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The Rise of Finance
Causes, Consequences and Cures

£85.00

  • Date Published: May 2019
  • availability: Temporarily unavailable - available from September 2019
  • format: Hardback
  • isbn: 9781108482349

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  • Financialisation, or the disproportionate importance of financial considerations in economic decisions, has been a defining feature of the economic history of the last twenty-five years. The wave of deregulation that accompanied the neoliberal agenda in the US, aided by the dominance of US dollar and American economy, has resulted in the globalisation of finance. This book examines the rise of financialisation globally, while charting its drawbacks and prescribing suggestions for a definitive overhaul of the structure. Bringing together various strands of the latest research and evidence generated in recent years, empirical analysis, and views of reputed experts in the field, it presents a counter-point to the canonical ideas of analysing financial market dynamics and financial globalisation. It proposes a revision of the current monetary policy paradigm to correct its excessive focus on equity markets and their 'wealth effect', embrace a more symmetric response to the economic cycle, and a mandate to focus on financial stability as much as price stability.

    • Includes chapters on inequality, linking them to the Indian experience in a global context
    • Offers specific policies that can help reduce negative impacts of financialisation on the real economy
    • Presents scholarly and succinct multi-disciplinary insights into the financial landscape
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    Reviews & endorsements

    'This is a fascinating and well-written book on global finance and the rise in its importance. But it goes beyond the descriptive and also deals with the prescriptive. What can regulatory systems and policy do to deal with private capital flows, often cross-border in nature? Especially interesting are the chapters on inequality and a chapter that links it with the Indian experience.' Bibek Debroy, Government of India

    'India has too little finance and Britain and America too much. This book is a penetrating analysis of what has gone wrong in the West – and the lessons to be learned from it.' John Kay, Economist

    'Financialisation, defined as growing scale and profitability of the finance sector at the expense of the rest of the economy, is a relatively new term in the lexicon of economics. In this timely, well-researched and thought-provoking book V. Anantha Nageswaran and Gulzar Natarajan not only examine the causes and the consequences of financialisation but offer specific policies that can help reduce its negative impacts on the real economy. The authors break new grounds by linking central banks' policies with the increased financialisation of national economies, offering India as a case study of how smart financial deregulation could be a force for sustainable economic growth in emerging economies. Anyone who wants to understand the roots of increasing inequality and instability in the global economy must read this book.' Hossein Kazemi, University of Massachusetts

    'This bold and brilliant book is a must read for all those who are concerned with a fragile financial future of economies and societies.' Harun R. Khan, Formerly of the Reserve Bank of India

    'An iconoclastic but persuasive account of the excessive financialisation that has come to dominate and distort advanced economies over the past three decades. Rise of Finance is a comprehensive, painstakingly researched and documented account of all that has gone wrong as the finance dominated advanced economies struggle to emerge from the North Atlantic Financial Crisis. And immensely readable, accessible and valuable contribution that will be a must read for laymen, finance aficionados, market participants, researchers, academics and policymakers alike. Coming from practitioners and teachers of finance, their bold nostrums for a radical overhaul of the global financial and monetary systems deserve a serious hearing.' Rakesh Mohan, Yale University, Connecticut

    'Rise of Finance is a hard-hitting critique of the dominance of the financial sector in today's industrial economies. The authors' strong opinions are, however, well-researched and well-argued. The authors, V. Anantha Nageswaran and Gulzar Natarajan, have a deep understanding of the theory and practice of finance, as well as of economic policy making. This book should be of interest to anyone who is intrigued by the current economic environment and the world we live in.' Raghuram Rajan, University of Chicago

    'Nageswaran and Natarajan have tackled an important issue in this book – the financialisation of the world economy and its consequences. Is financialisation a case of the tail wagging the economic dog? Why it is a risk to macro-stability and what should be done about it? The book explores options and remedies. Agree or not, it is a must read for all breeds of economists – academic, financial and policymaker.' Sanjeev Sanyal, Government of India

    'Packed with multi-disciplinary insights, this book takes the reader on a guided tour of the financial landscape which is scholarly and succinct. It pays due attention to 'expert' conventional wisdom but is not afraid to challenge it with compelling arguments that combine expansive trends and minute detail. The result is original and outstanding.' T. V. Somanathan, Author

    'A high quality intellectual critique of the causes and consequences of the financialisation of the global economy, and a thoughtful and impassioned plea for reversing the trend. Drawing evidence from diverse sources, the authors weave together an engaging story straddling most current issues in global finance. It's possible to disagree with some of the authors' views but not to ignore them.' D. Subbarao, Former Governor of the Reserve Bank of India

    'Two illustrious Indians – V. Anantha Nageswaran and Gulzar Natarajan – with interesting, diverse backgrounds give us an overview – from the tropics as it were – of the role that finance has played in the last several decades. It is lucidly written and thought provoking, the detour into India especially so. The book will richly reward its readers.' Arvind Subramanian, Former Chief Economic Adviser, Government of India

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    Product details

    • Date Published: May 2019
    • format: Hardback
    • isbn: 9781108482349
    • dimensions: 235 x 160 x 22 mm
    • weight: 0.5kg
    • availability: Temporarily unavailable - available from September 2019
  • Table of Contents

    List of figures
    List of tables and boxes
    Foreword
    Prologue
    Part I. The Causes:
    1. Introduction
    2. The rise of finance: origins
    Part II. The Consequences:
    3. Wages, compensation and inequality
    4. The monetary policy framework
    5. Consequences of unconventional monetary policy
    Part III. The Cure:
    6. The way forward
    7. Finance in India
    8. Conclusion
    Index.

  • Authors

    V. Anantha Nageswaran, Singapore Management University
    V. Anantha Nageswaran teaches International Economics and Financial markets to Graduate students at the Singapore Management University and at the Indian Institute of Management in Bangalore, India.

    Gulzar Natarajan, Government of India
    Gulzar Natarajan joined the Indian Administrative Service in 1999 and is currently Director in the Office of the Prime Minister of India.

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