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Financialisation and the Financial Crisis: On Shifts in Governance of Global Finances
Finance & Accounting
Pages 16 (4016 words)
Financialisation and the Financial Crisis: On Shifts in Governance of Global Finances Introduction This paper is an attempt to trace the linkage between financialisation and the financial crisis and the degree to which the former is implicated in the latter.
(Baker 2011). In spite of the different symptomatic origins of the Greek crisis and the previous financial turmoil of 2007, the discussion brings once again the underlying, and somewhat ever-present, discussion of who makes the decisions regarding economic policies in regional and global scales. The unemployment explosion and the number of businesses folding up have caused governments to sit up and notice, but have they looked far enough to trace the origins of the crisis? What’s the reason for the same economists and institutions that failed to predict the 2007 financial crisis still be in the “driving seat”, prescribing very much similar remedies to economic crisis in spite of criticisms coming from all over, both from inside financial institutions and outside them? There still is no consensus as to the origins of the crisis. To quote Goodhart: There have been many facets to the current financial crisis. It is difficult for a single person to put together a completely coherent story of everything that has happened, unless they have been working for one of the banks at the centre of the storm. ...
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