Monday, 24 July 2017 / TRUTH-OUT.ORG
  • Financialization Has Turned the Global Economy Into a House of Cards: An Interview With Gerald Epstein

    By C.J. Polychroniou, Truthout | Interview

    Facade of the Federal Hall with Washington Statue on the front, Wall Street, Manhattan, New York City. To rein in financial instability and other destructive financial practices, we not only must re-regulate finance -- we must develop more public options in finance, (Photo: f11photo / iStock / Getty Images Plus)To rein in financial instability and other destructive financial practices, we not only must re-regulate finance -- we must develop more public options in finance. (Photo: f11photo / iStock / Getty Images Plus)

    Finance is inherently destabilizing because it's based on a promise that can be reneged on, or just plain miscalculated, says economist and Amherst professor Gerald Epstein. But the capitalist system that drives modern economies thrives increasingly on debt and quick profits, so when something goes wrong, there's no way to stop the vulnerability from spreading and bringing the economy crashing down.

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