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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Reagan was able to borrow via the Treasury market amounts nobody had dreamt of before, leading to deficits that were unheard of in peacetime before his presidency 2. This is a technically complex work of crisls unpicking and analysing trends in US society, economy, and politics over the course of forty years from the s to the s.

Capitalizing on Crisis: 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. Start reading Capitalizing on Crisis on your Kindle in under a minute.

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.

How large is the global living wage gap and the price increase needed to close it?

Alexa Actionable Analytics for the Web. Her data only goes up to and it is clear that events have changed significantly since then. Rather than some deliberate decision to increase financialization, these policies were ad hoc responses to political and economic problems. What follows is the meat of the book: Greta Krippner Capitalizing on Crisis: Krippner argues that state policies that created conditions conducive to financialization allowed the state to avoid a series of economic, social, and political dilemmas that confronted policymakers as postwar prosperity stalled beginning in the late s and s.


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Capitalizing on Crisis: The Political Origins of the Rise of Finance by Greta R. Krippner

The market has promoted and validated a lack of restraint particularly in relation to credit which has left us more exposed than ever to the risk of financial crisis. Her point is that “financialization was not a deliberate outcome sought by policymakers but rather an inadvertent result of the state’s attempt to solve other problems.

I think many general readers would also enjoy the counter-narrative provided here, in particular those interested in financial markets, critical economics, and political economy. Although this is somewhat dry in places the case is convincing.

It thus leaves one with profound concerns not only about the course of public policy, but about its very possibility. Page 1 of 1 Start over Page 1 of 1. 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.

What happened instead was “something like an inversion of Bell’s vision was realized: Rather than addressing the venality and incompetence of those with responsibility for regulating crisie economy, Krippner tells the history of the growth of financialization from the perspective of the regulators So the abolition of Regulation Q was a big first step toward the financialization of the US economy.

Capitalizkng the first to ask a question about Capitalizing on Crisis. Oct 27, Nils rated it it was amazing. Top Reviews Most recent Top Reviews.


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

It tells a remarkably insightful story about a remarkably complex, and exceptionally consequential process, and as such represents the best of contemporary American sociology. Several problems present themselves.

Capitalizing on Crisis is a very significant, and particularly timely, book. Don’t have a Kindle? As it turns out and as we are observing in places like China today, for example credit became readily available to all, because the high price of credit created its own supply.

The book would have been even better, had she updated her data — I am perplexed as to why she did not. Krippner’s analysis is excellent, with one caveat — I have just begun the book, but at least in the first two chapters, it appears to be more of a rehash of the analysis she conducted in There was a problem filtering reviews right now.

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

Read more Read less. Each of these was a response to immediate problems as well as more general social and political crises.

The case studies are unparalleled and highly original. First, by targeting the size of the money supply rather than rates, he introduced the practice of fudging the goals of monetary policy: It is, thus, not surprising that they generally provide rather simplistic interpretations based on an opposition between two polar visions.