocock  commerce  downloaded  EF-add 
may 2014 by dunnettreader
Nicholas Hudson - "Britons Never Will be Slaves": National Myth, Conservatism, and the Beginnings of British Antislavery | Eighteenth-Century Studies 34.4 (2001) 559-576 - Project MUSE
According to a virtual consensus in modern scholarship on the abolition of slavery, this event marked a historic victory for nonconformist, radical, or otherwise antiestablishment elements in British culture. A recent historian has connected the rise of antislavery with "Wilkite" tendencies in the British middle class, and others have located abolitionism in a "reform complex" devoted to the radical overhaul of the British political system. It has been widely assumed that British slavery was generally excused by the established Anglican church and that the abolitionist movement was dominated by "Quakers, evangelicals and Rational Dissenters." -- This scholarship exemplifies a "Whig" historiography that routinely looks for the sources of social change in the attack of peripheral or nontraditional groups on the center. -- the most resonant voices against slavery during the 18thC belonged to men and women with strong backgrounds in the Anglican Church and conservative views on social and political issues in Britain. These include Samuel Johnson, William Warburton, Edmund Burke, ... -- we find that these humanitarian objections emerged from within the groups and ideologies that conceived of Britain as fundamentally Anglican, royal, and hierarchical. -- it is, in fact, inaccurate to identify mainstream British values with the merchants and colonists who controlled the slave-trade. As I will contend, antislavery took shape amidst an essentially ideological conflict about the very nature of "Britain" between proponents of unbridled free-market capitalism and the essentially conservative and traditionalist outlook of those who wished to contain capitalism within the constraints of morality, religion, and their patriotic image of Britons as a freedom-loving people. -- copy 1st 2 pages in Simple Note
article  Project_MUSE  paywall  find  18thC  British_history  British_politics  Atlantic  West_Indies  American_colonies  slavery  dissenters  Radical_Enlightenment  Whigs-oligarchy  Whigs-Radicals  Whigs-opposition  Tories  national_ID  British_Empire  abolition  plantations  planters  Anglican  Royalists  Wilkes  Johnson  Warburton  Burke  conservatism  historiography-Whig  nationalism  merchants  finance_capital  moral_economy  political_economy  capitalism  patriotism  Patriots  Patriot_King  Bolingbroke  EF-add 
may 2014 by dunnettreader
Irving Fisher's 1918 Presidential Address to the American Economic Association (Brad DeLong's Grasping Reality...) - May 2014
Irving Fisher: Economists in Public Service: Annual Address of the President: Source: The American Economic Review, Vol. 9, No. 1, Supplement, Papers and Proceedings of the Thirty-First Annual Meeting of the American Economic Association (Mar., 1919), pp. 5-21 Published by: American Economic Association. Stable URL: http://www.jstor.org/stable/1813978 -- full text at Brad -- didn't download
article  jstor  intellectual_history  20thC  WWI  entre_deux_guerres  capitalism  democracy  democratic_peace_theory  Germany  nationalism  protectionism  free_trade  labor  wages  inequality  inheritance  profit  entrepreneurs  health_care  social_order  social_insurance  economic_theory  economic_culture  economic_reform  finance_capital  firms-theory  management  managerialism  EF-add 
may 2014 by dunnettreader
James Galbraith - review of Thomas Piketty - Kapital for the Twenty-First Century? | Dissent Magazine
Very useful critique of notion of "capital" used by Piketty. Doesn't quarrel with the accumulation dynamics but the attempt to tie rates of return on "capital" and growth rates (presumably reflecting capital labor ratio). What Piketty is really measuring isn't capital in the production function (which in any event Galbraith dings per the Cambridge capital theorists), but financial wealth, which varies with asset prices. The historical pattern of the ratio of wealth to GDP is accurate, but not the causal story.
books  reviews  capital  capitalism  inequality  economic_growth  economic_history  economic_theory  taxes  interest_rates  rentiers  plutocracy  financialization  finance_capital  EF-add 
april 2014 by dunnettreader
interfluidity » “Incentives to produce” are incentives to rig the game - March 2014
Steve Randy Waldman - Suppose, reasonably I think, that ceteris paribus humans prefer to “be good”. That is, we prefer to do work that is productive and engage in behavior that is ethical. Suppose, also reasonably, that a well ordered society depends upon people sometimes making choices opposed to their material interests on ethical or other grounds. Then it is obvious how inequality might be costly. Instead of talking about “incentives to” (produce, extract rents, whatever), we might describe outcome dispersion as a tax on refraining from mercenary behavior. If the difference between economic winners and losers is modest, people of ordinary virtue might refrain from participating in activities they consider corrupt, might even be willing to “blow the whistle”, because the cost of doing so is outweighed by their preference for behaving well. But as outcome dispersion grows, absenting oneself from or even opposing activities that would be personally remunerative but socially undesirable becomes too costly. The required sacrifice eventually overcomes a ceteris paribus preference for virtue. Preventing the misbehavior of large coalitions is a collective action problem. An isolated malcontent or whistleblower is likely to be evicted from the coalition without meaningfully improving behavior, if others choose to “circle the wagon”. Outcome dispersion both increases the costs to individuals of engaging in pro-social behavior, and diminishes the likelihood that bearing those costs will be fruitful, since others will have strong incentives not to follow.
political_economy  international_political_economy  finance_capital  inequality  civic_virtue  rent-seeking  monopolies  intellectual_property  health_care  migration  competition  plutocracy  incentives  EF-add 
march 2014 by dunnettreader
Howard Davies - The Banks that Ate the Economy - Project Syndicate Feb 2014
Links to 3 papers downloaded to Note -- Bank of England Governor Mark Carney surprised his audience at a conference late last year by speculating that banking assets in London could grow to more than nine times Britain’s GDP by 2050. His forecast represented a simple extrapolation of two trends: continued financial deepening worldwide (that is, faster growth of financial assets than of the real economy), and London’s maintenance of its share of the global financial business.
These may be reasonable assumptions, but the estimate was deeply unsettling to many. Hosting a huge financial center, with outsize domestic banks, can be costly to taxpayers. In Iceland and Ireland, banks outgrew their governments’ ability to support them when needed. The result was disastrous.
paper  economic_growth  financialization  financial_innovation  financial_sector_development  financial_system  financial_regulation  financial_crisis  finance_capital  bubbles  productivity  downloaded  EF-add 
february 2014 by dunnettreader
Larry Neal - Integration of International Capital Markets: Quantitative Evidence from the Eighteenth to Twentieth Centuries | JSTOR: The Journal of Economic History, Vol. 45, No. 2 (Jun., 1985), pp. 219-226
The integration of capital markets is usually tested with an interest rate arbitrage model even though much different financial assets must be compared. This paper compares prices of identical assets that are traded simultaneously in two or more markets. The range, average level, and time series pattern of the differences can be used to infer threshold levels, transaction cost levels, and the efficiency of arbitrage operations, respectively. Examples are given for financial crises from 1745 to 1907, using prices from the London, Amsterdam, Paris, and New York stock exchanges. These show European capital markets to be well integrated by mid-eighteenth century. -- didn't download -- I expect the data is worked into his later books etc
article  jstor  economic_history  finance_capital  capital_markets  18thC  19thC  British_history  capital_flows  FX  financial_crisis  interest_rates  international_finance  EF-add 
february 2014 by dunnettreader
Robert A. Black and Claire G. Gilmore - Crowding Out during Britain's Industrial Revolution | JSTOR: The Journal of Economic History, Vol. 50, No. 1 (Mar., 1990), pp. 109-131
Contrary to earlier assertions, the historical data for Britain do confirm a (lagged) crowding-out effect during the Industrial Revolution. Heavy government borrowing after 1793 for the wars with France raised interest rates. These results are confirmed with nominal-interest-rate equations rather than with real-rate equations, which impose restrictive assumptions about the adjustment of nominal rates to inflation expectations. We see no reason to abandon the neoclassical, factor-allocation model of saving and investment in favor of a theory asserting that firms accumulate capital for investment independently of household saving decisions. -- 2nd article in to and fro with Mirowski -- didn't download
