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- Title
Domesticating Finance for Pursuing: Post-Crisis Growth.
- Authors
Kyriakou, Dimitrios
- Abstract
There has been a total (public and private) debt bubble that has been growing since the 80s, accompanying an implicit promise of higher standards of living through large market deregulation experiments (capital markets deregulation and capital mobility being chief among them). The path chosen by conventional economics for delivering this implicit promise was debt accumulation. This debt-based road to growth raises the weight, power, risktaking and returns in finance-the larger its weight/centrality, the likelier the losses would be socialised-while benefits remain private. Moreover, the concomitant attractiveness of finance siphons away talent from the scientific/technological endeavours that could propel growth and ultimately justify higher indebtedness (i.e. the way the digital revolution has been building on science dating back to the 60s, justified former post credit expansion since the 80s). In sum, the meteoric rise of finance may be sawing off the proverbial branch on which it sits.
- Subjects
PUBLIC debts; ECONOMIC development; CAPITAL market
- Publication
Cadmus, 2016, Vol 3, Issue 1, p133
- ISSN
2038-5242
- Publication type
Article