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Tag Archives: Financialization

Five Key Points for Italy’s Banking Woes

Five Key Points for Italy’s Banking Woes

There is serious concern about Italy’s banks and whether the bad debt they are carrying signals trouble for the Eurozone. In facing up to its troubled financial system Italy’s political leaders could also benefit from a moment of reflection on what the role of finance could, and should, be in a dynamic and functioning economic system. As finance is central to the capitalist system, the lessons for Italy’s financial system are broader than the role of its banks. I will concentrate on 5 key points.
First, money is not just a medium of exchange, replacing barter and then gold. Money lies at the centre of the economic system which is, as understood especially by the great economist Hyman Minsky more

Cinque medicine per curare la malattia delle banche

Cinque medicine per curare la malattia delle banche

“I travagli che da diversi anni scuotono il sistema finanziario italiano offrono spunti di riflessione sul ruolo che la finanza potrebbe e dovrebbe avere in un ecosistema economico dinamico ed efficiente” PDF English version more

A progressive economic agenda

A progressive economic agenda

I’ve agreed to join a new Economic Advisory Committee being set up by the UK Labour party, announced this week by new Shadow Chancellor John McDonnell. I’ll be working alongside some other great economists including Nobel laureate Joseph Stiglitz, Thomas Piketty, David Blanchflower and Simon Wren-Lewis (whose take on joining the committee you can read here). more

Jeremy Corbyn’s Necessary Agenda

Jeremy Corbyn’s Necessary Agenda

Seven economists (including Joseph Stiglitz, Thomas Piketty, and me) have agreed to become economic advisers to Jeremy Corbyn, the new leader of the British Labour Party. I hope we will have a shared goal to help Labour shape an economic policy that is investment-led, inclusive, and sustainable. more

New Years Resolution: battle against inequality and financialization

New Years Resolution: battle against inequality and financialization

The global financial crisis that began in 2008, and whose remnants are still felt strongly in countries facing full blown economic crises, was caused by two key factors. First: rising inequality, especially in the US, which caused those people with falling living standards to take out massive levels of debt, beyond what their income levels could later repay. Second: by a de-regulated financial sector which outstripped industrial more

L’abisso della disuguaglianza

L’abisso della disuguaglianza

English version

Italian version part 1 and part 2 (as featured in Italian newspaper La Repubblica)

“LA CRISI finanziaria globale che è cominciata nel 2008 e i cui strascichi si fanno ancora sentire pesantemente, è stata provocata da due fattori. more

Was der Staat kann

Was der Staat kann

by Mariana Mazzucato, Le Monde Diplomatique “Oft wird behauptet, die Nöte der ‘peripheren’ Länder der Eurozone, etwa Portugals und Italiens, seien durch einen ‘verschwenderischen’ öffentlichen Sektor verursacht. Dabei wird das Offensichtliche übersehen: dass diese Länder eher an einem stagnierenden öffentlichen Sektor leiden, der die strategischen Investitionen versäumt hat, die erfolgreichere Kernländer wie Deutschland seit Jahrzehnten… more

De-financialising the real economy

De-financialising the real economy

FT Alphaville are continuing their Mission Finance series on the Mission-Oriented Finance for Innovation this week. Here is my second blog on why we can’t just focus on finance: we need to de-financialise the real economy.
Today our mission-oriented finance for innovation conference begins at the Houses of Parliament. Vince Cable, UK secretary of state for business, innovation and skills will be kicking off this evening arguing more