article  jstor  economic_history  finance_capital  sovereign_debt  crowding_out  capital_markets  fiscal-military_state  Industrial_Revolution  British_history  18thC  19thC  capital_flows  savings  investment  interest_rates  EF-add 
february 2014 by dunnettreader
Carol E. Heim and Philip Mirowski - Interest Rates and Crowding-Out During Britain's Industrial Revolution | JSTOR: The Journal of Economic History, Vol. 47, No. 1 (Mar., 1987), pp. 117-139
Available evidence on interest rates and government borrowing during Britain's industrial revolution, while limited, does not support the idea that war spending crowded out private investment. This article demonstrates the importance of using data on net receipts from borrowing, rather than changes in government debt. Weaknesses of the crowding-out model concerning capital markets and investment, openness of the economy, and full employment are identified for the historical case. The case raises broader issues of whether conceptions of saving and investment based in neoclassical supply-constrained models are as appropriate as theories of capital accumulation. -- 1st in series of back and forth articles -- didn't download
article  jstor  economic_history  finance_capital  sovereign_debt  crowding_out  capital_markets  fiscal-military_state  Industrial_Revolution  18thC  19thC  British_history  UK_Government  interest_rates  international_finance  capital_flows  savings  investment  EF-add 
february 2014 by dunnettreader
RANDALL GERMAIN - Financial governance and transnational deliberative democracy | JSTOR: Review of International Studies, Vol. 36, No. 2 (April 2010), pp. 493-509
Recent concern with the institutional underpinning of the international financial architecture has intersected with broader debates concerning the possibility of achieving an adequate deliberative context for decisions involving transnational economic governance. Scholars working within traditions associated with international political economy, deliberative democracy, cosmopolitanism and critical theory have informed this broader debate. This article uses this debate to ask whether the structure of financial governance at the global level exhibits the necessary conditions to support deliberative democracy. In particular, it considers the extent to which publicness and a public sphere have become part of the broader structure of financial governance. Although in some ways financial governance is a hard case for this debate, an argument can be made that a public sphere has emerged as an important element of the international financial architecture. At the same time, the analysis of the role of the public sphere in financial governance reveals important lessons which public sphere theorists and deliberative democracy advocates need to consider in order to extend their analysis into the realm of global political economy. -- paywall
article  jstor  paywall  IR_theory  finance_capital  global_governance  international_political_economy  international_finance  financial_regulation  democracy  deliberation-public  political_participation  public_sphere  international_system  international_law  international_organizations  nation-state  EF-add 
february 2014 by dunnettreader
Chad Lavin - Fear, Radical Democracy, and Ontological Methadone | JSTOR: Polity, Vol. 38, No. 2 (Apr., 2006), pp. 254-275
Given recent social and political transformations as well as our cultural landscape's dominance by narratives of threat and victimization, it is understandable that fear has occupied an ever-expanding role in our lives. Although these instabilities and insecurities have inspired a resurgence of various explanatory and mollifying fundamentalisms, radical democrats suggest that the conditions of this "postmetaphysical" age might instead facilitate unprecedented commitments to democracy. As such, radical democrats welcome the very conditions of contingency that contemporary citizen-subjects tend to find so frightening. In attacking the drive towards fundamentalism that they identify in various ideologies from Islam through liberalism, radical democrats betray an inattention to the functional consolation they offer. If fundamentalisms are opiates, radical democrats offer a prescription for addiction treatment that few have any interest in taking. -- very interesting bibliography -- downloaded pdf to Note
article  jstor  21stC  political_philosophy  liberalism  fundamentalism  identity  identity_politics  globalization  finance_capital  fear  democracy  political_participation  political_culture  Rorty  bibliography  downloaded  EF-add 
february 2014 by dunnettreader
Heterodox Economics - Readings | HMiRN
Extensive list of books, chapters, journal articles, periodically updated since 2011 -- Contents --
1. History and Methodology of Heterodox Microeconomics
