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AftermathA New Global Economic Order?$
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Craig Calhoun and Georgi Derluguian

Print publication date: 2011

Print ISBN-13: 9780814772836

Published to NYU Press Scholarship Online: March 2016

DOI: 10.18574/nyu/9780814772836.001.0001

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The Great Crisis and the Financial Sector

The Great Crisis and the Financial Sector

What We Might Have Learned

(p.235) Chapter 10 The Great Crisis and the Financial Sector

James K. Galbraith

NYU Press

This concluding chapter contends that learning from the global financial crisis depends on a willingness to ask new and sometimes more basic questions. It suggests that the crisis narrowly conceived has broad analogs. Those who made and sold unsound mortgages were like counterfeiters trading fake money. It was not that there was a criminal ring, but rather that the financial industry as a whole resembled a criminal ring. One crucial point is that the discipline did not recognize this. In fact, the rise of modern financial economics helped make this possible while the discipline as a whole was dominated by an orthodoxy that obscured what was going on. The chapter describes that the entire discipline was overrun by a “radical cult” and that its interests were perfectly aligned with predatory financial power. It concludes with a discussion of the importance of multiple perspectives about the global financial system.

Keywords:   global financial crisis, mortgages, financial industry, criminal ring, financial power, global financial system

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