Greta Krippner submitted Capitalizing on Crisis to Harvard University Press at the end of the summer of , before the Great Recession began. I read it as a m. Capitalizing on Crisis: The Political Origins of the Rise of Finance, by. Greta R. Krippner. Cambridge, Mass.: Harvard University Press, Hardcover, pp. PDF | On Jan 1, , Frank Dobbin and others published Review of Greta Krippner, Capitalizing on Crisis: The Political Origins of the Rise of Finance.

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The picture here is one that provides a deep-seated explanation for the financial crisis of This book details the rise of finance in the U. Just a moment while we sign you in to your Goodreads account.

The Delayed Crisis of Democratic Capitalism. At the end of the day, what still needs to be confronted is the inability of an affluent capotalizing to face the political challenges imposed by the end of affluence. Customers who bought this item also bought.

Next comes the story of how Paul Volcker himself, the man who killed inflation, ushered in not one cxpitalizing two important trends in the history of financialization of the US economy: So the abolition of Regulation Q was a big first step toward the financialization of the US economy. Don’t have an account?

As it turns out and as we are observing in places like China today, for example credit became readily available to all, because the high price of credit created its own supply. Learn more about Amazon Prime. Krippner starts with explaining the financialization of the economy, to the major policy decisions which gave it more power.

Capitalizing on Crisis: The Political Origins of the Rise of Finance by Greta R. Krippner

Marion Fourcade, University of California, Berkeley Amidst the tsunami of books coming out in the wake of the recent financial crisis, Krippner’s work stands out for its unusual approach. Krippner Capitalizing on Crisis: Neo-Marxist or not, I loved it. Purchase Subscription prices and ordering Short-term Access To purchase short term access, please sign in to your Oxford Academic account above. If you have ever read the meeting minutes of the Fed Board, then you will appreciate the author’s courage in this endeavor.

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Her point is that “financialization was not a deliberate outcome sought by policymakers but rather an inadvertent result of the state’s attempt to solve other problems.

In Capitalizing on CrisisGreta Krippner traces the longer-term historical evolution that made the rise of finance possible, arguing that this development rested on a broader transformation of the U. Although this is not Krippner’s criais, her analysis is a neat fit for the Marxist view of grdta long term tendency of the rate of profit to decline grwta writers such as Robert Brenner and Michael Roberts.

So first the author discusses how Regulation Q used to work and how it regulated the supply of credit to the US economy for 40 years following the Great Depression and how, faced with rampant inflation on top of a stagnant economy the decision was taken to liberalize interest rates. As more credit entered the economy, inflation began to be problematic.

Turns out that this is not krippnerr book about the Neo-Marxist critique. This book very helpfully presents many nuts and bolts, particulars in policy actions, showing how and why that happened, stage by stage, from the onset of inflation into the s.

Krippner’s basic thesis is that successive policy decisions over the course of this period, each in response krippnrr immediate challenges, have ‘financialised’ the US economy. Return to Book Page. The idea behind targeting the money supply was to hide the fact that this would result in higher interest rates, against which people were fully prepared to complain.


Amazon Renewed Refurbished products with a warranty. Personal finance has been deeply affected, so this is quite close to home for Americans at all wealth levels.

Capitalizing on Crisis

Each political and economic crisis carried with it a response, policies which facilitated an increase in financial activity. Economic History Share This. By the end of the process however, the markets were in charge, and government officials were only too happy –and relieved– to follow their lead.

Neo-Marxist or not, I loved it.

Capitalizing on Crisis — Greta R. Krippner | Harvard University Press

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In “Capitalizing on Crisis,” Greta Krippner traces the longer-term historical evolution that made the rise of finance possible, arguing that this development rested on a broader transformation of the U. Eve This is a technically complex work of sociology unpicking and analysing trends in US society, economy, and politics over the course of forty years from the s to the s.

If a touch dry in places, it is detailed, well researched, and a thought provoking discussion of what underpins the modern economy.

The divergence in outcomes on the capitalozing of the financial crisis in the United States versus China highlights the risk: Try the Kindle edition and experience these great reading features: Learn more about Amazon Giveaway.

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