The End of Finance

Business & Finance, Finance & Investing, Finance
Cover of the book The End of Finance by Massimo Amato, Luca Fantacci, Wiley
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Massimo Amato, Luca Fantacci ISBN: 9780745683652
Publisher: Wiley Publication: December 19, 2013
Imprint: Polity Language: English
Author: Massimo Amato, Luca Fantacci
ISBN: 9780745683652
Publisher: Wiley
Publication: December 19, 2013
Imprint: Polity
Language: English

This new book by two distinguished Italian economists is a highly original contribution to our understanding of the origins and aftermath of the financial crisis. The authors show that the recent financial crisis cannot be understood simply as a malfunctioning in the subprime mortgage market: rather, it is rooted in a much more fundamental transformation, taking place over an extended time period, in the very nature of finance.

The ‘end’ or purpose of finance is to be found in the social institutions by which the making and acceptance of promises of payment are made possible - that is, the creation and cancellation of debt contracts within a specified time frame. Amato and Fantacci argue that developments in the modern financial system by which debts are securitized has endangered this fundamental credit/debt structure. The illusion has been created that debts are universally liquid in the sense that they need not be redeemed but can be continually sold on in increasingly extensive global markets. What appears to have reduced the riskiness of default for individual agents has in fact increased the fragility of the system as a whole.

The authors trace the origins of this profound transformation backwards in time, not just to the neoliberal reforms of the 1980s and 90s but to the birth of capitalist finance in the mercantile networks of the sixteenth and seventeenth centuries. This long historical perspective and deep analysis of the nature of finance enables the authors to tackle the challenges we face today in a fresh way - not simply by tinkering with existing mechanisms, but rather by asking the more profound question of how institutions might be devised in which finance could fulfil its essential functions.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

This new book by two distinguished Italian economists is a highly original contribution to our understanding of the origins and aftermath of the financial crisis. The authors show that the recent financial crisis cannot be understood simply as a malfunctioning in the subprime mortgage market: rather, it is rooted in a much more fundamental transformation, taking place over an extended time period, in the very nature of finance.

The ‘end’ or purpose of finance is to be found in the social institutions by which the making and acceptance of promises of payment are made possible - that is, the creation and cancellation of debt contracts within a specified time frame. Amato and Fantacci argue that developments in the modern financial system by which debts are securitized has endangered this fundamental credit/debt structure. The illusion has been created that debts are universally liquid in the sense that they need not be redeemed but can be continually sold on in increasingly extensive global markets. What appears to have reduced the riskiness of default for individual agents has in fact increased the fragility of the system as a whole.

The authors trace the origins of this profound transformation backwards in time, not just to the neoliberal reforms of the 1980s and 90s but to the birth of capitalist finance in the mercantile networks of the sixteenth and seventeenth centuries. This long historical perspective and deep analysis of the nature of finance enables the authors to tackle the challenges we face today in a fresh way - not simply by tinkering with existing mechanisms, but rather by asking the more profound question of how institutions might be devised in which finance could fulfil its essential functions.

More books from Wiley

Cover of the book A Companion to Latin American Philosophy by Massimo Amato, Luca Fantacci
Cover of the book Molecular Neuroendocrinology by Massimo Amato, Luca Fantacci
Cover of the book Design of Nanostructures by Massimo Amato, Luca Fantacci
Cover of the book Core Auditing Standards for Practitioners by Massimo Amato, Luca Fantacci
Cover of the book Chemical Ecology of Insect Parasitoids by Massimo Amato, Luca Fantacci
Cover of the book Seafood Processing by Massimo Amato, Luca Fantacci
Cover of the book Renewable Polymers by Massimo Amato, Luca Fantacci
Cover of the book Beyond Foundations by Massimo Amato, Luca Fantacci
Cover of the book The Handbook of Credit Risk Management by Massimo Amato, Luca Fantacci
Cover of the book The PlayStation Dreamworld by Massimo Amato, Luca Fantacci
Cover of the book Financial Spread Betting For Dummies by Massimo Amato, Luca Fantacci
Cover of the book Boosting Your Metabolism For Dummies by Massimo Amato, Luca Fantacci
Cover of the book Probabilistic Physics of Failure Approach to Reliability by Massimo Amato, Luca Fantacci
Cover of the book Fixing Britain by Massimo Amato, Luca Fantacci
Cover of the book Bob Dylan by Massimo Amato, Luca Fantacci
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy