Ewald Engelen, Ismail Ertürk, Julie Froud, Sukhdev Johal, Adam Leaver, Mick Moran, Adriana Nilsson, and Karel Williams
- Published in print:
- 2011
- Published Online:
- January 2012
- ISBN:
- 9780199589081
- eISBN:
- 9780191731150
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199589081.001.0001
- Subject:
- Business and Management, Finance, Accounting, and Banking, Political Economy
This book addresses two important questions: first, why did financial innovation lead to the crisis in the banking sector that developed in 2007–8; and, second, why the political reform of finance ...
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This book addresses two important questions: first, why did financial innovation lead to the crisis in the banking sector that developed in 2007–8; and, second, why the political reform of finance has apparently proved so difficult across a variety of political jurisdictions? This ambitious book draws on a team of researchers from different disciplines to develop an innovation and distinctive argument in response to these two critical issues. In the first half of this book our question is about how crisis was generated. Chapters 2, 3, and 4 develop our answer, which is that innovation in and around the financial markets took the form of bricolage which did not consider the risks, uncertainty, and unintended consequences of volume-based business models and complex circuits. The direct implication is that finance needs to be simplified, rather than regulation made more sophisticated. In the second half of the book, our question is about why democratic political control both before and after the crisis has proved so difficult? Chapters 5, 6, and 7 develop our answer, which is that self-serving financial elites are not easily controlled by technocratic elites who are themselves recovering from knowledge failure, or by the rest of the governing classes concerned with political positioning for electoral advantage on issues which are technical, opaque, and illegible to the electorate at large. In Chapter 8, we discuss some of the implications of this analysis for how reform of both banking regulation and democracy is required.Less
This book addresses two important questions: first, why did financial innovation lead to the crisis in the banking sector that developed in 2007–8; and, second, why the political reform of finance has apparently proved so difficult across a variety of political jurisdictions? This ambitious book draws on a team of researchers from different disciplines to develop an innovation and distinctive argument in response to these two critical issues. In the first half of this book our question is about how crisis was generated. Chapters 2, 3, and 4 develop our answer, which is that innovation in and around the financial markets took the form of bricolage which did not consider the risks, uncertainty, and unintended consequences of volume-based business models and complex circuits. The direct implication is that finance needs to be simplified, rather than regulation made more sophisticated. In the second half of the book, our question is about why democratic political control both before and after the crisis has proved so difficult? Chapters 5, 6, and 7 develop our answer, which is that self-serving financial elites are not easily controlled by technocratic elites who are themselves recovering from knowledge failure, or by the rest of the governing classes concerned with political positioning for electoral advantage on issues which are technical, opaque, and illegible to the electorate at large. In Chapter 8, we discuss some of the implications of this analysis for how reform of both banking regulation and democracy is required.
Wyn Grant and Graham K. Wilson (eds)
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199641987
- eISBN:
- 9780191741586
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199641987.001.0001
- Subject:
- Business and Management, Political Economy, Finance, Accounting, and Banking
The Global Financial Crisis (GFC) is the most serious economic crisis since the Great Depression. Many books have explored its causes, but this book systematically explores its consequences. The ...
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The Global Financial Crisis (GFC) is the most serious economic crisis since the Great Depression. Many books have explored its causes, but this book systematically explores its consequences. The focus is primarily on the policy and political consequences of the GFC. This book asks how governments responded to the challenge and what the political consequences of the combination of the GFC itself and policy responses to it have been. Based on workshops held in the United States and the United Kingdom, it brings together leading academics to consider the divergent ways in which particular countries have responded in different ways to the crisis, including China, France, the United Kingdom, and the United States. Part of what is happening is a structural shift in economic power from east to west, but China has its fragilities while Germany offers an example of a largely successful Western model. The book also assesses attempts to develop global economic governance and to reform financial regulation and looks critically at the role of credit rating agencies. Unlike earlier crises, no new paradigm has emerged to challenge existing ways of thinking, meaning that neoliberalism has emerged relatively unscathed. The crisis has lacked a coherent and innovative intellectual response and has been characterized by remarkable policy stability.Less
The Global Financial Crisis (GFC) is the most serious economic crisis since the Great Depression. Many books have explored its causes, but this book systematically explores its consequences. The focus is primarily on the policy and political consequences of the GFC. This book asks how governments responded to the challenge and what the political consequences of the combination of the GFC itself and policy responses to it have been. Based on workshops held in the United States and the United Kingdom, it brings together leading academics to consider the divergent ways in which particular countries have responded in different ways to the crisis, including China, France, the United Kingdom, and the United States. Part of what is happening is a structural shift in economic power from east to west, but China has its fragilities while Germany offers an example of a largely successful Western model. The book also assesses attempts to develop global economic governance and to reform financial regulation and looks critically at the role of credit rating agencies. Unlike earlier crises, no new paradigm has emerged to challenge existing ways of thinking, meaning that neoliberalism has emerged relatively unscathed. The crisis has lacked a coherent and innovative intellectual response and has been characterized by remarkable policy stability.
