Global financial markets are in turmoil. In the wake of the US subprime mortgage defaults, some of the largest and oldest financial institutions on Wall Street have found themselves on the verge of collapse, and both the American and British governments have intervened to try to stabilize the financial sector. Why are financial institutions so important for capitalism, and why are so many of these institutions in trouble today?
This book provides a basic introduction to the 'nuts and bolts' of capitalism for the beginner. It examines the classic accounts of capitalism found in the works of Adam Smith, Keynes and others and analyses the key institutions of modern capitalism. Ingham shows that monetary and financial institutions have always been central to the development of capitalism, that global financial markets have expanded on a far greater scale than ever before and that, as has been seen in the past, unleashed money-capital possesses immense self-destructive power. A must-read for anyone who wants to understand global capitalism today.
