GLOBAL FINANCE AT RISK: ON REAL STAGNATION AND INSTABILITY

SUNANDA SEN

"Global Finance at Risk articulates a state of shock and concern with the unbridled pace of speculative finance in the global economy. Challenging the conventional wisdom of market efficiency in the context of today's 'high finance', the volume points at its limits in terms of generating real growth and development. Removed from the real sphere of production and employment, the high-risk high-return portfolios of the financiers fail to achieve even the short-term target of an effective buffer against uncertainty. Instead there continues to be a regime of systemic instability in the financial markets, which creates shocks and instability to the real sector." "The volume offers a critique of the mainstream theory of de-regulated finance while drawing attention to the stagnation and instability at the heart of 'high finance'. The author examines how developing countries are drawn into...

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