2. Critiques of Mainstream Microeconomics
3. Principles of Heterodox Microeconomic Theory
4. Theory of the Business Enterprise
5. Structure of Production and Costs of the Business Enterprise
6. Costing, Pricing, and Prices
7. Investment, Finance, and Employment
8. Households, Consumption, and Market Demand
9. Industry and Market
10. Competition
11. Corporate Governance, Market Governance, and Market Regulation
12. Social Welfare
13. Heterodox Microfoundations and Modeling the Economy
bibliography  economic_theory  economic_history  economic_models  economic_sociology  firms-theory  Labor_markets  capital  corporate_governance  corporate_finance  M&A  regulation  consumers  consumer_demand  monopolies  finance_capital  taxes  competition  investment  prices  wages  heterodox_economics  microeconomics  macroeconomics  neoclassical_economics  EF-add 
february 2014 by dunnettreader
John Wells and Douglas Wills - Revolution, Restoration, and Debt Repudiation: The Jacobite Threat to England's Institutions and Economic Growth | JSTOR: The Journal of Economic History, Vol. 60, No. 2 (Jun., 2000), pp. 418-441
This study provides an empirical test of North and Weingast's theory of British capital-market development after the Glorious Revolution. The evidence is consistent with the hypotheses that institutional innovation in the 1690s led to the dramatic growth in London capital markets, and that threats to these institutions caused financial turmoil. We also find the economic motivation for these innovations to be consistent with the work of Ekelund and Tollison. -- they fell for Whig propaganda
article  jstor  economic_history  finance_capital  17thC  18thC  British_politics  North-Weingast  Jacobites  sovereign_debt  interest_rates  institutional_economics  public_choice  interest_groups  Whigs-oligarchy  Bank_of_England  Tories  Hanoverian_Succession  James_III  monied_interest  downloaded  EF-add 
january 2014 by dunnettreader
Nathan Sussman and Yishay Yafeh - Institutional Reforms, Financial Development and Sovereign Debt: Britain 1690-1790 | JSTOR: The Journal of Economic History, Vol. 66, No. 4 (Dec., 2006), pp. 906-935
We revisit the evidence on the relations between institutions, the cost of government debt, and financial development in Britain (1690-1790) and find that interest rates remained high and volatile for four decades after the Glorious Revolution, partly due to wars and instability; British interest rates co-moved with those in Holland; Debt per capita remained lower in Britain than in Holland until around 1780; and Britain did not borrow at lower rates than European countries with more limited protection of property rights. We conclude that, in the short run, institutional reforms are not rewarded by financial markets. -- reasonably up to date bibliography on institutional_economics, behavioral_economics, financial markets (Shleifer et al), emerging markets, economic history of 17thC 18thC 19thC re industrial revolution, crowding_out and public finance -- downloaded pdf to Note
article  jstor  economic_history  political_history  finance_capital  capital_markets  capital_flows  sovereign_debt  17thC  18thC  British_history  Dutch  France  public_finance  taxes  interest_rates  institutional_economics  institutional_change  North-Weingast  constitutionalism  Absolutism  behavioral_economics  emerging_markets  international_finance  bibliography  downloaded  EF-add 
january 2014 by dunnettreader
Stefan E. Oppers - The Interest Rate Effect of Dutch Money in 18thC Britain | JSTOR: The Journal of Economic History, Vol. 53, No. 1 (Mar., 1993), pp. 25-43
An early piece in the financial markets, behavioral_economics, crowding_out debates -- It is generally recognized that the Dutch played a major part in financing British government deficits from the 1720s to the late 1770s. This article argues that even though the Dutch continued to hold large amounts of British debt after 1780, they stopped supplying new capital to the British and started a modest repatriation of some of their previous investments. A comparative econometric study of 3 percent consol yields during the two deficit-inducing wars Britain fought between 1750 and 1795 shows that as a result British interest rates became much more sensitive to increases in government borrowing. -- see bibliography of both primary and secondary literature -- didn't download
article  jstor  economic_history  finance_capital  18thC  British_history  Dutch  sovereign_debt  capital_markets  capital_flows  interest_rates  North-Weingast  crowding_out  French_Revolutionary_Wars  American_Revolution  public_finance  bibliography  EF-add 
january 2014 by dunnettreader
David Fields - More on The Sociology of Development: Towards A Re-articulation of Dependency Theory I The Hampton Institute Nov 2013
Originally posted on Naked Keynesianism -- excellent bibliography from Rostow, Parsons et al modernization theory onwards thru Paul Baran and Paul Sweezy, in Monopoly Capital (1960), [building on the path-breaking work of Michel Kalecki and Joseph Steindl], versions of dependency theory and D Harvey attacks on neoliberalism -- From this perspective [Fields & Vernengo], 'underdevelopment', or 'dependency', is the powerlessness a peripheral country to establish its own unit of account and thus is forced to variably peg its national currency to a foreign reference currency. What ensues is the inability to use monetary policy-central bank purchasing and selling of government bonds denominated in the domestic currency for purposes of controlling the money supply, and thus the cost of credit-, and fiscal policy, via deficit spending, for domestic economic needs. Since the central bank is forced to maintain a certain level reserves of the foreign reference currency such that the price of the domestic currency, in terms of the reference currency, does not change, this produces a negative money-multiplier that sets in motion an inherent deflationary bias, which, if not counteracted by capital inflows to spur aggregate demand, can lead to abrupt contraction of the monetary base, stinting any supposed progress towards economic sustainability (cf. Fields & Vernengo, 2012, 2013). -- concluding paragraph -- Balance of payments constraints can be quite unsupportable, spawning self-fulfilling financial collapses. Moreover, they altogether constitute an ideological mask that normalizes the advance of global cosmopolitan money-capitalist power to dictate the terms of domestic democratic politics (Ingham, 2008). As such, the extent to which a country is 'peripheralized', is the degree to which its creditworthiness is essentially evaluated in terms of the degree to which the state takes steps toward lowering the social wage for the benefit of multinational corporations from the centre (or core).
economic_history  intellectual_history  social_theory  development  social_sciences-post-WWII  modernization  industrialization  globalization  global_economy  global_imbalance  MNCs  Labor_markets  balance_of_payments  capital_markets  sovereign_debt  public_finance  monetary_policy  fiscal_policy  FX  emerging_markets  debt  default  Eurozone  bibliography  sociology  capitalism  capital_flows  finance_capital  EF-add 
november 2013 by dunnettreader
Valuing Private Equity - Morten Sorensen, Neng Wang, Jinqiang Yang | NBER Nov 2013
NBER Working Paper No. 19612
Issued in November 2013 -- downloaded pdf to Note

We investigate whether the performance of Private Equity (PE) investments is sufficient to compensate investors (LPs) for risk, long-term illiquidity, management and incentive fees charged by the general partner (GP). We analyze the LP's portfolio-choice problem and find that management fees, carried interest and illiquidity are costly, and GPs must generate substantial alpha to compensate LPs for bearing these costs. Debt is cheap and reduces these costs, potentially explaining the high leverage of buyout transactions. Conventional interpretations of PE performance measures appear optimistic. On average, LPs may just break even, net of management fees, carry, risk, and costs of illiquidity.
financial_system  financial_innovation  finance_capital  investment  risk  profit  equity  Innovation  corporate_finance  leverage  downloaded  EF-add 
november 2013 by dunnettreader
L. Randall Wray - Minsky’s Money Manager Capitalism and the Global Financial Crisis - Levy Economics Institute | WORKING PAPER NO. 661 | March 2011
The world’s worst economic crisis since the 1930s is now well into its third year. All sorts of explanations have been proffered for the causes of the crisis, from lax regulation and oversight to excessive global liquidity. Unfortunately, these narratives do not take into account the systemic nature of the global crisis. This is why so many observers are misled into pronouncing that recovery is on the way—or even under way already. I believe they are incorrect. We are, perhaps, in round three of a nine-round bout. It is still conceivable that Minsky’s “it”—a full-fledged debt deflation with failure of most of the largest financial institutions—could happen again.

Indeed, Minsky’s work has enjoyed unprecedented interest, with many calling this a “Minsky moment” or “Minsky crisis.” However, most of those who channel Minsky locate the beginnings of the crisis in the 2000s. I argue that we should not view this as a “moment” that can be traced to recent developments. Rather, as Minsky argued for nearly 50 years, we have seen a slow realignment of the global financial system toward “money manager capitalism.” Minsky’s analysis correctly links postwar developments with the prewar “finance capitalism” analyzed by Rudolf Hilferding, Thorstein Veblen, and John Maynard Keynes—and later by John Kenneth Galbraith. In an important sense, over the past quarter century we created conditions similar to those that existed in the run-up to the Great Depression, with a similar outcome. Getting out of this mess will require radical policy changes no less significant than those adopted in the New Deal.
