Overview

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.

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9780745672564

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Reviews

'This is a serious analysis of how and why the financial markets as they are currently organized prevent genuine market transactions and therefore harm the economy. In this distinctive and important new book, the authors argue that getting the markets right is the most important issue facing us at present.' Colin Crouch, University of Warwick 'In a compelling sequel to their acclaimed The End of Finance, Amato and Fantacci insist that finance is currently a wholly destructive and illegitimate force. However, unlike other radical critiques, they maintain that it should play a vital role in the modern economy. They have provided a compelling and lucid account of how this might be achieved at global, national and local levels.' Geoffrey Ingham, University of Cambridge

'[Amato & Fantacci's] point that the whole economic systemis shot and must change seems hard to contest. What they call theglobalisation of precariousness is clearly a recipe for recurringdisaster.' South China Morning Post This is a serious analysis of how and why the financialmarkets as they are currently organized prevent genuine markettransactions and therefore harm the economy. In this distinctiveand important new book, the authors argue that getting the marketsright is the most important issue facing us atpresent. Colin Crouch, University of Warwick In a compelling sequel to their acclaimed The End ofFinance, Amato and Fantacci insist that finance is currently awholly destructive and illegitimate force. However, unlike otherradical critiques, they maintain that it should play a vital rolein the modern economy. They have provided a compelling and lucidaccount of how this might be achieved at global, national and locallevels. Geoffrey Ingham, University of Cambridge

Author Information

Massimo Amato is Associate Professor in Economic History at Università Bocconi. Luca Fantacci is Assistant Professor at Università Bocconi.

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