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The Intellectual Origins of the Global Financial Crisis$
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Roger Berkowitz and Taun N. Toay

Print publication date: 2012

Print ISBN-13: 9780823249602

Published to Fordham Scholarship Online: January 2013

DOI: 10.5422/fordham/9780823249602.001.0001

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Introduction The Burden of Our Times

Introduction The Burden of Our Times

(p.1) Introduction The Burden of Our Times
The Intellectual Origins of the Global Financial Crisis

Roger Berkowitz

Fordham University Press

Cheap money is often said to be the origin of the global financial crisis. Others say that the crisis, like all economic crises, are just part of capitalism. But such an explanation, however true, risks normalizing the crisis and shies from affixing blame and making judgments. Building on Hannah Arendt's work, this introduction argues that the intellectual origins of the financial crisis lie in the elevation of economic over political thinking and the retreat of political thinking in the 20th century. The economic and scientific spirit of our age means that whatever can be done, should be done. Thus political judgment limiting action—economic, global, or scientific—is increasingly an anachronism.

Keywords:   Cheap Money, Imperialism, Global Financial Crisis, Capitalist Ethic, Hannah Arendt, Totalitarianism, Economic security, Political Liberty, Max Weber, John Stuart Mill

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