Divested: inequality in the age of finance
(Book)
In Divested, Ken-Hou Lin and Megan Tobias Neely demonstrate why widening inequality cannot be understood without examining the rise of big finance. The growth of the financial sector has dramatically transformed the American economy by redistributing resources from workers and families into the hands of owners, executives, and financial professionals. The average American is now divested from a world driven by the maximization of financial profit.Lin and Neely provide systematic evidence to document how the ascendance of finance on Wall Street, Main Street, and among households is a fundamental cause of economic inequality. They argue that finance has reshaped the economy in three important ways. First, the financial sector extracts resources from the economy at large without providing economic benefits to those outside the financial services industry. Second, firms in other economic sectors have become increasingly involved in lending and investing, which weakens the demand for labor and the bargaining power of workers. And third, the escalating consumption of financial products by households shifts risks and uncertainties once shouldered by unions, corporations, and governments onto families. A clear, comprehensive, and convincing account of the forces driving economic inequality in America, Divested warns us that the most damaging consequence of the expanding financial system is not simply recurrent financial crises but a widening social divide between the have and have-nots. --
Lin, K., & Neely, M. T. (2020). Divested: inequality in the age of finance. New York, Oxford University Press.
Chicago / Turabian - Author Date Citation (style guide)Lin, Ken-Hou and Megan Tobias, Neely. 2020. Divested: Inequality in the Age of Finance. New York, Oxford University Press.
Chicago / Turabian - Humanities Citation (style guide)Lin, Ken-Hou and Megan Tobias, Neely, Divested: Inequality in the Age of Finance. New York, Oxford University Press, 2020.
MLA Citation (style guide)Lin, Ken-Hou, and Megan Tobias Neely. Divested: Inequality in the Age of Finance. New York, Oxford University Press, 2020.
Notes
Record Information
Last Sierra Extract Time | Mar 18, 2024 07:05:29 AM |
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Last File Modification Time | Mar 18, 2024 07:05:41 AM |
Last Grouped Work Modification Time | Mar 18, 2024 07:05:36 AM |
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245 | 1 | 0 | |a Divested :|b inequality in the age of finance /|c Ken-hou Lin, Megan Tobias Neely. |
264 | 1 | |a New York :|b Oxford University Press,|c [2020] | |
300 | |a 232 pages ;|c 24 cm | ||
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504 | |a Includes bibliographical references (pages 193-216) and index. | ||
505 | 0 | |a Introduction -- The great reversal -- The social question -- Finance ascends -- The financial turn of corporate America -- American life in debt -- A people's portfolio of the United States -- The aftermath -- (In search of) a just world. | |
520 | |a In Divested, Ken-Hou Lin and Megan Tobias Neely demonstrate why widening inequality cannot be understood without examining the rise of big finance. The growth of the financial sector has dramatically transformed the American economy by redistributing resources from workers and families into the hands of owners, executives, and financial professionals. The average American is now divested from a world driven by the maximization of financial profit.Lin and Neely provide systematic evidence to document how the ascendance of finance on Wall Street, Main Street, and among households is a fundamental cause of economic inequality. They argue that finance has reshaped the economy in three important ways. First, the financial sector extracts resources from the economy at large without providing economic benefits to those outside the financial services industry. Second, firms in other economic sectors have become increasingly involved in lending and investing, which weakens the demand for labor and the bargaining power of workers. And third, the escalating consumption of financial products by households shifts risks and uncertainties once shouldered by unions, corporations, and governments onto families. A clear, comprehensive, and convincing account of the forces driving economic inequality in America, Divested warns us that the most damaging consequence of the expanding financial system is not simply recurrent financial crises but a widening social divide between the have and have-nots. --|c Adapted from publisher website. | ||
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