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| 005 | 20221102165558.0 | ||
| 008 | 120122s2012 enka b 001 0 eng d | ||
| 011 | _aChanged OCLC from 773603654 to 760284613 | ||
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_aHB3722 _b.A4313 2012 |
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_a330.90511 _223 |
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_aAmato, Massimo, _eauthor. _91092416 |
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_aFine della finanza. _lEnglish |
| 245 | 1 | 4 |
_aThe end of finance / _cMassimo Amato and Luca Fantacci. |
| 250 | _aEnglish edition. | ||
| 264 | 1 |
_aCambridge : _bPolity, _c[2012] |
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| 264 | 4 | _c©2012 | |
| 300 |
_axiv, 313 pages : _billustrations ; _c24 cm |
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| 336 |
_atext _btxt _2rdacontent |
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_aunmediated _bn _2rdamedia |
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_avolume _bnc _2rdacarrier |
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| 500 | _a"First published in Italian as 'Fine della finanza' : Donzelli Editore, 2009" --t.p. verso. | ||
| 504 | _aIncludes bibliographical references and index. | ||
| 505 | 0 | 0 |
_tIntroduction -- _gPart One. _tPhenomenology -- _g1. _tDo we know what the financial markets are? -- _g2. _tAt the root of the possibility of crisis: liquidity and risk -- _g3. _tWhat is credit? -- _g4. _tWhat is money? -- _g5. _tFinance starting from the end -- _g6. _tCapitalism and debt: a matter of life and death -- _gPart Two. _tHistory -- _g1. _tFrom credit risk to liquidity risk (2008) -- _g2. _tThe globalization of capital (1973) -- _g3. _t'Fiat dollar'. And the world saw that it was good (1971) -- _g4. _tThe Eurodollar chimera (1958) -- _g5. _tThe European Payments Union (1950) -- _g6. _tBretton Woods: the plan that might have made it (1944) -- _g7. _tBretton Woods: the system that found implementation (1944) -- _g8. _tThe crisis paradigm (1929) -- _g9. _tOrchestra Rehearsal -- _g10. _tMoney before and after the gold standard (1717) -- _g11. _tThe Bank of England and power currency (1694) -- _g12. _tThe International Currency of the Trade Fairs (1579) -- _gPart Three. _tPolitics -- _g1. _tDouble or quits? -- _g2. _tThe way out of liquidity: the Gordian knot and utopia -- _g3. _tPrevention or cure? The structural paradox of the anti-crisis policies -- _g4. _tThe other finance -- _g5. _tThe (rare) "green shoots" of a possible reform -- _g6. _tIf not now, when?. |
| 520 | _a"This new book by two distinguished Italian economists is a highly original contribution to our understanding of the origins and aftermath of the financial crisis. The authors show that the recent financial crisis cannot be understood simply as a malfunctioning in the subprime mortgage market: rather, it is rooted in a much more fundamental transformation, taking place over an extended time period, in the very nature of finance. The 'end' or purpose of finance is to be found in the social institutions by which the making and acceptance of promises of payment are made possible - that is, the creation and cancellation of debt contracts within a specified time frame. Amato and Fantacci argue that developments in the modern financial system by which debts are securitized has endangered this fundamental credit/debt structure. The illusion has been created that debts are universally liquid in the sense that they need not be redeemed but can be continually sold on in increasingly extensive global markets. What appears to have reduced the riskiness of default for individual agents has in fact increased the fragility of the system as a whole. The authors trace the origins of this profound transformation backwards in time, not just to the neoliberal reforms of the 1980s and 90s but to the birth of capitalist finance in the mercantile networks of the 16th and 17th centuries. This long historical perspective and deep analysis of the nature of finance enables the authors to tackle the challenges we face today in a fresh way - not simply by tinkering with existing mechanisms, but rather by asking the more profound question of how institutions might be devised in which finance could fulfil its essential functions."--Publisher's website. | ||
| 588 | _aMachine converted from AACR2 source record. | ||
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_aFinancial crises _9327133 |
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_aGlobal Financial Crisis, 2008-2009. _9350392 |
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_aFantacci, Luca, _d1971- _eauthor. _91092417 |
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