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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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Turning the Economy into a Casino

Turning the Economy into a Casino

Chapter:
(p.133) Thirteen Turning the Economy into a Casino
Source:
The Intellectual Origins of the Global Financial Crisis
Author(s):

David B. Matias

Sophia V. Burress

Publisher:
Fordham University Press
DOI:10.5422/fordham/9780823249602.003.0014

The authors analyze the tectonic changes in society that preceded the financial crisis through the realms of political and economic theory. At the root of the financial crisis was the unprecedented rise of the financial services industry. Despite comprising over 20 percent of GDP, the financial industry contribution to social value is small. The authors trace the emergence of this industry and its parallel in American consumerism. This chapter echoes Arendt's conclusion that with consumerist society comes the loss of political freedom and the idea of a public good.

Keywords:   Financial Service Industry, Michael Hudson, Mortgage Bubble, Asset Bubble, Adam Smith, Hannah Arendt, Political Freedom

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