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The End of Finance : Capital Market Inflation, Financial Derivatives and Pension Fund Capitalism - Jan Toporowski

The End of Finance

Capital Market Inflation, Financial Derivatives and Pension Fund Capitalism

Hardcover

Published: 28th October 1999
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This volume develops an original critique of the belief that the present era of finance, where finance markets dominate contemporary capitalist economies, represents the best possible way of organising economic affairs. In fact, it is argued, the ensuing economic instability and inefficiency create the preconditions for the end of the dominance of finance. The End of Finance develops a theory of capital market inflation rooted in the work of Veblen, Kalecki, Keynes and Minsky, demonstrating how it disinclines productive activity on the part of firms, provides only short-term conditions that are propitious for privatisation and distorts monetary policy in the long-term. The author examines the role of pension fund schemes and financial derivatives in transmitting capital market inflation and provides a nuanced analysis of the contradictory role they play in the financial system. Capital market inflation is also examined in its historical context and compared with past inflations, in particular the South Sea and Mississippi Bubbles, which spawned the first financial derivatives, and the first privatisations. This broad historical vision allows us to see these forms of inflation as temporary and provisional in character.

Introduction: Antecedents and Methodology
The Theory of Capital Market Inflation
Capital Markets and the Real Economy
Outside finance and industry
Liquidity and capital markets
Value and Excess in Capital Markets
The value of company securities
Some policy issues
Ponzi Finance and Pension Fund Capitalism
Pension Funds and Ponzi Finance
Pension funds, bamking and investment
Capital market inflation and monetary policy
Ponzi finance and securities markets
Capital Market Inflation and Privatisation
Pension fund inflows and their investment
The cash inflow into pension funds
Pension funds and their investment income
Peripheral and integrated markets
The end of funded pension schemes
The limits of capital market inflation
Capital market disintermediation
Financial Derivatives and Liquidity Preference
Liquidity preference and the conventional approach to finanial futures
Financial futures in context
Some concepts in the thepry of financial futures
Commercial and investment uses of financial futures
Derivatives use by industrial and commercial firms
Derivatives use by Rentiers
The broking of financial futures
Regulation and the systematic risk of financial futures
Regulation and the rise of risk in financial futures markets
Financial derivatives, institutions and financial fragility
Conclusion
The ends of finance
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780415208819
ISBN-10: 0415208815
Series: Routledge Frontiers of Political Economy
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 180
Published: 28th October 1999
Publisher: Taylor & Francis Ltd
Country of Publication: GB
Dimensions (cm): 23.5 x 15.9  x 1.2
Weight (kg): 0.41
Edition Number: 1