Monetary Economies of Production
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Monetary Economies of Production

Banking and Financial Circuits and the Role of the State

Edited by Louis-Philippe Rochon and Mario Seccareccia

The central focus of this book is the relationship between money, the sphere of production, and the State. It explores how best to adapt the fundamental ideas of the circulationist perspective to achieve a better understanding of the financialisation of the production processes within contemporary capitalist economies. Importantly, the expert contributors illustrate that the true challenge ahead is to address how these new emerging forms can be eventually tamed, a challenge that the recent financial crisis has forcefully proven essential.
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Chapter 12: Public expenditure and deficits: the emerging countries’ financial circuits and crises

Eugenia Correa and Alicia Girón


Amid the uncertainty generated by the Great Crisis, the most conservative parties and political forces have increased their power in various countries. Such governments have subordinated their policies to the objectives of the current local political situation, regardless of facing a crisis that extends well beyond their time in office and their countries’ borders. Thus, whatever their ideological identity, they have committed themselves to financial stability and to the objectives of the local financial oligarchy. The same can be observed in the United States, Germany and Japan, as well as in Spain and France, or in Mexico and Chile. Slowly yet surely, the top managers of many banks and large financial entities have absconded from the limelight, triumphantly shifting the focus of public scrutiny to governments and public finances with the invaluable help of the media, an assortment of international financial institutions, the rating agencies and an enormous number of advisors and orthodox economists.

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