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Palgrave Macmillan

Finance and Democracy

Towards a Sustainable Financial System

  • Book
  • © 2019

Overview

Authors:
  1. Alessandro Vercelli

    1. University of Siena, Siena, Italy

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  • Links the 2007/2008 financial crisis to democracy and regulatory accountability
  • Interprets the evolution of the financial system and of the co-evolution of its regulation after the crisis
  • Suggests a direction of reform of the financial system different from that pursued after the crisis

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Table of contents (8 chapters)

  1. Front Matter

    Pages i-xxiii
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  2. Normative Foundations

    • Alessandro Vercelli
    Pages 1-27

  3. Financial Economics and Macroeconomics After WWII

    1. Front Matter

      Pages 29-29
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    2. The Second Financialisation

      • Alessandro Vercelli
      Pages 31-60

    3. The Emergence of Modern Financial Economics

      • Alessandro Vercelli
      Pages 61-91

    4. Finance and Macroeconomics

      • Alessandro Vercelli
      Pages 93-116

  4. The Regulation of the Financial System After the Crisis

    1. Front Matter

      Pages 117-117
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    2. The Great Financial Crisis and Its Main Determinants

      • Alessandro Vercelli
      Pages 119-153

    3. Responses to the Crisis: The Evolution of the Financial System and Its Regulation

      • Alessandro Vercelli
      Pages 155-204

  5. Towards a Democratic and Sustainable Regulation

    1. Front Matter

      Pages 205-205
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    2. Proposals for a Radical Reform of the Financial System

      • Alessandro Vercelli
      Pages 207-240

    3. Towards a Sustainable Financial System

      • Alessandro Vercelli
      Pages 241-272

  6. Back Matter

    Pages 273-295
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Keywords

About this book

This book is an extension of the author's last book (Crisis and Sustainability: The Delusion of Free Markets, Palgrave Macmillan, 2017) and sheds light on the evolution of the financial system after the 2007/08 crisis and on changes and developments in the regulatory framework that have taken place concurrently over the last ten years. The book’s central theme addresses the neoliberal philosophy of financial regulation and, in particular, the role of self-regulating markets in the finance sector and how this has affected incentives and behaviour within the finance sector. The author contends that neoliberal maxims have led us to believe that market-based finance is superior to, and safer than, a more rules-based regulatory regime for the sector, and then explains that experience suggests otherwise. The huge expansion of ‘financialization’ in the developed economies over the last two decades has greatly magnified the risks emanating from the impact of highly leveraged, risk averse, under-regulated finance on other sectors of these economies. The author concludes that financial institutions need to be encouraged to operate within a more socially responsible matrix that facilitates and promotes long-term economic growth coupled with social stability. 

Authors and Affiliations

  • University of Siena, Siena, Italy

    Alessandro Vercelli

About the author

Alessandro Vercelli is former Head of the Institute of Economics at the University of Siena, Italy, where he was Professor of Political Economy. He is also a former Vice-President of the International Economic Association (IEA, 2005-2008) and a Life Member of Clare Hall (University of Cambridge, UK). He has written books and articles in the fields of economic policy, environmental and ecological economics, sustainability and economic methodology. His books include Teoria della Struttura Economica Capitalistica, Fondazione Luigi Einaudi, Torino, 1973; Methodological Foundations of Macroeconomics. Keynes and Lucas, Cambridge University Press, 1991; Global Sustainability. Social and Environmental Conditions (with Simone Borghesi) Palgrave Macmillan, 2008; Crisis and Sustainability. The Delusion of Free Markets, Palgrave Macmillan, 2017. He has co-edited various books including: with R. Goodwin e M. Krüger, 1984, Nonlinear Models of Fluctuating Growth, Springer; with N. Dimitri, 1992, Macroeconomics: A Survey of Research Strategies, Oxford University Press; with G. Chichilnisky e J. Heal, 1997, Sustainability: Dynamics and Uncertainty, Dordrecht: Kluwer; with B. Agarwal, 2005, Psychology, Rationality and Economic Behaviour: Challenging Standard Assumptions, IEA series, Palgrave Macmillan; with R. Dimand and R. Mundell, 2010, Keynes’ General Theory after Seventy Years, Palgrave Macmillan.


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