Financial Economy
This book examines how contemporary financial economy evolved as the predominant economic system, and why unabated accumulation of financial capital takes place in such systems. It reviews the mechanics of accumulation of wealth by tracing the historical roots of financial capital. Traversing the evolutions of capitalist systems since the 1850s till recent times, Financial Economy provides a lucid and logical explanation of the phenomenon. It uses a new methodology based on economic circuit of stocks and flows following the early ideas of the French economists of the 18th century and the contemporary Circuit school. It provides an alternative framework for studying economic systems design, keeping aside the orthodox neoclassical analysis of equilibrium market exchange. Further, it highlights the global financial circuit, the state of the current digitalised economy with electronic money transfers, consumer’s decision-making and expected future earnings, and questions the relevance of some fundamental concepts of economics as well as economic policies. Using a notion of sequential economy, it also shows how present economic activities are treading upon the future.
This book will interest students and researchers of advanced macroeconomics, political economy, heterodox economics, economic history, and evolutionary economics. The historical account of the evolutions of capital, interest, and corporate structures will also be of interest to general readers.
Smita Roy Trivedi is Assistant Professor at the National Institute of Bank Management (NIBM) in India. She has a PhD in economics from the University of Kalyani, West Bengal, India, where she has worked as UGC research fellow. With specialisation in financial economics and banking, she is currently involved in teaching, training, research, and consultancy in the areas of international banking, financing of international trade, and technical analysis of financial markets. Her research interests include financialisation, central bank intervention, and bank profitability. Her most recent publications have featured in Economic Papers: A Journal of Applied Economics and Policy (2016) and Asia-Pacific Financial Markets (2016).
Sutanu Bhattacharya is Professor of Economics at the University of Kalyani, West Bengal, India, and has been engaged in teaching and research since 1978. Along with a PhD in economics, he has professional qualifications as a cost and management accountant and an operational researcher. He specialises in financial economics, business accounting and corporate finance, operational research, econometrics, history of economics, and economics of education. In addition, he has work experience in the fields of corporate finance and educational administration. He has published widely, and has worked as a covenanted staff member in the Finance Division, Chloride India Ltd. and as Joint Secretary, University Grants Commission, India.