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Financialization Has Turned the Global Economy Into a House of Cards July 27, 2017

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Financialization Has Turned the Global Economy Into a House of Cards: An Interview With Gerald Epstein

Sunday, July 23, 2017By C.J. Polychroniou, Truthout | Interview

 

Contemporary capitalism revolves around neoliberalism, globalization and financialization, with the latter being the dominant force in this triad. Yet, there is still confusion about the nature and dynamics of financialization, including its impact on the economy. What is clear, however, is that capitalism has become quite prone to regular and systemic crises under financialization as the system now thrives ever increasingly on debt and quick profits. In this interview, professor of economics and co-director of the Political Economy Research Institute at the University of Massachusetts at Amherst, Gerald Epstein, a leading authority on financialization, sheds light on finance capital and why it needs to be brought under control.

… [F]inancialization can lead to economic expansion or stagnation, depending on the relative size of these factors. But it almost always increases inequality. In addition, it almost always leads to financial instability and even crises.

Source: Truth Out.  Click here to read the full article.

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