Author(s): Costas Lapavitsas
Financialization is one of the most innovative concepts to emerge in the field of political economy during the last three decades, although there is no agreement on what exactly it is. "Profiting Without Producing" puts forth a distinctive view defining financialization in terms of the fundamental conduct of non-financial enterprises, banks and households. Its most prominent feature is the rise of financial profit, in part extracted from households through financial expropriation. Financialized capitalism is also prone to crises, none greater than the gigantic turmoil that began in 2007. Using abundant empirical data, the book establishes the causes of the crisis and discusses the options broadly available for controlling finance.
Praise for "Crisis in the Eurozone"
"This book is indispensable for anyone trying to make sense of the European Union's implosion."--Alex Callinicos, Professor of European Studies, King's College London
""Crisis in the Eurozone" combines the urgency of front-line reporting with insightful detail about the players involved and mechanisms at work."--Gary A. Dymski, Professor of Economics, University of California, Riverside
"The most comprehensive, thoughtful, and insightful dissection of the Eurozone's problems. If you could only read one item on this momentous crisis, this book would be it."--Stergios Skaperdas, Professor of Economics, University of California, Irvine
Costas Lapavitsas is a Professor of Economics at the School of Oriental and African Studies, University of London. He is a member of Research on Money and Finance (RMF). He is the lead author of the new RMF report "Breaking Up? A Route Out of the Eurozone Crisis." His previous publications include "Crisis in the Eurozone"; "Social Foundations of Markets"; "Money and Credit"; and "Political Economy of Money and Finance."