The financial crisis is a recurring phenomenon, yet its various instances have differed
greatly in nature. Crises have punctuated the history of Western financial systems since
the early eighteenth century variously appearing in the guise of stock market crashes,
large-scale failures of financial enterprises, collapses in the external value of a
nations currency, or some combination of the three.
This study explores the major patterns of change in the evolution of financial crises as
enduring phenomena, and analyzes the paradoxical position that crises are at once similar
to and different from each other. Brenda Spotton Visano examines economic, psychological
and social elements intrinsic to the process of capitalist accumulation and innovation to
explain the enduring similarities of crises across historical episodes. She also assesses
the impact that changing financial and economic structures have on determining the
specific nature of crises and the differential effect these have in focal point, manner
and extent of transmission to other, otherwise unrelated, parts of the economy.
Financial Crises offers a consistent method for interpreting variations in financial
crises through time and allows for a better overall appreciation for both the transitory
fragility and enduring flexibility of financial capitalism and the potential vulnerability
created by on-going financial development. Topical and informative, this key book will be
of keen interest to all those studying and researching international economics and
political economy.
Table of Contents
1. Introduction and Outline
2. Finance and the Economy: Traditional Economic Perspectives and Paradigms
3. Anatomy of a Crisis: Historical Episodes Compared
4. Innovation and Forms of Speculation: Sources of Uncertainty and Instability
5. Socio-Economic Perspective on the Evolution of Financial Manias and Panics
6. Structuration of the Crisis: The Interplay between Investors, Financial Institutions
and Structures
7. Conclusion
Hardback
160 pages