The End of Finance: Capital Market Inflation, Financial Derivatives and Pension Fund Capitalism

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Jan Toporowski

The End of Finance

Capital Market Inflation, Financial Derivatives and Pension Fund Capitalism

Jan Toporowski

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English

Routledge
28 October 1999

Political economy; Pensions

Series: Routledge Frontiers of Political Economy

This volume develops an original critique of the belief that the present era of finance, where finance markets dominate contemporary capitalist economies, represents the best possible way of organising economic affairs. In fact, it is argued, the ensuing economic instability and inefficiency create the preconditions for the end of the dominance of finance. The End of Finance develops a theory of capital market inflation rooted in the work of Veblen, Kalecki, Keynes and Minsky, demonstrating how it disinclines productive activity on the part of firms, provides only short-term conditions that are propitious for privatisation and distorts monetary policy in the long-term. The author examines the role of pension fund schemes and financial derivatives in transmitting capital market inflation and provides a nuanced analysis of the contradictory role they play in the financial system. Capital market inflation is also examined in its historical context and compared with past inflations, in particular

the South Sea and Mississippi Bubbles, which spawned the first financial derivatives, and the first privatisations. This broad historical vision allows us to see these forms of inflation as temporary and provisional in character. A proper understanding, it is argued, of these complex phenomena depends on a critique of orthodox finance theory which merely extrapolates financial values from the past into a future of utopian equilibrium. The original theory of finance which grows out of this critique will be of interest to students and researchers of financial economics, practitioners in finance, and policy-makers.

By: Jan Toporowski
Imprint: Routledge
Country of Publication: United Kingdom
Volume: v.25
Dimensions: Height: 234mm, Width: 156mm, Spine: 12mm
Weight: 408g
ISBN: 9780415208819
ISBN 10: 0415208815
Series: Routledge Frontiers of Political Economy
Pages: 176
Publication Date: 28 October 1999
Audience: College/higher education , Professional and scholarly , Professional & Vocational , A / AS level , Further / Higher Education
Format: Hardback
Publisher's Status: Active

Jan Toporowski