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The Next Financial Crisis and How to Save Capitalism

  • Book
  • © 2015

Overview

Authors:
  1. Hossein Askari

    1. George Washington University, USA

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  2. Abbas Mirakhor

    1. International Centre for Education in Islamic Finance (INCEIF), Malaysia

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    You can also search for this author in PubMed   Google Scholar

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Table of contents (5 chapters)

  1. Front Matter

    Pages i-xii
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  2. The Financial Sector—In Support of Growth or Financialization?

    • Hossein Askari, Abbas Mirakhor
    Pages 1-15

  3. Recurring Financial Crises—The Causes

    • Hossein Askari, Abbas Mirakhor
    Pages 16-34

  4. Recurring Financial Crises—The Fallouts

    • Hossein Askari, Abbas Mirakhor
    Pages 35-46

  5. Recurring Financial Crises—The Essential Reforms

    • Hossein Askari, Abbas Mirakhor
    Pages 47-62

  6. Conclusions and Our Financial Future

    • Hossein Askari, Abbas Mirakhor
    Pages 63-72

  7. Back Matter

    Pages 73-80
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Keywords

About this book

The financialization of the economy has brought a number of interrelated problems which have contributed to growing income and wealth inequality. Askari and Mirakhor assert that it is time to make a bold change by putting our financial house in order and on a better path, advocating for a fundamental reform of the financial system.

Reviews

"This highly readable book is a welcome addition to the study of the causes and consequences of financial crises. The authors have advocated risk-sharing contracts for a number of years, and this, their latest contribution, is a very interesting and stimulating addition." - Vittorio Corbo, Professor of Economics, Pontificia Universidad Católica de Chile, Senior Research Associate of the Centro de Estudios Públicos, Chile, and former President of the Central Bank of Chile

"A brilliant distillation of two lifetimes of learning and scholarship. Askari and Mirakhor have produced a cogent and comprehensive exposition on the causes and consequences of America's crisis-inducing economic problems - and the fundamental reforms necessary for resolving them." - Dariush Zahedi, Director, Berkeley Program on Entrepreneurship & Development in the Middle East, USA

"The Next Financial Crisis and How to Save Capitalism is a scathing indictment of today's 'financialization' process and how it impacts the distribution of income and economic growth. With brevity and clarity, Askari and Mirakhor skillfully blend the economic wisdom of the past, the need for contemporary institutional rearrangements and the criticality of moral behavior. They also provide light at the end of the tunnel - a rather unique set of intriguing recommendations which merit serious consideration." - Donald L. Losman, Professor, Elliott School, George Washington University, USA

"As theworld is still trying to recover from one of the deepest financial crises of all time, Hossein Askari and Abbas Mirakhor present a very different approach to the subject. An essential book for anyone interested in the study of financial crises and how the world can avoid repeating the same mistakes." - Rodrigo Guimarães, Founding Partner, Explorer Investments, Portugal

Authors and Affiliations

  • George Washington University, USA

    Hossein Askari

  • International Centre for Education in Islamic Finance (INCEIF), Malaysia

    Abbas Mirakhor

About the authors

Author Hossein Askari: Hossein Askari is Iran Professor of International Business and International Affairs, George Washington University, USA. Author Abbas Mirakhor: Abbas Mirakhor is the First Holder of INCEIF s Chair in Islamic Finance at INCEIF - The Global University of Islamic Finance, Malaysia. He was the Executive Director and Dean of the Executive Board of the International Monetary Fund. He received his PhD from Kansas State University, USA.

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