Greta Krippner submitted Capitalizing on Crisis to Harvard University Press at the end of the summer of , before the Great Recession began. I read it as a m. This year, the A.S.A.’s Distinguished Scholarly Publication Award goes to Greta Krippner for Capitalizing on Crisis: The Political Origins of the Rise of Finance. Feb 7, Greta R. Krippner Capitalizing on Crisis: The Political Origins of the Rise of Finance. Cambridge, MA, Harvard University Press,

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Phil rated it really liked it Jul 12, The Political Origins of the Rise of Finance Each year, the Distinguished Scholarly Publication Award Committee reads and evaluates more than sixty nominated books, a great many of them excellent works of scholarship, and quite a few worthy of significant distinction.

Capitalizing on Crisis: the Political Origins of the Rise of Finance

His nonsense books, mo …. The picture here is one that provides a deep-seated explanation for the financial crisis of It is not a quick read either; there is quite a bit of information contained in the three main chapters, although I found that the analytical components in the introduction and conclusion were easy to follow and well-written, if not a bit repetitive which I do not necessarily fault her for. The book would have been even better, had she updated her data — I am perplexed as to why she did not.

Buy the selected items together This item: Customers who bought this item also bought. Managed by the Markets: Nonetheless, the three major policy shifts noted above did enable “policymakers to avoid politically difficult decisions about how to allocate limited resources between competing social priorities” which in turn allowed them “to extricate themselves from the problems they confronted in the social crisis, fiscal crisis, and legitimation crisis of the state.


It is not a long book–the core material runs roughly pages. There was a problem filtering reviews right now. Needless to say, this never really happened, and indeed the closest any senior leader came to proposing such a conversation, namely Jimmy Carter’s “crisis of confidence” speech inwould be demagogued by political opponents as a form of domestic surrender.

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The motives of policymakers at each stage are skillfully described. There’s a problem loading this menu right now.

Americans allowed the Fed to do to all the policy work, with only a minimum of stimulus, whereas China had no qualms about using a variety of fiscal instruments to reinflate the economy; the result is that China’s economy over that time span has doubled in size relative to the United States’s.

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Capitalizing on Crisis — Greta R. Krippner | Harvard University Press

Top Reviews Most recent Top Reviews. As such, it is a powerful warning to any self-confident policy maker.

Amazon Rapids Fun stories for kids on the go. She defines three separate phases. This can be measured, for example, by the percentage of the total profits in the economy captured by financial services firms, and also the development of financial services arms in traditional industrial and services companies – arms that are often more profitable than the “core” business.

Money rushed to US investments like it had never done before. Krippner detailed how to measure it the financialization of the economy. The Political Origins of the Rise of Finance. Rather than find a proper allocation for competing services, the government deregulated Regulation Q which allowed for higher interest rate loans.

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Even major industrial companies come to make significant portions of their profit from activity in the financial market. This article is also available for rental through DeepDyve. Capital in the Twenty-First Century. In this regard, the financialization of the economy was not a deliberate outcome sought by policymakers, capiitalizing rather an inadvertent result of capitalizin state’s attempts to solve other problems.


The idea behind targeting the money supply was to hide the fact that this would result in higher interest rates, against which people were fully prepared to complain. The declining profit possible in productive industry leads to speculation in what Marx called ‘fictitious capital’.

Second, despite the ideological beliefs of market fundamentalists, it is not at all clear that markets do not require normative foundations, and that the people will simply fatalistically accept market outcomes as just ones. Edward Lear is an apt character to think about at Christmas-time.

The legitimation crisis was either a reflection of a fundamental crisis within capitalism according to Marxistsor a crisis of democracy for liberalsor a crisis of values for conservatives.

Neo-Marxist or not, I loved it.

Srijan Sen rated it it was amazing Apr 07, Write a customer review. First the deregulation of the domestic financial market as an attempt to get to grips with the social crisis of the s and s, offering policymakers a ‘reprieve from difficult political choices’.

If you originally registered with a username please use that to sign in. This book details the rise of finance in the U. From axiomatic accounts crisiis corporate earning coming more from their financial activity than their production activity, to the general statistics of where profit comes from.

For example, the auto giants had to get involved in the financing. This growing financialisation becoming increasing unstable and leading inexorably to crisis. This, in turn, aided financialization in two distinct ways: