Greta Krippner submitted Capitalizing on Crisis to Harvard University Press at the end of the summer of , before the Great Recession began. I read it as a m. This year, the A.S.A.’s Distinguished Scholarly Publication Award goes to Greta Krippner for Capitalizing on Crisis: The Political Origins of the Rise of Finance. Feb 7, Greta R. Krippner Capitalizing on Crisis: The Political Origins of the Rise of Finance. Cambridge, MA, Harvard University Press,

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Videos About This Book. Oct 05, Athan Tolis rated it it was amazing Shelves: As such, it is a powerful warning to any self-confident policy maker.

Capitalizing on Crisis — Greta R. Krippner | Harvard University Press

I added some further thoughts on Financialisation here: Krippner’s basic thesis is that successive policy decisions over the course of this period, each in response to immediate challenges, have ‘financialised’ the US economy. Krippner argues that state policies that created conditions conducive to financialization allowed the state to avoid a series of economic, social, and political dilemmas that confronted policymakers as postwar prosperity stalled beginning in the late s and s.

By the end of the process however, the markets were in charge, and government officials were only too happy –and relieved– to follow their lead.

The divergence in outcomes on the backside of the financial crisis in the United States versus China highlights the risk: The Political Origins of the Rise of Finance.

Capitalizing on Crisis: the Political Origins of the Rise of Finance

The idea behind targeting the money supply was to hide the fact that this would result in higher interest rates, against which people were fully prepared to complain. Evidence from European non-financial corporations. Many scholars who, only a few years ago, displayed neither interest nor competence in the analysis of financial crises have begun writing books upon articles that intend to explain the intricacies of the crisis that reached its tipping point with the bankruptcy of Lehman Brothers.

Krippner’s analysis is excellent, with one caveat — I have just begun the book, but at least in the first two chapters, it appears to be more of a rehash of the analysis she conducted in In the context of newly floating exchange rates and the piling up of enormous petrodollar reserves in oil producing countriesthe high interest rates in the US pulled foreign capital into the US in unprecedented and to policymakers entirely unanticipated amounts.


Capitalizing on Crisis: The Political Origins of the Rise of Finance by Greta R. Krippner

Brittany rated it liked it Jun 18, Capitalizing on Crisis is an absolute must read for anyone who cares to understand the origins of our crisus financial quagmire and the distributional dilemmas that policymakers inevitably and uncomfortably face. This, in turn, aided financialization in two distinct ways: The case studies are unparalleled and highly original.

Add both to Cart Add both to List. As Krippner explains, in making this change the expectation had been that the market would impose a discipline on economic behaviour that political actors were unwilling to do.

Next comes the story of how Paul Volcker himself, the man who killed inflation, ushered in not one but two important trends in the history of financialization of the US economy: Jul 22, A. The social crisis, reflected the heightened distributional conflict as economic growth slowed, requiring various social groups to scale back claims to resources; the problem was, there was no viable social or political mechanism for negotiating these reductions: What happened instead was “something like an inversion of Bell’s vision was realized: The Political Origins of the Rise of Finance Each year, the Distinguished Scholarly Publication Award Committee reads and evaluates more than sixty nominated books, a great many of them excellent works of scholarship, and quite a few worthy of significant distinction.

capitaliziing Kindle Edition Verified Purchase. Join Our Mailing List: Second the response to the fiscal crisis of the late s and s with growing government deficits which altered the relationship between the domestic and global markets driving a ‘dramatic expansion of credit in the US economy’. Amazon Music Stream millions of songs. Krippner starts with explaining the financialization of the economy, to the major policy decisions which gave it more power.


In this regard, the financialization of the economy was not a deliberate outcome sought by policymakers, but rather an inadvertent result of the state’s attempts to solve other problems.

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Search Enter your keywords. This article is also available for rental through DeepDyve. As it turns out and as we are observing in places like China today, for example credit became readily available to all, because the high price of credit capihalizing its own supply. Garrett Strain rated it really liked it Oct 02, The Political Origins of the Rise of Finance. Each of these was a response to immediate problems as well as more general social and political crises. Amazon Inspire Digital Educational Resources.

It is not a long book–the core material runs roughly pages. The author is a university professor of sociology.

Nobody expected these providential outcomes, not even the policymakers who had opened up this space for finance in a rather ad hoc fashion, through repeated efforts to fend off mrippner.

Rather than some deliberate decision crisix increase financialization, these policies were ad hoc krippner to political and economic problems. And now unemployment is at 5. Purchase Subscription prices and ordering Short-term Access To purchase short term access, please sign in to your Oxford Academic account above.

So this is a fascinating book with many implications for further analysis. Money rushed to US investments like it had never crixis before. If you have ever read the meeting minutes of the Fed Board, then you will appreciate the author’s courage in this endeavor. These policy decisions emerged as a way to confront what Krippner calls the “triple crisis” of the s – one that was simultaneously a social crisis, and fiscal crisis, and a legitimation crisis.

How Finance Re-Shaped America. To see what your friends thought of this book, please sign up. Madison rated it it was amazing Apr 18,