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The Specter of Capital

Af: Joseph Vogl Engelsk Hardback
SPAR
kr 223

The Specter of Capital

Af: Joseph Vogl Engelsk Hardback

In his brilliant interdisciplinary analysis of the global financial crisis, Joseph Vogl aims to demystify finance capitalism—with its bewildering array of new instruments—by tracing the historical stages through which the financial market achieved its current autonomy. Classical and neoclassical economic theorists have played a decisive role here. Ignoring early warnings about the instability of speculative finance markets, they have persisted in their belief in the inherent equilibrium of the market, describing even major crises as mere aberrations or adjustments and rationalizing dubious financial practices that escalate risk while seeking to manage it.

"The market knows best": this is a secular version of Adam Smith''s faith in the market''s "invisible hand," his economic interpretation of eighteenth-century providentialist theodicy, which subsequently hardened into an "oikodicy," an unquestioning belief in the self-regulating beneficence of market forces. Vogl shows that financial theory, assisted by mathematical modeling and digital technology, itself operates as a "hidden hand," pushing economic reality into unknown territory. He challenges economic theorists to move beyond the neoclassical paradigm to discern the true contours of the current epoch of financial convulsions.

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In his brilliant interdisciplinary analysis of the global financial crisis, Joseph Vogl aims to demystify finance capitalism—with its bewildering array of new instruments—by tracing the historical stages through which the financial market achieved its current autonomy. Classical and neoclassical economic theorists have played a decisive role here. Ignoring early warnings about the instability of speculative finance markets, they have persisted in their belief in the inherent equilibrium of the market, describing even major crises as mere aberrations or adjustments and rationalizing dubious financial practices that escalate risk while seeking to manage it.

"The market knows best": this is a secular version of Adam Smith''s faith in the market''s "invisible hand," his economic interpretation of eighteenth-century providentialist theodicy, which subsequently hardened into an "oikodicy," an unquestioning belief in the self-regulating beneficence of market forces. Vogl shows that financial theory, assisted by mathematical modeling and digital technology, itself operates as a "hidden hand," pushing economic reality into unknown territory. He challenges economic theorists to move beyond the neoclassical paradigm to discern the true contours of the current epoch of financial convulsions.

Produktdetaljer
Sprog: Engelsk
Sider: 168
ISBN-13: 9780804789042
Indbinding: Hardback
Udgave:
ISBN-10: 0804789045
Udg. Dato: 22 okt 2014
Længde: 0mm
Bredde: 229mm
Højde: 152mm
Forlag: Stanford University Press
Oplagsdato: 22 okt 2014
Forfatter(e): Joseph Vogl
Forfatter(e) Joseph Vogl


Kategori Økonomisk teori og filosofi


Sprog Engelsk


Indbinding Hardback


Sider 168


Udgave


Længde 0mm


Bredde 229mm


Højde 152mm


Udg. Dato 22 okt 2014


Oplagsdato 22 okt 2014

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