Tag Archives: financial crisis

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

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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

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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

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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 shut down: “When the music stops, in terms … Continue reading

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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

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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

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“Aftermath of a Crisis”: Manuel Castells and his colleagues tackling the crisis and its consequences

“In this crisis, some people are trying to go back and other people are trying to discover what the future could be. What doesn’t work anymore is the present, for anyone. That’s why it’s Aftermath Time.” – Manuel Castells Shortly after … Continue reading

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From Socialism to Neoliberalism: the case of Central Eastern European countries

The transition from communism or socialism to capitalism has proved to be a rockier road than many in the West (think of Fukuyama as an example) anticipated. The degree and character of challenges that countries faced during the transition depended … Continue reading

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What is financialization? Marxism, Post-Keynesianism and Economic Sociology’s complementary theorizing

The economic crisis erupted in 2007-2008, commonly known around the world as the Global Financial Crisis and in the US as the Great Recession, highlighted – for those who deliberately or unintentionally have in recent years overlooked – the ascendancy of finance, a … Continue reading

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The collapse of Ireland’s Celtic Tiger: an incredible story of corporatism, neoliberalism and globalization run amok

In 2008 Ireland experienced one of the most dramatic economic crises of any economy in the world. It remains at the heart of the international crisis, sitting uneasily between the US and European economies. Not long ago, however, Ireland was … Continue reading

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