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,

Author: Vikora Vokus
Country: Belize
Language: English (Spanish)
Genre: Business
Published (Last): 11 August 2007
Pages: 329
PDF File Size: 2.95 Mb
ePub File Size: 2.82 Mb
ISBN: 623-3-79605-966-7
Downloads: 69119
Price: Free* [*Free Regsitration Required]
Uploader: Naktilar

As it cwpitalizing 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 created its own supply. Close mobile search navigation Article navigation.

First, she examines those sociological approaches that criticize the economic theory that financial markets are by definition efficient by pointing out the dynamics inherent in markets that lead to manias crisiss bubbles; the problem with these established critiques, she argues, is that they treat politics and the state as exogenous.

What follows is the meat of the book: With this profound understanding of complex literatures, Krippner then delves into the details of the history, identifying the combination of three distinct processes: It is obvious that Krippner read through the minutes of every Federal Reserve Board meeting over the last few decades.

Well, the building on the cover of the book is Eccles Building in Washington, where the Fed is housed. Her close reading of US financial history is a refreshing jolt from orthodox texts that belabor the role of speculative euphoria, irrational exuberance, and banker folly.


Pages with related cwpitalizing. In her account, the regulators were searching for ad hoc responses to what were deeper, perhaps even intractable problems. 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.

Krippner starts with explaining the financialization of the economy, to the major policy decisions which gave it more power. 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.

Capitalizing on Crisis

Videos About This Book. Nonetheless, the three major policy shifts noted above did enable “policymakers capittalizing avoid politically difficult decisions about how to allocate limited resources between competing social priorities” which in turn allowed them “to extricate themselves from the problems they confronted in the social crisis, fiscal crisis, and legitimation crisis of the state.

crsiis Neo-Marxist or not, I loved it. The case studies are unparalleled and highly original. Related articles in Web of Science Google Scholar. Open Preview See a Problem?

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

The decision of the USG, starting in the s, to capitaliziing to financialization was designed to kick the can down the road on an interlocking series of economic social and political dilemmas confronting policymakers. Although the book was first published inKrippner stops short of the financial crisis, indicating in the introduction that she considers this to represent a separate stage of development that requires a separated analysis.


Rather than some deliberate decision to increase financialization, these policies were ad hoc responses to political and economic problems.

Capitalizing on Crisis has a large number of sociological virtues. Be the first to ask a question about Capitalizing on Crisis. Monte Pearson rated it it was amazing Sep 25, With Capitalizing on Crisiswe finally have a persuasive account of the roots of the financial disaster. Top Reviews Most recent Top Reviews.

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

This, in turn, aided financialization in two distinct ways: In other words, have shifted the focus cxpitalizing profit making from investment in productive activity to the ownership and exchange of financial instruments.

Receive exclusive offers and updates from Oxford Academic. Customers who bought this item also bought. Several problems present themselves. Managed by the Markets: The politics of pro-worker reforms.

Economic History Share This.