viernes, 3 de enero de 2014

Clarifying the crisis

Artículo en Jacobin

"It is crucial to recognize that to insist on the centrality of finance is not to explain the crisis in terms of predatory speculation (though much speculation did of course take place). While finance is a distinct part of the economy in terms of its institutions and role, it isn’t separate from the rest of the economy. That workers had become so dependent on credit was linked to the weakening of unions and the decline or slow growth in wages. That finance grew exponentially and had become so fundamental to the functioning of the economy, in spite of high profits seemingly making credit less important, was tied to finance providing the special funds and services for capitalist restructuring, such as advice and funds for mergers and venture funds, and instruments like derivatives and hedge funds that supported managing risks central to operating in a global environment."