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Book part
Publication date: 2 September 2016

Roland Pérez

The goal of this chapter is to discuss the foundations of ‘modern finance’, its paradigm and conceptual framework, its methods and tools, its practices and results, its…

Abstract

Purpose

The goal of this chapter is to discuss the foundations of ‘modern finance’, its paradigm and conceptual framework, its methods and tools, its practices and results, its governance and regulation.

Approach

The first part presents the characteristics of ‘modern finance’ and its negative effects. The second part analyses the efforts made to remedy those effects and argue about the need for a real reform.

Findings

Several aspects are pointed, for example an unreasonable ‘normality’, incentives that encourage excess, the spread of subprime crisis, etc. The contemporary finance is a ‘giant with clay feet’.

Originality/value

We need to proceed with a dual reembeddedness of finance in the economy and economy in society.

Details

Finance Reconsidered: New Perspectives for a Responsible and Sustainable Finance
Type: Book
ISBN: 978-1-78560-980-0

Keywords

Book part
Publication date: 16 September 2014

Patrick Neveling

This paper furthers the analysis of patterns regulating capitalist accumulation based on a historical anthropology of economic activities revolving around and within the…

Abstract

Purpose

This paper furthers the analysis of patterns regulating capitalist accumulation based on a historical anthropology of economic activities revolving around and within the Mauritian Export Processing Zone (EPZ).

Design/methodology/approach

This paper uses fieldwork in Mauritius to interrogate and critique two important concepts in contemporary social theory – “embeddedness” and “the informal economy.” These are viewed in the wider frame of social anthropology’s engagement with (neoliberal) capitalism.

Findings

A process-oriented revision of Polanyi’s work on embeddedness and the “double movement” is proposed to help us situate EPZs within ongoing power struggles found throughout the history of capitalism. This helps us to challenge the notion of economic informality as supplied by Hart and others.

Social implications

Scholars and policymakers have tended to see economic informality as a force from below, able to disrupt the legal-rational nature of capitalism as practiced from on high. Similarly, there is a view that a precapitalist embeddedness, a “human economy,” has many good things to offer. However, this paper shows that the practices of the state and multinational capitalism, in EPZs and elsewhere, exactly match the practices that are envisioned as the cure to the pitfalls of capitalism.

Value of the paper

Setting aside the formal-informal distinction in favor of a process-oriented analysis of embeddedness allows us better to understand the shifting struggles among the state, capital, and labor.

Details

Production, Consumption, Business and the Economy: Structural Ideals and Moral Realities
Type: Book
ISBN: 978-1-78441-055-1

Keywords

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