Crisis and Sustainability
The Delusion of Free Markets

Authors: Alessandro Vercelli



Engages with macroeconomic theory in an insightful and accessible way

Provides a fresh perspective on the long-term causes of the recent global financial crisis and European recession

Offers an alternative narrative to modern finance through its exploration of neoliberalism and the evolution of capitalism

This book offers a novel interpretation of the Great Recession and the ensuing Euro Crisis as a consequence of the evolution of capitalism since the 1970s. Chapters argue that the neoliberal development trajectory pursued in recent decades is unsustainable, and posit that neither sound macroeconomics nor empirical data support the unqualified faith in free markets that inspired it.  The book begins by providing a broad critical perspective on key concepts such as freedom, free market, free trade, globalisation and financialisation, before going on to analyse the long and deep recent crisis as a result of the neoliberal policy strategy adopted since the early 1980s. The alternative narrative outlined in the book provides insights into the policy strategy required to achieve a sustainable development trajectory.

Table of contents

Front Matter
Pages i-xx

Introduction: Approach and Basic Concepts
Pages 1-27

Globalisation and Financialisation in a Long-Run Perspective
Front Matter
Pages 29-29
Freedom, Free Markets, and Neoliberalism
Pages 31-61
The Globalisation of Markets
Pages 63-87
The Evolution of Financialisation
Pages 89-115

The Great Recession: Causes and Consequences
Front Matter
Pages 117-117
The Neoliberal Trajectory and the Crisis
Pages 119-144
The Neoliberal Financialisation
Pages 145-182
Environment and Sustainability
Pages 183-216

Epilogue
Front Matter
Pages 217-217
The Eurocrisis
Pages 219-246
Concluding Remarks
Pages 247-267

Back Matter
Pages 269-329