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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Taylor Daily rated it really liked it Aug 22, First, by targeting the size of the money supply rather than rates, he introduced the practice of fudging the goals of monetary policy: To see what your friends thought of this book, please sign up.
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Capitalizing on Crisis: The Political Origins of the Rise of Finance
While most studies focus on the proximate causes, Krippner makes sense of the dramatic expansion over decades of the financial sector of the U. Brittany rated it liked it Jun 18, Amazon Music Stream millions of songs. There’s a problem loading this menu right now.
crieis I found much to engage with and criticize in her account; the book will advance discussions about the direction of US finance. English Choose a geeta for shopping. First the deregulation of the domestic financial market as an attempt to get to grips with the social crisis of the s and s, offering policymakers a ‘reprieve from difficult political choices’.
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. The politics of pro-worker reforms.
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It is not a long book–the core material runs roughly pages. These policy decisions emerged as a way to confront what Krippner calls the “triple crisis” of the s – one that capitailzing simultaneously a social crisis, and fiscal crisis, and a legitimation crisis. Nonetheless, the three major policy shifts noted above did enable “policymakers to avoid politically difficult decisions about how to allocate limited resources between competing social priorities” which in turn allowed them “to extricate themselves from the problems they confronted in the social crisis, fiscal crisis, and legitimation crisis of the state.
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.
This shift has significant implications for how the economy is managed, and the location of future crises. The book will appeal to graduate students, like myself, who are interested in the historical development of the US economy. Monte Pearson rated it it was amazing Sep 25, Needless to say, this never really happened, and indeed the closest any senior leader came to proposing such a conversation, kirppner Jimmy Carter’s “crisis of confidence” speech inwould be demagogued by political opponents as a form of domestic surrender.
Review With Capitalizing on Crisiswe finally have a persuasive account of the roots of the financial disaster. Related articles in Web of Science Google Scholar. This is a narrative we are still living, in full swing, as one can treta various vogues of financialization being applied, then gradually losing effectiveness, replacing xapitalizing managed, redistributive society of earlier days as the latter and the mid 20th century social contract it implied decays, and policymakers try to satisfy voters and preserve popular illusions of the American dream.
Alexa Actionable Analytics for the Web. In the context of the in financial crisis, the extent to which the U. Most users should sign in with their email address.
Capitalizing on Crisis: The Political Origins of the Rise of Finance by Greta R. Krippner
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Capitalizing on Crisis — Greta R. Krippner | Harvard University Press
A lot of quotations. Videos About This Book. Lists with This Book. In the context of newly floating exchange rates and the piling up of enormous petrodollar reserves in oil producing countriesthe high interest rates in the US pulled foreign capital into the US in unprecedented and to policymakers entirely unanticipated amounts. 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.
While she agrees with them that financialization is not merely a cyclical end-of-boom phenomenon, but rather reflects a more durable shift in the structure of the economy, she emphasizes that these analyses too often assume “a seamless alliance between government officials and business elites. Rather than some deliberate decision to increase financialization, these policies were ad hoc responses to political and economic problems.
Reagan was able to borrow via the Treasury market amounts nobody had dreamt of before, leading to deficits that were unheard of in peacetime before his presidency 2.
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.
Open Preview See a Problem? Rather, her argument is that state action was directly responsible for the growth of financialization, actions that were taken in order to confront structural crises that began to emerge in the late s and reached full bloom by the mids.
Capitalizing on Crisis is an absolute must read for anyone who cares to understand the origins of our current financial quagmire and the distributional dilemmas that policymakers inevitably and uncomfortably face.