Download or read book Financial Markets in the Capitalist Process written by Douglas Vickers and published by University of Pennsylvania Press. This book was released on 2016-11-11 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: The preoccupation of financial theory with static, timeless, equilibrium analysis has given rise to an orthodoxy that avoids the problems of uncertainty in the world. This work establishes new perspectives from which contemporary financial theory can be evaluated. Echoing Keynes' observation that "Human decisions . . . cannot depend on strict mathematical expectation," Douglas Vickers explains why most decisions in economics and finance are not made under conditions to which the calculus of probability applies. The author proposes a "new realism" in financial theory that takes into account the uncertainty in personal and economic decisions. Both business firms and financial investors, he contends, acquire an important perspective on their alternatives by focusing on the transitional, disequilibrium processes in financial markets rather than on their sup posed equilibrium conditions. This involves for economic decisions an understanding of "time" as "historic" in a genuine operational sense rather than as merely a logical variable. The notion of probability should be replaced by that of possibility, the concept that the British economist G. L. S. Shackle has called "potential surprise." In Part I, Vickers' innovative approach leads to a careful study of the "false trading" that occurs in real and financial markets. Part II provides an exposition and an evaluation of the equilibrium theory of financial asset prices. The new analytical apparatus is applied in Part Ill to investment decision making in the firm and to the choice of financial asset portfolios, as well as to the questions of asset trading and changes in portfolio composition. A scholarly and constructive work, Financial Markets in the Capitalist Process will generate controversy among professionals and debate among students for many years to come.
Download or read book Saving Capitalism from the Capitalists written by Raghuram G. Rajan and published by Princeton University Press. This book was released on 2004-08-23 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of recent business scandals, financial markets are often thought of as parasitic institutions that feed off the blood, sweat, and tears of human endeavor. This guide shows that such markets in fact supply the fuel of a vital economy.
Download or read book Capitalism written by Geoffrey Ingham and published by Polity. This book was released on 2008-11-03 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: Geoffrey Ingham provides an introduction to the nuts and bolts of capitalism for the beginner. He starts by examining the classic accounts of capitalism found in the works of Adam Smith, Karl Marx, Max Weber, Joseph Schumpeter and John Maynard Keynes, and goes on to offer a succinct analysis of capitalism's basic institutions.
Download or read book Portfolio Society written by Ivan Ascher and published by MIT Press. This book was released on 2016-09-02 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: A bold extension of Marx's Capital for the twenty-first century: at once a critique of modern finance and of the societies under its spell. As financial markets expand and continue to refashion the world in their own image, the wealth of capitalist societies no longer presents itself, as it did to Karl Marx in the nineteenth century, as a “monstrous collection of commodities.” Instead, it appears as an equally monstrous collection of financial securities, and the critique of political economy must proceed accordingly. But what would it mean to write Capital in the twenty-first century? Are we really to believe that risk, rather than labor, is now regarded as the true fount of economic value? Can it truly be the case that the credit relation—at least in the global North—has replaced the wage relation as the key site of exploitation and political struggle? And finally, if precarity is indeed the name of today's proletarian condition, what possible future does it actually portend, what analysis does it require? Through a series of creative substitutions, in Portfolio Society Ivan Ascherextends Marx's critical project in bold and unexpected ways. Ascher not only explains some of the often mystifying processes of contemporary finance, he also invites us to consider what becomes of capitalism itself in those places where the relation of capital to its own future is now mediated by financial markets. In the end, we may find that much has changed and much has not; relations of domination endure, and mystifications abound, but the devil is in the details, and that is where Ascher directs our attention. At once a critique of modern finance and of the societies under its spell, Portfolio Society succeeds in revealing the potential limits of Capital, while reveling still in its limitless potential.
Download or read book Digitalized Finance Financial Capitalism and Informational Revolution written by Edemilson Paraná and published by BRILL. This book was released on 2018-11-12 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Digitalized Finance, Edemilson Paraná shows how the accelerated development of Information and Communication Technologies (ICT) has deepened the process of financialization of the world economy and supported the emergence of new forms of economic spoliation.
Download or read book Capitalism 4 0 written by Anatole Kaletsky and published by ReadHowYouWant.com. This book was released on 2010-07 with total page 590 pages. Available in PDF, EPUB and Kindle. Book excerpt: In early 2009, many economists, financiers, and media pundits were confidently predicting the end of the American-led capitalism that has shaped history and economics for the past 100 years. Yet the U.S. economic model, far from being discredited, may be strengthened by the financial crisis. In this provocative book, Anatole Kaletsky re-interprets the financial crisis as part of an evolutionary process inherent to the nature of democratic capitalism. Capitalism, he argues, is resilient. Its first form, Capitalism 1.0, was the classical laissez-faire capitalism that lasted from 1776 until 1930. Next was Capitalism 2.0, New Deal Keynesian social capitalism created in the 1930s and extinguished in the 1970s. Its last mutation, Reagan-Thatcher market fundamentalism, culminated in the financially-dominated globalization of the past decade and triggered the recession of 2009-10. The self-destruction of Capitalism 3.0 leaves the field open for the next phase of capitalisms evolution. Capitalism is likely to transform in the coming decades into something different both from the totally deregulated market fundamentalism of Reagan/Thatcher and from the Roosevelt-Kennedy era. This is Capitalism 4.0.
