Theories of Financial Disturbance

Theories of Financial Disturbance

An Examination of Critical Theories of Finance from Adam Smith to the Present Day

Jan Toporowski

Theories of Financial Disturbance examines how the operations of market-driven finance may initiate and transmit disturbances to the economy at large, by looking in detail at how various economists envisaged such disturbances occurring.

Debts and discharges

Jan Toporowski

Subjects: economics and finance, financial economics and regulation, post-keynesian economics

Extract

I wish to record my thanks to the librarians of the Perry Library of South Bank University, the British Library of Political and Economic Sciences; the libraries of the School of Oriental and African Studies and the Szkola Glówna Handlowa; and the British Library, and Tish Collins of the Marx Memorial Library, for their assistance in my research for this book. The generosity of the Amiel-Melburn Trust, the Leverhulme Foundation, and the European Commission’s research network on Financial Integration and Social Cohesion has helped to defray expenses associated with broader research, of which this · is one outcome. Especial thanks are due to Anita Prazmowska for her unique encouragement of my efforts to overcome the obstacles that academic employment today throws in the path of intellectual endeavour. That employment, however, also brought into the orbit of my discussions some talented and enthusiastic students on whom I was able to try out many of the ideas in this book. When those ideas became serious I was able to discuss them more knowledgeably with David Gowland, Leslie Fishman, Peter Howells, Jesper Jesperson, Julio Lopez-Gallardo, Tracy Mott, Geert Reuten, Zvi Schloss, Nina Shapiro, Geoff Tily, Tadeusz Kowalik and Randy Wray. I am grateful to Mary French-Sokol for advice on Jeremy Bentham and his writings; to Ian King and Claudia Jefferies for their assistance in translating Marek Breit’s 1935 article from German; and to David Cobham, Gary Dymski, Susan Howson, John King, Andy Denis, Alfredo Saad-Filho, Warren Samuels and Geoff Harcourt for comments on...