Capitalism, Macroeconomics and Reality
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Capitalism, Macroeconomics and Reality

Understanding Globalization, Financialization, Competition and Crisis

James Crotty

The essays comprising this collection analyze the deep flaws in the methodological foundation of mainstream economic theory, and explain how these flaws make mainstream economics more ideology than sound social science. James Crotty develops alternative theories built on realistic assumptions that can explain most of the disastrous economic and financial developments of the past four decades. His work contributes to the collective creation of a solid theoretical foundation on which to build an understanding of the ‘laws of motion’ of capitalism in the post WWII era.
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Chapter 4: If Financial Market Competition is Intense, Why are Financial Firm Profits so High?: Reflections on the Current “Golden Age” of Finance

James Crotty

Extract

Over the past quarter century progressive analysts have produced an impressive body of research on “financialization” — the effects of financial markets on nonfinancial corporations in particular and on national and global economic activity in general. By comparison, our collective understanding of why the financial sector has become so powerful and of what dynamic forces are driving present day financial processes is underdeveloped.

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