Gordon L. Clark, Adam D. Dixon, and Ashby H. B. Monk (eds)
- Published in print:
- 2009
- Published Online:
- September 2009
- ISBN:
- 9780199557431
- eISBN:
- 9780191721687
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199557431.001.0001
- Subject:
- Business and Management, Political Economy, Finance, Accounting, and Banking
Recent market turmoil, bank runs, global equities sell-off, and the ‘credit crunch’ have demonstrated the sophisticated and interconnected nature of financial markets today — seemingly localized ...
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Recent market turmoil, bank runs, global equities sell-off, and the ‘credit crunch’ have demonstrated the sophisticated and interconnected nature of financial markets today — seemingly localized problems have quickly spread, putting at risk the solvency of both local and global financial institutions. As these markets are increasingly complex, interconnected, and embedded in the daily lives of individuals, there is a pressing need to unravel and understand the complexities and prospects of this new and transformative social, political, and geographical paradigm. This book brings together a group of scholars from a range of disciplines to formulate a more holistic understanding of financial risk by rooting it in different environments, spatial scales, and disciplines.Less
Recent market turmoil, bank runs, global equities sell-off, and the ‘credit crunch’ have demonstrated the sophisticated and interconnected nature of financial markets today — seemingly localized problems have quickly spread, putting at risk the solvency of both local and global financial institutions. As these markets are increasingly complex, interconnected, and embedded in the daily lives of individuals, there is a pressing need to unravel and understand the complexities and prospects of this new and transformative social, political, and geographical paradigm. This book brings together a group of scholars from a range of disciplines to formulate a more holistic understanding of financial risk by rooting it in different environments, spatial scales, and disciplines.
Adam D. Dixon
- Published in print:
- 2014
- Published Online:
- August 2014
- ISBN:
- 9780199668236
- eISBN:
- 9780191781957
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199668236.001.0001
- Subject:
- Business and Management, Finance, Accounting, and Banking, Political Economy
The organizing logic of the nation-state still claims legitimacy and relevance. The nation-state is a crucial site of economic governance and regulation, and an incubator of cultural and linguistic ...
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The organizing logic of the nation-state still claims legitimacy and relevance. The nation-state is a crucial site of economic governance and regulation, and an incubator of cultural and linguistic tradition. Nonetheless, such legitimacy is juxtaposed with a strong unease in the social sciences and the public sphere over whether the nation-state has the capacity to deliver on its promises and to provide opportunities to its citizens. Indeed, the changing geography of capitalism underpinned by an expanding global division of labor and the integration of financial markets has undercut the bordering logics necessary for the maintenance of national systems of production, national varieties of capitalism, and national systems of social protection. Put simply, the globalization of financial markets coupled with the globalization of supply chains through outsourcing and offshoring act in concert to liberate firms, the key loci of national production systems, from their history and geography. If the collective welfare of the nation-state relies on capturing the value of production, this new economic geography has made doing so increasingly complicated and difficult. This book advances a perspective rooted in economic geography for explaining the changing relationship between contemporary welfare states, firms, and global financial markets.Less
The organizing logic of the nation-state still claims legitimacy and relevance. The nation-state is a crucial site of economic governance and regulation, and an incubator of cultural and linguistic tradition. Nonetheless, such legitimacy is juxtaposed with a strong unease in the social sciences and the public sphere over whether the nation-state has the capacity to deliver on its promises and to provide opportunities to its citizens. Indeed, the changing geography of capitalism underpinned by an expanding global division of labor and the integration of financial markets has undercut the bordering logics necessary for the maintenance of national systems of production, national varieties of capitalism, and national systems of social protection. Put simply, the globalization of financial markets coupled with the globalization of supply chains through outsourcing and offshoring act in concert to liberate firms, the key loci of national production systems, from their history and geography. If the collective welfare of the nation-state relies on capturing the value of production, this new economic geography has made doing so increasingly complicated and difficult. This book advances a perspective rooted in economic geography for explaining the changing relationship between contemporary welfare states, firms, and global financial markets.
