Naslov
Financialisation as an obstacle to economic growth and a path to debt peonage

Autori
Kotarski, Kristijan ; Brkić, Luka

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
7th INTERNATIONAL CONFERENCE ACCOUNTING AND FINANCE IN TRANSITION – Conference Proceedings – / Željko Šević - London : Delhi : Greenwich University Press, 2009, 247-258

ISBN
978-186166-263-7

Skup
7th International conference on accounting and finance in transition

Mjesto i datum
London, Ujedinjeno Kraljevstvo, 23.07.2009. - 25.07.2009

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
Financialisation; Ponzi scheme; Fiat money; Debt

Sažetak
Some of the traits of the current financial and economic crisis are as follows: there are too many goods chasing too few buyers ; too much money chasing too few profitable investment outlays ; too many workers chasing too few jobs and too many banks chasing too few impoverished savers and depositors. The current financial and economic crisis is the outcome of deeply-rooted contradictions within the structure of the global economic system, so it cannot be labelled as a failure of the system but as an inherent part of its mode of functioning. Huge imbalances in the international monetary system can be recognised as unsustainable trade deficits and surpluses, skyrocketing official dollar reserves in some European and many Asian central banks, and the proliferation of Sovereign Wealth Funds which end up in a myriad of bubbles, overleveraging, and other maladjustments already discussed above. This crisis is definitely a part of a larger historical process. Officially sanctioned and power-based institutional privileges enable the extraction of wealth, purely by claims on that wealth. The entire paper economy needs to be dismantled in order to free the productive forces from the constraints of unproductive capitalists and their entourage.

Izvorni jezik
Engleski

Znanstvena područja
Politologija

POVEZANOST RADA