Dominant Finance and Stagnant Economies

With global finance continuing to play an overpowering role in advanced and developing countries alike, its fragility and instability are today more evident than ever before, especially in light of the recent global crisis followed by a Great Recession. Demolishing the efficient growth doctrine of mainstream economics, this collection of essays maps out an alternative pattern of global finance which can generate real growth with well-being.

Covering both advanced as well as emerging economies like China and India, the book provides an incisive analysis of contemporary issues. These include the systemic crisis that is inherent in deregulated global finance, the lack of growth as well as its distributional effects, the emerging pattern of the new global economy with incipient rivalries among nations, and, finally, the hegemonic order of the international financial institutions in the world economy. The volume traces the evolution of global finance over the last half century, and contextualizes the heightened uncertainty on account of speculation in deregulated markets along with crisis and recession in the real economy.