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The Global Securitized Subprime Market Crisis

Author

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  • Phillip Anthony O’Hara

    (Global Political Economy Research Unit, Curtin Business School, Curtin University, GPO Box U1987, Perth, Australia. 6845, philoharal@yahoo.com)

Abstract

This paper examines the global securitized subprime crisis through the lens of core general principles of political economy. The principle of historical specificity is used to situate the crisis in cycles and historical time. The principle of circular and cumulative causation scrutinizes the role of multiple factors and how they cumulatively impact on the system. The principle of contradiction explores the relationship between finance and industry through deregulation and changing industrial leadership at the global level. The principles of financial innovation and heterogeneous agents link to the intricacies of the different roles of economic agents in the circuit of mortgages and securitization. And finally the principle of risk and uncertainty examines the contradictory role of complex institutions and calculative models of risk in the generation of high systemic uncertainty during booms in the cycle.

Suggested Citation

  • Phillip Anthony O’Hara, 2009. "The Global Securitized Subprime Market Crisis," Review of Radical Political Economics, Union for Radical Political Economics, vol. 41(3), pages 318-334, September.
    • Handle: RePEc:sae:reorpe:v:41:y:2009:i:3:p:318-334
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    File URL: http://rrp.sagepub.com/content/41/3/318.abstract
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    Cited by:

    1. Brennan, Andrew John & Kalsi, Jaslin Kaur, 2015. "Elephant poaching & ivory trafficking problems in Sub-Saharan Africa: An application of O'Hara's principles of political economy," Ecological Economics, Elsevier, vol. 120(C), pages 312-337.
    2. Thomas Goda, 2013. "The role of income inequality in crisis theories and in the subprime crisis," Working Papers PKWP1305, Post Keynesian Economics Society (PKES).

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