Download or read book Capitalism Alone written by Branko Milanovic and published by Harvard University Press. This book was released on 2021-09-07 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: For the first time in history, the globe is dominated by one economic system. Capitalism prevails because it delivers prosperity and meets desires for autonomy. But it also is unstable and morally defective. Surveying the varieties and futures of capitalism, Branko Milanovic offers creative solutions to improve a system that isn’t going anywhere.
Download or read book Money Method and the Market Process written by Ludwig Von Mises and published by Ludwig von Mises Institute. This book was released on 1990 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book From Financial Markets to Corporate Governance written by Marc Steffen Rapp and published by . This book was released on 2019 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ten years ago, much of the Western world was shocked by the financial crises affecting not only the corporate ecosystem, but society at large. This brought a - classical - question to the forefront: How can we ensure that capital is allocated to its most efficient uses?Not only economists consider a well-functioning capital allocation process to be of first order importance for a modern (capitalist) economy and differentiate two levels of capital allocation: First, on the macro-level investors decide about their investments (i.e. which firms receive capital). Second, on a micro-level managers determine the capital allocation among the multitude of firms.Following this hierarchy, this research proceeds in two steps. First, it examines the role and economic impact of financial structures (i.e., the size and composition of financial markets) for economic development (broadly defined). Analyzing 98 countries over the years 1975-2016, it provides novel evidence for the importance of equity markets for growth, investment, capital formation, and productivity, as well as for reducing unemployment and inequality. Moreover, it documents that stock markets are particularly important in countries with well-functioning institutions, as for instance measured by the Rule of Law. Second, it examines the role and economic impact of corporate governance on individual firm behavior. Analyzing about 450 European firms over the years 2004-2016, it provides novel evidence for the importance of long-term oriented institutional investors and board independence for a firm's long-term development. Specifically, it documents that these two factors are able to reduce the firm's cost of capital and to encourage more unique strategies.The project contributes to the ongoing debate about the optimal design of financial markets and the role of corporate governance in the capital allocation process among the firms. It provides strong arguments for initiatives fostering equity capital markets and establishing country- and firm-level governance mechanisms ensuring an efficient capital allocation process.
Download or read book Business Cycles written by Joseph Alois Schumpeter and published by . This book was released on 1982 with total page 672 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Discovery and the Capitalist Process written by Israel M. Kirzner and published by . This book was released on 1985 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Saving Capitalism from the Capitalists written by Raghuram Rajan and published by Century. This book was released on 2004 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rajan and Zingales demonstrate that free and open financial markets inspire human ingenuity, make nations competitive, and spread prosperity. In the wake of recent business scandals, financial markets are often thought of as parasitic institutions that feed off the blood, sweat, and tears of human endeavour. Saving Capitalism from the Capitalists shows that such markets in fact supply the fuel of a vital economy. And they are the only effective antidote to counteract the manipulations of elite groups that keep a tight grip on capital and restrict the economic development of nations and the entrepreneurial success of individuals.'Saving Capitalism from the Capitalists will dismay both titans of industry and their foes across the barricades, the anti-globalisation left that sees little in capitalism worth saving. It's written for the rest of us - all those who simply want a fair chance to prosper.'Business Week'Saving Capitalism from the Capitalists is a highly original study of the ways in which vested interests have sought throughout history to protect their wealth and power by rigging the market structure, even subverting free markets entirely when it suits them.'Washington Post
Download or read book Finance and Development June 2015 written by International Monetary Fund. Communications Department and published by . This book was released on 2015 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt: Finance and Development, June 2015.
Download or read book Doing Capitalism in the Innovation Economy written by William H. Janeway and published by Cambridge University Press. This book was released on 2012-10-08 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: A unique insight into the interaction between the state, financiers and entrepreneurs in the modern innovation economy.
Download or read book Varieties of Capitalism written by Peter A. Hall and published by Oxford University Press. This book was released on 2001 with total page 557 pages. Available in PDF, EPUB and Kindle. Book excerpt: Applying the new economics of organisation and relational theories of the firm to the problem of understanding cross-national variation in the political economy, this volume elaborates a new understanding of the institutional differences that characterise the 'varieties of capitalism' worldwide.
Download or read book The Myth of the Free Market written by Mark Anthony Martinez and published by Kumarian Press. This book was released on 2009 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: * Explains how the 2008 financial meltdown came about and how to revitalize global and domestic economies * Shows how capitalist economies developed and why the state matters in their functioning Free market purists claim that the state is an inefficient institution that does little for society beyond providing stability and protection. The activities related to distributing resources and economic growth, they say, are better left to the invisible hand of the marketplace. These notions now seem tragically misguided in the wake of the 2008 market collapse and bailout. Mark Martinez describes how the flawed myth of the "invisible hand" distorted our understanding of how modern capitalist markets developed and actually work. Martinez draws from history to illustrate that political processes and the state are not only instrumental in making capitalist markets work but that there would be no capitalist markets or wealth creation without state intervention. He brings his story up to the present day to show how the seeds of an unprecedented government intervention in the financial markets were sown in past actions. The Myth of the Free Market is a fascinating and accessible introduction to comparative economic systems as well as an incisive refutation of the standard mantras of neoclassical free market economic theory.
Download or read book The Unity of the Capitalist Economy and State written by Geert Reuten and published by Historical Materialism. This book was released on 2020-09 with total page 727 pages. Available in PDF, EPUB and Kindle. Book excerpt: Geert Reuten offers a systematic exposition of the capitalist system, showing that the capitalist economy and the capitalist state constitute a unity.
