Description
Book SynopsisThis new book by two leading economists is a far-reaching analysis of the role and organization of the financial system in the aftermath of the economic crisis. The authors argue that the financial markets, as currently organized, hinder genuine market transactions and therefore harm the economy, along with any chance of sustained recovery.
Despite the crisis, the power of the financial markets has continued to grow. Far from being subjected to major restructuring or regulation, they continue to rule largely unchecked - laying down economic policies, deposing governments, disrupting social contracts and reshaping international alliances. The time has come to think through more radical proposals for reform - to save other markets from the overwhelming power of the one market that has come to dominate them all, the financial market.
Through a detailed examination of specific measures - from policies aimed at reigning in financial markets to the idea of local curren
Trade Review'[Amato & Fantacci's] point that the whole economic system is shot and must change seems hard to contest. What they call "the globalisation of precariousness" is clearly a recipe for recurring disaster.'
South China Morning Post
‘This is a serious analysis of how and why the financial markets as they are currently organized prevent genuine market transactions and therefore harm the economy. In this distinctive and important new book, the authors argue that getting the markets right is the most important issue facing us at present.’
Colin Crouch, University of Warwick
‘In a compelling sequel to their acclaimed The End of Finance, Amato and Fantacci insist that finance is currently a wholly destructive and illegitimate force. However, unlike other radical critiques, they maintain that it should play a vital role in the modern economy. They have provided a compelling and lucid account of how this might be achieved at global, national and local levels.’
Geoffrey Ingham, University of Cambridge
Table of Contents
- Introduction
- Acknowledgements
- I Why can we find no exit from the crisis?
- II. The global crisis and the need to reform the international monetary and financial system
- III. The European crisis and the need for a new European Clearing Union
- IV. Local currencies and local finance
