Journal Article

Inequality, crisis and austerity in finance capitalism

Richard Peet

in Cambridge Journal of Regions, Economy and Society

Published on behalf of Cambridge Political Economy Society

Volume 4, issue 3, pages 383-399
Published in print November 2011 | ISSN: 1752-1378
Published online August 2011 | e-ISSN: 1752-1386 | DOI: https://dx.doi.org/10.1093/cjres/rsr025
Inequality, crisis and austerity in finance capitalism

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Using concepts of social formation and policy regime, the article examines the role of neoliberalism in creating finance capitalism. Finance capitalism involves new methods of exploitation in the reproduction sphere, through debt, price gouging etc. The paper argues that governments are integral components of finance capitalism. ‘Austerity measures’ are finance capitalism’s method of disciplining reluctant classes and regions. A case study of the deficit crisis in the USA shows that austerity measures are the only permissible policy discourse, whereas the cause of the deficit is non-progressive taxation. The paper concludes that inequality is not only unethical but also it is economically disastrous.

Keywords: austerity; crisis; deficit; finance capitalism; inequality; investment community; F10; F30; F50

Journal Article.  9012 words.  Illustrated.

Subjects: International Trade ; International Relations and International Political Economy ; International Finance

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