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Finance and Democracy

Towards a Sustainable Financial System

  • Alessandro Vercelli
Book

Table of contents

  1. Front Matter
    Pages i-xxiii
  2. Alessandro Vercelli
    Pages 1-27
  3. Financial Economics and Macroeconomics After WWII

    1. Front Matter
      Pages 29-29
    2. Alessandro Vercelli
      Pages 31-60
    3. Alessandro Vercelli
      Pages 61-91
    4. Alessandro Vercelli
      Pages 93-116
  4. The Regulation of the Financial System After the Crisis

    1. Front Matter
      Pages 117-117
    2. Alessandro Vercelli
      Pages 119-153
  5. Towards a Democratic and Sustainable Regulation

    1. Front Matter
      Pages 205-205
    2. Alessandro Vercelli
      Pages 207-240
    3. Alessandro Vercelli
      Pages 241-272
  6. Back Matter
    Pages 273-295

About this book

Introduction

This book is an extension of the author's last book (Crisis and Sustainability: The Delusion of Free Markets, Palgrave Macmillan, 2017) and sheds light on the evolution of the financial system after the 2007/08 crisis and on changes and developments in the regulatory framework that have taken place concurrently over the last ten years. The book’s central theme addresses the neoliberal philosophy of financial regulation and, in particular, the role of self-regulating markets in the finance sector and how this has affected incentives and behaviour within the finance sector. The author contends that neoliberal maxims have led us to believe that market-based finance is superior to, and safer than, a more rules-based regulatory regime for the sector, and then explains that experience suggests otherwise. The huge expansion of ‘financialization’ in the developed economies over the last two decades has greatly magnified the risks emanating from the impact of highly leveraged, risk averse, under-regulated finance on other sectors of these economies. The author concludes that financial institutions need to be encouraged to operate within a more socially responsible matrix that facilitates and promotes long-term economic growth coupled with social stability. 

Keywords

Financialisation Financial regulation Globalisation Finance and democracy Neoliberalism Modern Financial Economics Behavioural Finance Post-Keynesian Economics Reform of the Financial System

Authors and affiliations

  • Alessandro Vercelli
    • 1
  1. 1.University of SienaSienaItaly

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-030-27912-7
  • Copyright Information The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2019
  • Publisher Name Palgrave Macmillan, Cham
  • eBook Packages Economics and Finance
  • Print ISBN 978-3-030-27911-0
  • Online ISBN 978-3-030-27912-7
  • Buy this book on publisher's site