After the world economy nearly imploded in 2008, we all supposedly learned hard lessons about unregulated markets, greedy traders, “too-big-to-fail,” opaque credit instruments, and shadow financial institutions. Surely, bankers are contrite, regulators are vigilant, and we’re at least headed for a few decades of recovery and relative safety like those that followed World War II? Not necessarily, argue several leading economists in interviews on the Real News Network. Shadow banking and the sprawling, unregulated derivative market are thriving again. Moreover, the longer trendline, which extends back to the late 19th Century, reveals a striking story: that of finance’s ever growing dominance within the global capitalist economy, and the diversion of more and more resources towards itself at the expense of other sectors. Watch the videos below to learn more.
Financialization and the World Economy, with Gerald Epstein
Shadow Banking Still an Unregulated Threat, with Jennifer Taub.
Jennifer S. Taub is an Associate Professor of Law at the Vermont Law School where she teaches contracts, corporations and securities regulation. She researches and writes in the area of corporate governance, shareholders’ rights, bankruptcy, and financial market regulation. Previously, Professor Taub was an Associate General Counsel for Fidelity Investments. She is co-coordinator of SAFER.
Quadrillion Dollar Derivatives Market 20 Times Global GDP, with Marcus Stanley
Marcus Stanley is the Policy Director of Americans for Financial Reform, a coalition of more than 250 national, state, and local groups who have come together to advocate for reform of the financial sector. M Dr. Stanley has a Phd in public policy from Harvard University, and previously worked as an economic and policy advisor to Senator Barbara Boxer, as a Senior Economist at the U.S. Joint Economic Committee, and as an Assistant Professor of Economics at Case Western Reserve University.
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