Divested: Inequality in the Age of Finance - Ken-Hou Lin & Megan Tobias Neely
Language: EnglishKeywords:
Business
Capitalism
Economics
Finance
Inequality
Neoliberalism
Shared by:daenigma100
Finance is an inescapable part of American life. From how one pursues an education, buys a home, runs a business, or saves for retirement, finance orders the lives of ordinary Americans. And as finance continues to expand, inequality soars.
In Divested, Ken-Hou Lin and Megan Tobias Neely document how the ascendance of finance on Wall Street, Main Street, and among households is a fundamental cause of economic inequality. They argue that finance has reshaped the economy in three important ways. First, the financial sector extracts resources from the economy at large without providing commensurate economic benefits to those outside the financial services industry. Second, firms in other economic sectors have become increasingly involved in lending and speculative investing, which weakens the demand for labor and the bargaining power of workers. And third, the shift of risks and uncertainties once shouldered by unions, corporations, and governments onto families escalates the consumption of financial products, which in turns exacerbates wealth inequality.
A clear, comprehensive, and convincing account of the forces driving economic inequality in America, Divested warns us that the most damaging consequence of the expanding financial system is not simply recurrent financial crises but a widening social divide between the have and have-nots.
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| Creation Date: | Tue, 21 Jul 2020 19:05:59 +0100 |
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| Ken-Hou Lin & Megan Tobias Neely - Divested Audiobook.mp3 250.91 MBs | |
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This post has 4 comments
July 21st, 2020
I’ll take main street over wall st every day. Can we ever rid ourselves of these people? Why is the US landscape covered with over leveraged corporations selling trinkets I don’t want? I’m not a socialist. I appreciate market efficiencies but I’m sickened how the Wall Street bankers have ruined my country. These people have rigged the system to accept rewards without risks.
July 21st, 2020
So, in sum, it’s the 1920s all over again.
July 22nd, 2020
Moral hazard has long been defenestrated, back when massive bailouts for the “too big to fail” set came through the Wall St window.
October 20th, 2022
Could someone please seed
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