The Demise of Finance-dominated Capitalism
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The Demise of Finance-dominated Capitalism

Explaining the Financial and Economic Crises

  • New Directions in Modern Economics series

Edited by Eckhard Hein, Daniel Detzer and Nina Dodig

This book provides an overview of different theoretical perspectives on the long-run transition towards finance-dominated capitalism, on the implications for macroeconomic and financial stability, and ultimately on the recent global financial and economic crisis. In the first part, the macroeconomics of finance-dominated capitalism, the theories of financial crisis and important past crises are reviewed. The second part deals with the 2007-09 financial and economic crisis in particular. The special focus is on the long-run problems and inconsistencies of finance-dominated capitalism which played a key role in the crisis and its level of severity.
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Chapter 6: Income distribution and the financial and economic crisis

Jo Michell

Extract

Analysis of the distribution of income is a far from straightforward matter. For a start, there are a number of ways in which income distribution can be quantified and compared. When it comes to explaining how and why patterns of income distribution evolve over time, the task becomes even more difficult. It is therefore not surprising that there exist a range of views both on the relatively straightforward question of how income distribution has evolved over time and on the more difficult question of what has caused changes in income distribution. There are two main measures of income distribution. The ‘personal distribution’ of income describes the relative concentration or dispersion of the income of individuals (or households) drawn from a given population, such as wage-earners. The other measure is the ‘functional’ income distribution.

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