Political Economy of Financialization in the United States: A Historical–Institutional Balance-Sheet Approach...

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Kurt Mettenheim

Political Economy of Financialization in the United States

A Historical–Institutional Balance-Sheet Approach

Kurt Mettenheim

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English

Routledge
31 May 2023

Politics & government; Economic theory & philosophy; Monetary economics; Political economy; Banking

Series: Routledge Frontiers of Political Economy

Combining balance sheet analysis with historical institutional analysis, this book traces the evolution of social sector financial balance sheets in the US from 1960 to 2018.

This innovative historical-institutional approach, ranging from the micro level of households to the macro level of the federal government, reveals that the displacement of households by banks has been a long-term process. This gradual compounding of financialization is at odds with widely accepted views about financialization, contemporary banking theory, financial intermediation theory, and post-Keynesian and endogenous money approaches. The book returns to time-tested traditional principles of banking and taps unexpected affinities about market failures in transaction cost economics, financial intermediation theory, and core ideas in classic modern political and social economy about economic moralities and social reactions of self-defense against unfettered markets. This book provides an alternative explanation for the rise of finance and new ways to think about averting financialization and its devastating consequences.

This book marks a significant contribution to the literature on financialization, social economics, banking, and the American political economy.

By: Kurt Mettenheim
Imprint: Routledge
Country of Publication: United Kingdom
Dimensions: Height: 229mm, Width: 152mm,
Weight: 471g
ISBN: 9780367627188
ISBN 10: 0367627183
Series: Routledge Frontiers of Political Economy
Pages: 316
Publication Date: 31 May 2023
Audience: College/higher education , Primary
Format: Paperback
Publisher's Status: Active

Kurt Mettenheim taught at the FGV-EAESP in São Paulo, Brazil, the University of Oxford, the University of Pittsburgh, and Columbia University.

Reviews for Political Economy of Financialization in the United States: A Historical–Institutional Balance-Sheet Approach

"""A massive and remarkable achievement. The historical institutional analysis of trends in sectoral balance sheets is backed by endlessly fascinating tables and figures. The central claim about the ideological and real impact of finance is highly relevant to the study of American and comparative political economy. The two volumes provide important insights into patterns of continuity and change in American economics and politics since the financial crisis of 2007-8."" Jeffry Frieden, Harvard University Department of Government"