Chapter

Turning the Economy into a Casino

David B. Matias and Sophia V. Burress

in The Intellectual Origins of the Global Financial Crisis

Published by Fordham University Press

Published in print September 2012 | ISBN: 9780823249602
Published online January 2013 | e-ISBN: 9780823250752 | DOI: http://dx.doi.org/10.5422/fordham/9780823249602.003.0014
Turning the Economy into a Casino

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The authors analyze the tectonic changes in society that preceded the financial crisis through the realms of political and economic theory. At the root of the financial crisis was the unprecedented rise of the financial services industry. Despite comprising over 20 percent of GDP, the financial industry contribution to social value is small. The authors trace the emergence of this industry and its parallel in American consumerism. This chapter echoes Arendt's conclusion that with consumerist society comes the loss of political freedom and the idea of a public good.

Keywords: Financial Service Industry; Michael Hudson; Mortgage Bubble; Asset Bubble; Adam Smith; Hannah Arendt; Political Freedom

Chapter.  3424 words. 

Subjects: Social and Political Philosophy

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