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Financialization made in Germany: A review

Financialization made in Germany: A review
Daniel Detzer
Institute for International Political Economy Berlin, 2019
Level: beginner
Perspectives: Institutionalist Economics, Other, Post-Keynesian Economics
Topic: Money & Debt
Format: Working Paper
Link: http://hdl.handle.net/10419/203147

Photo by Jan-Philipp Thiele on Unsplash

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Financialization made in Germany: A review 

Daniel Detzer | 2019

 

Abstract: This article examines the spread of financialization in Germany before the financial crisis. It provides an up-to date overview on the literature on financialization and reviews which of the phenomena typically associated with financialization have emerged in Germany. In particular, the article aims to clarify how the prevailing institutional structure and its changes had contributed to or had countervailed the spread of financialization and how it had shaped the specific German variant of financialization. For this end, it combines the rich literature on Germany's institutional structure with the more macroeconomic oriented literature on financializaton. With the combination of those different perspectives the article sheds light on the reasons for the spread of financialization and the specific forms it has taken in Germany.

Key words: Banking, Corporate Governance, Financialization, Financial Sector, Financial Regulation, Varieties of Capitalism

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This material has been suggested and edited by:

Samuel Decker
Tags: banking | Banking industry | finance | financial capitalism | financial market regulation | Financial markets | financial policy | financial sector | financial system | financial theory | financialization | Working Paper
Die Präsentation beschreibt die moderne Geldschöpfung. Ca. 95% des sich im Umlauf befindlichen Geldes entsteht per Kreditvergabe. Es beschreibt in einfacher Sprache und graphisch aufgearbeitet deren Bedingungen und welche Rolle Zentralbanken und Vertrauen spielen. Level: beginner Wie kommt das Geld in die Welt? Anne Löscher Wissenschaftliche Arbeitsgruppe Nachhaltiges Geld We collect selected high quality working papers from the leading international universities and research institutes in the field of plural and heterodox economics. The working papers in our selection present economic schools of thought and debates in a first-class way and give an insight into the latest research. 2021 Level: beginner Exploring Economics Working Paper Selection   Exploring Economics Was sind Schulden, wie ist deren Verknüpfung zur Moral, welche Rolle haben sie in der Gesellschaft, der Ökonomie, der Demokratie, oder auch in der Literatur? Ist eine Welt ohne Schulden ökonomisch und literarisch uninteressant? Joseph Vogl nähert sich in diesem kurzem Exkurs dem Thema Schulden aus verschiedensten Perspektiven an. 2015 Level: beginner Schuld und Schulden mit Prof. Joseph Vogl Joseph Vogl bpb The concept of financialisation has undergone a similar career as ‘globalisation’, ‘neoliberalism’ or even ‘capitalism’, in the course of which it changed from the explanandum to the explanans; the process of financialisation is taken for granted, while the concrete historical and empirical causal conditions of its realisation and perpetuation are being moved into the background. 2023 Level: expert A holistic theory of financialisation Samuel Decker Exploring Economics John K. Galbraith recounts episodes in the history of money such as the creation of the bank of Amsterdam, John Law's fraudulent Bank Royal, the inception of the Bank of England and of the Federal Reserve to illustrate concepts such as money creation by commercial banks, the bank rate, open market operations or the money supply in general. The emotions, myths and struggles surrounding money are addressed and explained in a clear and consistent manner. 1977 Level: beginner The Age of Uncertainty Episode 6 The Rise and Fall of Money John Kenneth Galbraith BBC, CBC, KCET and OECA In spite of the manifold critique about the state of economics in the aftermath of the financial crisis, an even increasing presence of economists and economic experts can be observed in the public sphere during the last years. On the one hand this reflects the still dominant position of economics in the social sciences as well as the sometimes ignorant attitude of economists towards findings of other social sciences. On the other hand this paper shows that the public debate on politico-economic issues among economists is dominated by a specific subgroup of economists, tightly connected to an institutional network of “German neoliberalism”. This group of “public economists” (i) is dominant in public debates even after the financial crisis, (ii) reproduces the formative German economic imaginary of the Social Market Economy in a German neoliberal interpretation and (iii) has a good access to German economic policymaking, rooted in a long history of economic policy advice. 2016 Level: advanced Still the queens of social sciences? (Post-)Crisis power balances of “public economists” in Germany Stephan Pühringer Institut für Ökonomie und Philosophie Cusanus Hochschule

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