Description
- the re-distribution of income at the expense of low labor incomes,
- the dampening of investment in real capital stock,
- and an increasing potential for wealth-based and debt-financed consumption.
The author concludes that against the background of these basic macroeconomic tendencies, increasing instability potentials at the national economy levels and rising current account imbalances at both global and European levels have developed and have contributed to the severity of the Great Recession.
This systematic study of finance-dominated capitalism presented from a macroeconomic perspective will prove a thought-provoking read for academics, researchers, graduate students and economic policy consultants with an interest in macroeconomics, financial economics, economic policies, and distribution and growth.
About the Author
Eckhard Hein, Professor of Economics, Institute for International Political Economy, Berlin School of Economics and Law, Germany
Reviews
'Eckhard Hein examines the causes and consequences of financialisation. His book is economics as it should always be: it combines reflections, data gathering, empirical analysis, theoretical formalization, and policy recommendations. Hein goes beyond the exuberant behaviour of the banking industry to analyse the global financial crisis and the eurozone crisis, showing, through various variants of a Kaleckian growth model, the macroeconomic consequences of the rising dominance of finance over modern capitalism during the last three decades.' -- Marc Lavoie, University of Ottawa, Canada
The rise to dominance of finance in the past three decades has had many profound effects on economic performance. In this book Eckhard Hein provides us with detailed, well-grounded and highly insightful analyses of the macroeconomic impacts on investment, employment, global imbalances, income distribution and much more. This is 'must read' for those wanting to comprehend the macroeconomics of the era of financialization, and for those seeking macro-economic policies to address the financial crisis and bring economic prosperity.' -- Malcolm Sawyer, University of Leeds, UK
Book Information
ISBN 9781781953105
Author Eckhard Hein
Format Paperback
Page Count 232
Imprint Edward Elgar Publishing Ltd
Publisher Edward Elgar Publishing Ltd