Demystifying finance: how to understand financialization and think of strategies for a good society

Sotiropoulos, Dimitris P.; Milios, John and Lapatsioras, Spyros (2012). Demystifying finance: how to understand financialization and think of strategies for a good society. In: Marangos, John ed. Alternative Perspectives of a Good Society. Perspectives From Social Economics. New York: Palgrave Macmillan, pp. 99–120.

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Abstract

In a recent special report of the Economist on financial risk it was argued that “the idea that markets can be left to police themselves turned out to be the world’s most expensive mistake.”1 This rather unexpected remark reflects the fundamental inability of mainstream economists to interpret capitalist reality. Contrary to their insights, the world economy turned out to be a much more dangerous place. The recent economic crisis clearly shattered all the mainstream presumptions. However, not only did the latter misinterpret the capitalist reality but they also provided the necessary theoretical bedrock for the organization of the contemporary forms of class power. This is our main theoretical insight.

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