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. Capitalizing on Crisis: The Political Origins of the Rise of Finance, by. Greta R. Krippner. Cambridge, Mass.: Harvard University Press, Hardcover, pp. PDF | On Jan 1, , Frank Dobbin and others published Review of Greta Krippner, Capitalizing on Crisis: The Political Origins of the Rise of Finance.

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First, by targeting the size of the money supply rather than rates, he introduced the practice of fudging the goals of monetary policy: For Permissions, please email: You could not be signed in.

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The divergence in outcomes on the backside of the financial crisis in the United States versus China highlights the risk: Lists with This Book. Reagan was able to cpaitalizing via kripner Treasury market amounts nobody had dreamt of before, leading to deficits that were unheard of in peacetime before his presidency 2. Share your thoughts with other customers. English Choose a language for shopping. Evidence from European non-financial corporations. Managed by the Markets: The Delayed Crisis of Democratic Capitalism.

Greta Krippner is a historical sociologist with substantive interests in the areas of economic and political sociology. Phil rated it really liked it Jul 12, What follows is the meat of the book: 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.

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

Krippner’s argument is that distributional conflict in American society during the last three decades is responsible for the emergence of the phenomenon of financialization. At the end of the day, what still needs to be capitaliizng is the inability of an affluent society to face the political challenges imposed by the end of affluence.


Kindle Edition Verified Purchase. The social crisis, reflected the heightened distributional conflict as economic growth slowed, requiring various social groups to scale back claims onn resources; the problem was, there was no viable social or political mechanism for negotiating these reductions: To ask other readers questions about Capitalizing on Crisisplease sign up.

Her data only goes up to and it is clear that events have changed significantly since then. Chris rated it really liked it Apr 07, While she agrees with them that financialization is not merely a cyclical end-of-boom phenomenon, but rather reflects a more durable shift in the structure of the economy, she emphasizes that these analyses too often assume “a seamless alliance between government officials and business elites.

Demand for fiscal services kept growing, for which government used the international community to finance the deficits.

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Capitlizing 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 crisis. 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.

In other words, the market turned out not to be the “strict disciplinarian” imagined by some moralizing neoliberal visionaries, but rather as surprisingly lax master. So the abolition of Regulation Q was a big first step toward the financialization of the US economy. The book will appeal to graduate students, like myself, who are interested in the historical development of the US economy.


The book focuses on deregulation of financial markets during the s and s, encouragement of foreign capital into the U. 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. Taylor Daily rated it really liked it Aug 22, Now, Krippner is friendly but skeptical rcisis traditional Marxian accounts of the crisis of the s, whether that was Arrighi claiming that the slowing of productivity growth was leading to a crisis of protiability or Sweezy arguing that increased monopolization was undercutting mechanism designed to redistribute income to the working classes.

Several problems present themselves. Read more Read less. It is not a quick read either; there is quite a bit of information contained in the three main chapters, although Vrisis found that the capktalizing components in the introduction and conclusion were easy to follow and well-written, if not a bit repetitive kriplner I do not krilpner fault her for.

The problems presented were that of scarce credit and inflation.

Amazon Drive Cloud storage from Amazon. Needless to say, this never really happened, and capiitalizing the closest any senior leader came to proposing such a conversation, namely Jimmy Carter’s “crisis of confidence” speech inwould be demagogued by political opponents as a form of domestic surrender.

Turns out that this is not a book about the Neo-Marxist critique.