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Speculation, financial fragility and stock-flow consistency

In: The Great Recession and the Contradictions of Contemporary Capitalism

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  • Jo Michell

Abstract

The current crisis is one of the great crises punctuating the long history of capitalism, and to be properly understood it is vital to take into account its ongoing structural transformation. This book offers plural perspectives on the Great Recession, placing the analysis of finance, class and gender at the center of the debate. It begins with a comprehensive insight into the crisis, before moving on to focus on debt, asset inflation and financial fragility. Following chapters discuss global imbalances, structural monetary reform and the management of public finance, including a investigation of the Italian experience. The book concludes with novel contributions on the gender dimension of the crisis and the analogies between a nuclear and financial chain reaction.

Suggested Citation

  • Jo Michell, 2014. "Speculation, financial fragility and stock-flow consistency," Chapters, in: Riccardo Bellofiore & Giovanna Vertova (ed.), The Great Recession and the Contradictions of Contemporary Capitalism, chapter 7, pages 112-133, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:14637_7
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    References listed on IDEAS

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    1. Hayek, F. A., 2012. "Hayek on Hayek," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226321202 edited by Kresge, Stephen & Wenar, Leif, April.
    2. Joan Robinson, 1969. "A Further Note," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 36(2), pages 260-262.
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    1. Jo Michell, 2014. "A Steindlian account of the distribution of corporate profits and leverage: A stock-flow consistent macroeconomic model with agent-based microfoundations," Working Papers PKWP1412, Post Keynesian Economics Society (PKES).
    2. E. Stockhammere & J. Michell, 2017. "Pseudo-Goodwin cycles in a Minsky model," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 41(1), pages 105-125.

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