This 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 currencies
that could be used to foster economic development within localities and
regions - the authors develop a set of proposals that would help to
revitalize markets, free them from the domineering power of finance and
re-establish the relationship between creditor and debtor that was
severed by the rise of the modern financial system.
Building on their very successful work The End of Finance, this new
and timely book will appeal to students of economics, politics and
sociology as well as to general readers interested in one of the key
issues of our time.
