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“Financial” vs. “Real”: An Overview of the Contradictory Role of Finance

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  • Özgür Orhangazi

Abstract

This paper discusses the contradictory role and place of finance within the post-1980 U.S. economy. A central argument advanced is that the relationship between the real and financial sides of the economy has become increasingly more complicated and contradictory. Therefore, the distinction made between “real” and “financial” problems of the economy needs to be better qualified by taking into account the dynamics between the two. The contradictory relationship is analyzed through a discussion of finance in relation to labor and households, nonfinancial corporations, speculative asset bubbles, and global imbalances. This analysis shows that finance has been in a contradictory unity with the rest of the economy. It has contributed to some of the problems in the economy, while providing solutions to them at other instances, and in the process it shaped and in turn was shaped by the rest of the economy.

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File URL: http://www.peri.umass.edu/fileadmin/pdf/working_papers/working_papers_251-300/WP274.pdf
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Paper provided by Political Economy Research Institute, University of Massachusetts at Amherst in its series Working Papers with number wp274.

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Date of creation: 2011
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Handle: RePEc:uma:periwp:wp274

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  1. James Crotty, 2008. "Structural Causes of the Global Financial Crisis: A Critical Assessment of the ‘New Financial Architecture’," Working Papers wp180, Political Economy Research Institute, University of Massachusetts at Amherst.
  2. Özgür Orhangazi, 2007. "Financialization and Capital Accumulation in the Non-Financial Corporate Sector," Working Papers wp149, Political Economy Research Institute, University of Massachusetts at Amherst.
  3. Paul Davidson, 2010. "Black swans and Knight's epistemological uncertainty: are these concepts also underlying behavioral and post-Walrasian theory?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 32(4), pages 567-570, July.
  4. James Crotty, 2000. "Structural Contradictions of the Global Neoliberal Regime," Published Studies ps6, Political Economy Research Institute, University of Massachusetts at Amherst.
  5. L. Randall Wray, 2007. "Lessons from the Subprime Meltdown," Economics Working Paper Archive wp_522, Levy Economics Institute.
  6. Andrea Terzi, 2010. "Keynes's uncertainty is not about white or black swans," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 32(4), pages 559-566, July.
  7. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973.
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