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Avoiding Another Meltdown

Author

Listed:
  • James Crotty
  • Gerald Epstein

Abstract

The authors argue that the current financial crisis, the worst since the Great Depression, can be seen as the latest phase in the evolution of financial markets under a radical financial deregulation process that began in the late 1970s. Deregulation accompanied by rapid financial innovation stimulated powerful booms that ended in crises. But governments responded to the crises with new bailouts that allowed new expansions to begin. As a result, financial markets have become ever larger, and the crises have become more threatening to society, which forces governments to enact ever larger bailouts. The authors provide a comprehensive set of regulatory solutions they believe will sharply reduce financial instability.

Suggested Citation

  • James Crotty & Gerald Epstein, 2009. "Avoiding Another Meltdown," Challenge, Taylor & Francis Journals, vol. 52(1), pages 5-26.
    • Handle: RePEc:mes:challe:v:52:y:2009:i:1:p:5-26
    DOI: 10.2753/0577-5132520101
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    Cited by:

    1. Shanuka Senarath & Pelma Rajapakse & Jan Job de Vries Robbé & Naveen Wickremeratne & Maduka Subasinghage, 2022. "Being Naked - et Quo hinc ?: Developing a ‘Skin-in-the-Game’ Solution for Credit Default Swaps," IJFS, MDPI, vol. 10(4), pages 1-14, October.
    2. Eduardo Strachman & Jos Ricardo Fucidji, 2012. "The Current Financial And Economic Crisis Empirical And Methodological Issues," Journal of Advanced Studies in Finance, ASERS Publishing, vol. 3(1), pages 95-109.
    3. James Crotty, 2009. "The Bonus-Driven “Rainmaker” Financial Firm: How These Firms Enrich Top Employees, Destroy Shareholder Value and Create Systemic Financial Instability," UMASS Amherst Economics Working Papers 2009-13, University of Massachusetts Amherst, Department of Economics.
    4. Josef Falkinger, 2012. "Em-powering economics: Some thoughts on policy and financial markets," ECON - Working Papers 093, Department of Economics - University of Zurich.
    5. Khalil, Sana, 2018. "Reanalyzing the gender-specific effects of the Great Recession," MPRA Paper 95500, University Library of Munich, Germany.
    6. Gerald Epstein, 2014. "Restructuring finance to promote productive employment," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 11(2), pages 161-170, September.
    7. Josef Falkinger, 2012. "Verantwortliches Handeln - Gestalten von Ordnung," ECON - Working Papers 100, Department of Economics - University of Zurich.

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