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As 2018 comes to an end, I rounded up the top 10 most-read posts of the year on the Economic Sociology and Political Economy community blog. You are welcome to (re)read and share them. I would like to use this opportunity and thank everyone for being here, liking and sharing - for making this community what it really is! Oleg Komlik https://economicsociology.org/2018/12/22/top-10-most-read-economic-sociology-and-political-economy-posts-of-2018/In 1951 John Kenneth Galbraith wrote Milton Friedman to thank him for giving a lecture at #Harvard #economics department. This very short letter is not only a typical example for #Galbraith’s eloquence and sardonic phrasing, but underlines his ability to combine conceptual open-mindedness with a sincere standpoint of his own. Read, and more: https://economicsociology.org/2018/11/23/galbraith-vs-friedman-the-emancipation-of-belief-is-the-most-formidable-of-the-tasks-of-reform-the-one-on-which-all-else-depends/Tags
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Tag Archives: financial crisis
The IMF’s Reconstruction of Economic Orthodoxy since the Crash
by Ben Clift* Analysing how the International Monetary Fund (IMF) contributes to prevailing understandings of sound economic policy reveals how economic orthodoxy is historically contingent, and throws into relief the malleability of economic policy credibility. These indirect IMF attempts to … Continue reading
Posted in Books, community members posts
Tagged economics, Eurozone crisis, financial crisis, fiscal policy, ideas, IMF, institutions, policy, Political economy
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A Critique of the Critique of Finance: Critics of neoliberal capitalism rarely recognize the productive power of speculation
by Martijn Konings* If there is one theme that unites the various critiques of contemporary finance, it is the emphasis on its speculative character. Financial growth is said to be driven not by the logic of efficient markets, but rather … Continue reading
Ten years after the 2007-2008 global financial crisis – the human toll in the financial services sector
by Gregor Gall* Ten years ago this summer, the first rumblings of the thunderclap of what would become the global storm of the great financial crisis of 2007-2008 were heard. The first rumble to be heard was of the panic … Continue reading
Market Bubbles: Finance, Art, and the Golden Calf
Two overwhelming events occurred on September 15 and 16, 2008. The first is known to all, the second – to few — but a thread passes between them, showing the fabric of the current socio-economic and cultural system. On September 15 Lehman … Continue reading
Posted in Art, Books, Oleg Komlik
Tagged Art, conspicuous consumption, financial crisis, financialization, markets
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The debt crisis and austerity in the Eurozone: social and political impacts
During the past six years, the countries of the European periphery – Portugal, Ireland, Italy, Greece and Spain – have been experiencing severe economic-financial crises. In the shadow of these drastic events, the EU institutions and the IMF initiated “bailout programs” for … Continue reading
Posted in Books
Tagged austerity, banking system, debt, European Union, Eurozone crisis, financial crisis, Greece, monetary policy, policy, Political economy, politics, Spain, welfare
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Markets, policy and sociology of economic immorality
In a highly influential book Situating the Self: Gender, Community and Postmodernism in Contemporary Ethics, a distinguished philosopher Seyla Benhabib (Yale University) argued that: “Moral judgment is what we ‘always already’ exercise in virtue of being immersed in a network of human relationships … Continue reading
Posted in Books, Papers
Tagged Economic Sociology, financial crisis, markets, morality, policy
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Accounting truth
AIG Vice Chairman Jacob Frenkel: “The left side of the balance sheet has nothing right and the right side of the balance sheet has nothing left. But they are equal to each other. So accounting-wise we are fine” (2008) *** … Continue reading
Lehman Brothers collapsed, but the neoliberal tune keeps playing on
Today marks the 7th anniversary of Lehman Brothers disastrous collapse and the ‘official’ beginning of the global financial crisis. This is what Citigroup CEO Chuck Prince said in July 2007, about a year before the financialization fete temporarily halted: “When the music stops, in terms of … Continue reading
China’s Minsky moment? Stability leads to instability
Hyman Minsky (1919–1996) was a distinguished American scholar and prominent post-Keynesian economist. In the wake of the 2008-2009 crisis Minsky’s invaluable scientific contribution has widely spread, but soon he has unfortunately disappeared from public and economic discussions. While most of the mainstream economists are … Continue reading
Posted in Papers
Tagged banking system, capitalism, crisis, financial crisis, financial markets, financialization, Hyman Minsky, neoliberalism
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Fed with credit: financial “liberalization”, deregulation and the role of credit in Iceland’s collapse
Beginning in the 1990s, Iceland embarked on a major “liberalization” policy, privatizing its financial sector and reorganizing regulation. The resulting highly concentrated banking sector refocused on investment banking and international operations, while businesses, consumers and the finance industry itself borrowed … Continue reading
Posted in Papers
Tagged banking system, credit, financial crisis, financial liberalization, Iceland, neoliberalism, policy, regulation
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