20thC  21stC  Great_Recession  intellectual_history  finance_capital  financialization  investment  capitalism  Veblen  Minsky  institutional_economics  economic_theory  economic_culture  downloaded  EF-add 
september 2013 by dunnettreader
Beyond the Minsky Moment: Where We’ve Been, Why We Can’t Go Back, and the Road Ahead for Financial Reform - Levy Economics Institute | EBOOK | April 2012
In December 2007, when most analysts were confident that the subprime mortgage crisis would be “contained” without major impact on the financial system, a working paper issued by the Levy Institute concluded, “The stage is set for a typical Minsky debt deflation in which position has to be sold to make position—that is, the underlying assets have to be sold in order to repay investors. . . . Retrenchment of consumer spending may become a reality, buttressed by the continued decline in the dollar. . . . That, along with rising petroleum prices, will further reduce real incomes and make meeting mortgage debt service that much more difficult. The system thus seems poised for a Minsky-Fisher style debt deflation that further interest rate reductions will be powerless to stop.”

Clearly, Levy Institute scholars expected an alternative evolution of events, one that would threaten the very foundations of the financial system and confirm Hyman Minsky’s thesis that financial crises are the endogenous result of system operations. Events proved them right, and as the crisis evolved and the need for regulatory change became obvious, they built on Minsky’s financial instability hypothesis to begin developing viable proposals for systemic reform.

This ebook traces the roots of the 2008 financial meltdown to the structural and regulatory changes leading from the 1933 Glass-Steagall Act to the Financial Services Modernization Act of 1999, and on through to the subprime-triggered crash. It evaluates the regulatory reactions to the global financial crisis—most notably, the 2010 Dodd-Frank Act—and, with the help of Minsky’s work, sketches a way forward in terms of stabilizing the financial system and providing for the capital development of the economy.
books  online_texts  21stC  economic_history  Great_Recession  financial_crisis  financialization  financial_regulation  disintermediation  banking  capital_markets  macroeconomics  economic_theory  investment  finance_capital  EF-add 
september 2013 by dunnettreader
Charles J. Whalen: Post-Keynesian Institutionalism after the Great Recession - WORKING PAPER NO. 724 | May 2012 Levy Economics Institute | Publications
This paper surveys the context and contours of contemporary Post-Keynesian Institutionalism (PKI). It begins by reviewing recent criticism of conventional economics by prominent economists as well as examining, within the current context, important research that paved the way for PKI. It then sketches essential elements of PKI—drawing heavily on the contributions of Hyman Minsky—and identifies directions for future research. Although there is much room for further development, PKI offers a promising starting point for economics after the Great Recession.
21stC  Great_Recession  economic_theory  institutional_economics  Post-Keynesian  Minsky  financial_system  financial_crisis  finance_capital  downloaded  EF-add 
september 2013 by dunnettreader
Eileen Appelbaum, Rose Batt, Ian Clark - Financial Capitalism and Employment Relations: Evidence from Breach of Trust and Implicit Contracts in Private Equity Buyouts - 2013 - | Wiley Online Library
British Journal of Industrial Relations
Across Boundaries: The Global Challenges Facing Workers and Employment Research 50th Anniversary Special Issue
Volume 51, Issue 3, pages 498–518, September 2

An increasing share of the economy is organized around financial capitalism, where capital market actors actively manage their claims on wealth creation and distribution to maximize shareholder value. Drawing on four case studies of private equity buyouts, we challenge agency theory interpretations that they are ‘welfare neutral’ and show that an alternative source of shareholder value is breach of trust and implicit contracts. We show why management and employment relations scholars need to investigate the mechanisms of financial capitalism to provide a more accurate analysis of the emergence of new forms of class relations and to help us move beyond the limits of the varieties of capitalism approach to comparative institutional analysis.
article  Wiley  21stC  finance_capital  financialization  private_equity  firms-theory  corporate_governance  corporate_finance  Labor_markets  labor 
september 2013 by dunnettreader
John Kay - The power of the bond markets is a bluff waiting to be called - Sept 11, 2013
how do bond markets acquire their power to intimidate? Politicians spend too much time talking to people who take a daily interest in the bond market, and come to believe that their obsessions are important. Britain’s economic performance should be judged by benchmarks relating to employment, productivity, growth and innovation, not credit ratings.
