Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics

Jan Toporowski author

Format:Paperback

Publisher:Anthem Press

Published:1st Dec '10

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Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics cover

These essays explain why financial crisis breaks out, its social, economic and cultural consequences, and the limitations of policy in the face of economic stagnation induced by financial inflation.

The essays in this volume explain the key structural features of financial inflation that give rise to financial crisis. These features include excessive reliance on finance to maintain economic activity through rising asset prices. Reliance on asset inflation induces a preoccupation with property values and a new social divide between the asset-rich and the asset-poor that undermines the culture of the welfare state. When debt can no longer be supported by cash flow from asset markets, excess debt plunges economies into economic depression.

ISBN: 9780857289803

Dimensions: 216mm x 140mm x 26mm

Weight: 454g

158 pages