Ruben Lee
- Published in print:
- 2000
- Published Online:
- October 2011
- ISBN:
- 9780198297048
- eISBN:
- 9780191685309
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198297048.001.0001
- Subject:
- Business and Management, Finance, Accounting, and Banking, Political Economy
New technology has revolutionised the nature and threatened the existence of traditional stock and future exchanges. This book analyses how stocks and shares have responded to developments in ...
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New technology has revolutionised the nature and threatened the existence of traditional stock and future exchanges. This book analyses how stocks and shares have responded to developments in automation, by covering topical, controversial issues and linking financial economics, law, and business.Less
New technology has revolutionised the nature and threatened the existence of traditional stock and future exchanges. This book analyses how stocks and shares have responded to developments in automation, by covering topical, controversial issues and linking financial economics, law, and business.
Charles Smith
- Published in print:
- 2015
- Published Online:
- September 2015
- ISBN:
- 9780198745112
- eISBN:
- 9780191806056
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198745112.001.0001
- Subject:
- Business and Management, Finance, Accounting, and Banking, Political Economy
The “market” teaches us that it cannot be predicted or fully understood. It also teaches us the limitations of what we know and the inevitability of unexpected things happening. It not only reveals ...
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The “market” teaches us that it cannot be predicted or fully understood. It also teaches us the limitations of what we know and the inevitability of unexpected things happening. It not only reveals these conundrums, but presents us with examples of the ways we attempt to cope with them, and why these efforts nearly always fail. It reveals that most explanatory accounts that attempt to “make sense” of the “fickleness” of the market are not intended to eliminate ambiguities and paradoxes, but rather to calm and conciliate us. Most routines function in a similar way. While these various teachings clearly speak to the market itself, they also speak to analogous situations pervasive in modern society. The market provides us with other teachings bearing on “acting sensibly” practices that deal with “doing” rather than “knowing.” This shift from “knowing” to “doing” focuses upon the underlying causal forces and dynamics of the world in which unexpected happenings occur. The market clearly seems to teach that these coping practices deserve greater attention given the ever-increasing contingencies of our global world. This is followed by a closer look at some of the new teachings of today’s global market with its new trading instruments, algorithmic trading programs, high-frequency trading, and big data. It is shown to be a hybrid of making sense and acting sensibly. The final chapter uses the market to suggest how we might best learn to cope with these newer types of uncertainties rather than futilely trying to master them.Less
The “market” teaches us that it cannot be predicted or fully understood. It also teaches us the limitations of what we know and the inevitability of unexpected things happening. It not only reveals these conundrums, but presents us with examples of the ways we attempt to cope with them, and why these efforts nearly always fail. It reveals that most explanatory accounts that attempt to “make sense” of the “fickleness” of the market are not intended to eliminate ambiguities and paradoxes, but rather to calm and conciliate us. Most routines function in a similar way. While these various teachings clearly speak to the market itself, they also speak to analogous situations pervasive in modern society. The market provides us with other teachings bearing on “acting sensibly” practices that deal with “doing” rather than “knowing.” This shift from “knowing” to “doing” focuses upon the underlying causal forces and dynamics of the world in which unexpected happenings occur. The market clearly seems to teach that these coping practices deserve greater attention given the ever-increasing contingencies of our global world. This is followed by a closer look at some of the new teachings of today’s global market with its new trading instruments, algorithmic trading programs, high-frequency trading, and big data. It is shown to be a hybrid of making sense and acting sensibly. The final chapter uses the market to suggest how we might best learn to cope with these newer types of uncertainties rather than futilely trying to master them.
At Europe's Edge
'Black but Human'
Concepts of Elementary Particle Physics
Gothic Antiquity
Minimalist Parsing
Quantum 20/20
Venice's Secret Service
The Bank Culture Debate
Genders and Classifiers