finance_capital  capital_markets  political_economy  Bolingbroke  EF-add 
september 2013 by dunnettreader
Paul E. Lovejoy and David Richardson: 'This Horrid Hole': Royal Authority, Commerce and Credit at Bonny, 1690-1840 (2004)
JSTOR: The Journal of African History, Vol. 45, No. 3 (2004), pp. 363-392 -- downloaded pdf to Note -- This article suggests that differences in local political structures and credit protection regimes largely account for Bonny's displacement of Old Calabar as the principal slave port of the Bight of Biafra in the eighteenth century, despite Bonny's reputation for being particularly unhealthy for Europeans. We argue that this displacement occurred in the 1730s, several decades earlier than previously thought. We suggest that this was made possible by the early growth and consolidation of royal authority at Bonny. The use of state authority to enforce credit arrangements in Bonny proved more effective than the mechanisms adopted at its closest rival, Old Calabar, where, in the absence of a centralized political authority similar to the monarchy at Bonny, credit protection before 1807 was based on pawnship.
article  jstor  economic_history  economic_sociology  institutional_economics  17thC  18thC  19thC  Africa  Britain  British_Empire  slavery  trade  credit  finance_capital  Atlantic  downloaded  EF-add 
september 2013 by dunnettreader
Bruce G. Carruthers and Jeong-Chul Kim: The Sociology of Finance (2011)
JSTOR: Annual Review of Sociology, Vol. 37 (2011), pp. 239-259 -- paywall but jstor has the full list of references cited -- The economic crisis of 2008-2010 stimulated an already growing sociological interest in finance. Before the crisis, disintermediation and securitization changed how the U.S. financial system operated, as bank operations shifted from the traditional originate-and-hold model to originate-and-distribute. During the 1980s and 1990s, the overall size and profitability of the financial system grew as deregulation unleashed financial innovation and reorganization. Global shifts toward capital market integration and liberalization created greater global interdependence. Households in the years before the crisis also altered their relationship to the financial system, increasing debt loads and overall exposure to the stock market. Research reveals the importance of politics for many financial market developments, various implications for corporate governance, the continuing significance of social factors within finance, and the role of theoretical and material devices in shaping financial practices. Key directions for future research focus on finance in relation to social inequality, informal sectors, valuation, and social networks.
article  jstor  lit_survey  economic_sociology  financial_system  financialization  financial_crisis  finance_capital  markets  networks  corporate_governance  political_economy  capital_markets  globalization  politics-and-money  disintermediation  securitization  bibliography  EF-add 
september 2013 by dunnettreader
Nicholas Seager - Review essay - Defoe at 350 | Eighteenth-Century Studies - 2011
Project_MUSE downloaded pdf to Note -- Works reviewed: --**-- Stephen H. Gregg, Defoe’s Writings and Manliness: Contrary Men (Farnham: Ashgate, 2009). Pp. x, 197. $99.95. --**-- Leon Guilhamet, Defoe and the Whig Novel: A Reading of the Major Fiction (Newark: University of Delaware Press, 2010). Pp. 243.$56.50. --**-- Robert M. Maniquis and Carl Fisher, eds., Defoe’s Footprints: Essays in Honour of Maximillian E. Novak (Toronto: University of Toronto Press, 2009). Pp. vi, 273. $65.00. --**-- Andreas K. E. Mueller, A Critical Study of Daniel Defoe’s Verse: Recovering the Neglected Corpus of His Poetic Work, with a foreword by Robert Mayer (Lampeter: Edwin Mellen Press, 2010). Pp. xiv, 288. $119.95. --**-- John Richetti, ed., The Cambridge Companion to Daniel Defoe (Cambridge: Cambridge University Press, 2008). Pp. xiv, 248. $29.99. --**-- Dennis Todd, Defoe’s America (Cambridge: Cambridge University Press, 2010). Pp. xi, 229. $95.00.
books  reviews  Project_MUSE  17thC  18thC  1690s  1700s  1710s  1720s  English_lit  cultural_history  lit_crit  literary_history  politics-and-literature  novels  political_press  economic_culture  commerce  finance_capital  masculinity  Defoe 
september 2013 by dunnettreader

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