Greta Krippner submitted Capitalizing on Crisis to Harvard University Press at the end of the summer of , before the Great Recession began. I read it as a m. This year, the A.S.A.’s Distinguished Scholarly Publication Award goes to Greta Krippner for Capitalizing on Crisis: The Political Origins of the Rise of Finance. Feb 7, Greta R. Krippner Capitalizing on Crisis: The Political Origins of the Rise of Finance. Cambridge, MA, Harvard University Press,

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As it turns out and as we are observing in places like China today, for example credit became readily available to all, because the high price of credit created its own supply. Nonetheless, the three major policy shifts noted above did enable “policymakers to avoid politically difficult decisions captializing how to allocate limited resources between competing social priorities” which in turn allowed them “to extricate themselves from the problems they confronted in the social crisis, fiscal crisis, and legitimation crisis of the state.

Capitalizing on Crisis: The Political Origins of the Rise of Finance by Greta R. Krippner

Don’t have an account? This, in turn, aided financialization in two distinct ways: Would you like to tell us about a lower price? Try the Kindle edition and experience these great reading features: It was in this context that the Fed’s adoption of monetarism that is, the targeting of the money supply rather than the state directly setting interest rates emerged as an effort to balance the competing imperatives of trying to exercise some policy control over the economy while at the same time allowing elected officials to avoid blame for unfavorable economic outcomes.

Chris rated it really liked it Apr 07, Edward Lear is an apt character to think about at Christmas-time. Next comes the story of how Paul Volcker himself, the man who killed inflation, ushered in not one but two important trends in the history of financialization of the US economy: Just completed the book — the conclusion is outstanding — I would recommend buying the book for that chapter alone — very thoughtful and creative analysis that I have not read before.


As such, it is a powerful warning to any self-confident policy maker. In the context of the recent financial crisis, the extent to which the U. In other words, the market turned out not to be the “strict disciplinarian” imagined by some moralizing neoliberal visionaries, but rather as surprisingly lax master. Her close reading of US financial history is a refreshing jolt from orthodox texts that belabor the role of speculative euphoria, irrational exuberance, and banker folly.

You do not currently have access to this article. Jessica Johnson rated it it was ok Nov 11, Managed by the Markets: No trivia or quizzes yet.

The market has promoted and validated a lack of restraint particularly in relation to credit which has left us more exposed than ever to the risk of financial crisis.

These policy decisions emerged as a way to confront what Krippner calls the “triple crisis” of the s – one that was simultaneously a social crisis, and fiscal crisis, and a capitalizong crisis.

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Exhaustively researched, the book brings extensive new empirical evidence to bear on debates regarding recent developments in financial markets and the broader turn to the market that has characterized U.

The author is a university professor of sociology. This can be measured, for example, by the percentage of the total profits in the economy captured by financial services firms, and also the development of financial services arms in traditional industrial and services companies – arms that are often more profitable than the “core” business. Well, the building on the cover of the book is Eccles Building in Washington, where the Fed is housed. Reagan was able to borrow via the Treasury market amounts nobody had dreamt of before, leading to deficits that were unheard of in peacetime before his presidency 2.


Demand for fiscal services kept growing, for which government used the international community to finance the deficits. Hardcoverpages. The high point of the book is her magnificent analysis of the krippne of Regulation Q, in which regulators cracked open the door to financial deregulation, unleashing the massive deregulation that came later.

Share your thoughts with other customers. Zane Curtis-olsen rated it it was amazing Aug 07, Kruppner this is not Krippner’s intention, her analysis is a neat fit for the Marxist view of the long term tendency of the rate of profit to decline see writers such as Robert Brenner and Michael Roberts.

She defines three separate phases. Greta Krippner is a historical sociologist with substantive interests in the areas of economic and political sociology. Even major industrial companies come to make significant portions of their profit from activity in the financial market.

There’s a problem loading this menu right now. The Political Origins of the Rise of Finance Each year, the Distinguished Scholarly Publication Award Committee reads and evaluates more than sixty nominated books, a great many of them excellent works of scholarship, and quite a few worthy of significant distinction. Rather, her argument is that state action was directly responsible for the growth of financialization, actions that capitalizig taken in order to confront structural crises that began to emerge in the late s and reached full bloom by the mids.

Greta Krippner Capitalizing on Crisis: