Real World Banking and Finance

Edition:8th

Date of publication:August 2022 | NOW AVAILABLE!I

SBN:978-1-939402-63-9

Price:$40.50

Pages:406

• About
• Table of Contents

What is money? Who controls the Fed? How does the stock market work? What is a bailout? What are hedge funds and private-equity firms? What are the causes and consequences of exchange-rate fluctuations? Real World Banking and Finance provides lively answers to these important questions. This clearly written, carefully researched anthology is an excellent supplementary text for introductory courses on money and banking.

Real World Banking and Finance helps students understand interest rates, the stock and bond markets, currencies and exchange rates, global financial institutions, retirement finance, mortgages and the housing market, regulatory reform, and much more.

The thoroughly updated eighth edition includes brand-new articles on cryptocurrencies, the Fed's response to the coronavirus crisis, the movement for public banking, a primer on financial derivatives, and much more.

"I thoroughly enjoy using Real World Banking in class. The readings allow students to critically appraise the conventional wisdom and traditionally sacrosanct institutions such as the Fed and the 'free market.'"
—Kurt Keiser, School of Business, Adams State College

• Chapter 1: Money, The Federal Reserve, and the Economy
  • Introduction
  • 1.1 What is Money?Doug Orr
  • 1.2 The "Bond Market" Versus the Rest of UsDoug Orr and Ellen Frank
  • 1.3 The New Tools of the FedJohn Miller
  • 1.4 Dollar DominanceArthur MacEwan
  • 1.5 Is “MMT” an Answer for the U.S.?Arthur MacEwan
  • 1.6 Cryptocurrencies Will Not Save UsHadas Thier
• Chapter 2: Financialization and Neoliberalism
  • Introduction
  • 2.1 Financialization: A PrimerRamaa Vasudevan
  • 2.2 The Origins and Crisis of NeoliberalismDavid Kotz
  • 2.3 Neoliberal Capitalism, Its Crisis, and What Comes NextDavid Kotz
  • 2.4 Financialization and InequalityArthur MacEwan
  • 2.5 Financialization, Neoliberalism, and Neo-FascismGerald Epstein
  • 2.6 Neoliberalism as NeocolonialismJayati Ghosh
• Chapter 3: The Banking and Finance Industry
  • Introduction
  • 3.1 From &lquo;Boring&rquo; Banking to &lquo;Roaring&rquo; BankingAn Interview with Gerald Epstein 81
  • 3.2 Not Too Big EnoughRob Larson
  • 3.3 Big Bank Immunity: When Will We Crack Down?Dean Baker
  • 3.4 Hedge FundsArthur MacEwan
  • 3.5 How Private Equity Works and Why It MattersEileen Applebaum and Rosemary Batt
• Chapter 4 · Financialization And the Rest of the Economy
  • Introduction
  • 4.1 Boeing Hijacked by Shareholders and Execs!Marie Christine Duggan
  • 4.2 Monetary Policy, Financialization, and the Loss of U.S. Manufacturing JobsMarie Christine Duggan
  • 4.3 Rising Asset Bubbles Distort the Industrial BaseMarie Christine Duggan
  • 4.4 Diamond Turning Innovation in the Age of Impatient FinanceMarie Christine Duggan
  • 4.5 The Bankruptcy GamesBill Barclay
  • 4.6 Caring by the Dollar: Nursing Homes, Private Equity, and Covid-19Bill Barclay
• Chapter 5: Financial Markets
  • Introduction
  • 5.1 The Big Casino: How to Rein In Stock Market SpeculationDoug Orr
  • 5.2 The Lure of “Democratizing” FinanceJohn SUmma
  • 5.3 “Pressure from the Bond Market”Arthur MacEwan
  • 5.4 Transaction Tax: Sand in the Wheels, Not in the FaceJohn Miller
  • 5.5 The Stock Market and the Coronavirus CrisisJohn Miller
  • 5.6 Concentration of Stock OwnershipEd Ford
  • 5.7 Stock Buybacks: Any Positive Outcome?Arthur MacEwan
  • 5.8 Is “Short Selling” Bad for the Economy?Arthur MacEwan
  • 5.9 From Public Meat Markets to Derivatives MarketsPolly Cleveland
  • 5.10 From Grain Futures to the Great Financial Crisis and BeyondBill Barclay
  • 5.11 Risky Business: Derivatives and Global AgricultureSasha Breger Bush
  • 5.12 The Swaps CrisisDarwin BondGraham
• Chapter 6: Financial Crises
  • Introduction
  • 6.1 Crisis and Neoliberal CapitalismDavid Kotz
  • 6.2 We’re All Minskyites NowRobert Pollin
  • 6.3 Bubble, Bubble, Toil and Trouble: Keynes and Financial InstabilityAlejandro Reuss
  • 6.4 That ’70s CrisisAlejandro Reuss
  • 6.5 Inexcusable: “Dr. Phil’s” Financial RecessionJohn Miller
  • 6.6 The Greed FallacyArthur MacEwan
  • 6.7 What Were the Bankers Thinking?Arthur MacEwan
  • 6.8 Securitization, the Bubble, and the CrisisArthur MacEwan
  • 6.9 The Bailouts RevisitedMarty Wolfson
  • 6.10 How Have Banks Managed to Repay the Bailout?Arthur MacEwan
  • 6.11 The Fed and the Coronavirus CrisisGerald Epstein and John Miller
  • 6.12 The Coronavirus Consensus: Spend, Spend, SpendGerald Epstein
  • 6.13 It’s Time to Ditch “Pay-For” PoliticsYva Nersisian and L. Randall Wray
  • 6.14 Inflation Is Surging: Round Up the Usual ScapegoatsJohn Miller
• Chapter 7: Debt and Finance
  • Introduction
  • 7.1 A Primer on DebtBruce Parry
  • 7.2 The Debt Delusion: Living Within Our Means and Other FallaciesJohn F. Weeks
  • 7.3 Three Million Americans Are Debt PoorSteven Pressman and Robert Scott
  • 7.4 The Corinthian CrisisChristopher J. Cooper
  • 7.5 The Student Loan Crisis and the Debtfare StateSusanne Soederberg
  • 7.6 Why Is Student Debt Cancellation a Big Deal?Arthur MacEwan
  • 7.7 Puerto Rico’s Colonial DebtJosé A. Laguarta Ramírez
• Chapter 8: Mortgages, Consumer Credit, and Predatory Lending
  • Introduction
  • 8.1 America’s Growing Fringe EconomyHoward Karger
  • 8.2 Inside the World of Check-CashingDebora M. Figart and Thomas Barr
  • 8.3 The Housing Bubble Was No AccidentDoug Orr
  • 8.4 The Great Recession in Black WealthJeannette Wicks-Lim
  • 8.5 Libor Rigging ReduxJohn Summa
  • 8.6 Ponzi Schemes and Speculative BubblesArthur MacEwan
• Chapter 9: Retirement Finance
  • 9.1 Social Security Q & A: Separating Fact from FictionDoug Orr
  • 9.2 African Americans and Social SecurityWilliam E. Spriggs
  • 9.3 The $17 Trillion DelusionMarty Wolfson
  • 9.4 Resusitating Private Social Security AccountsJohn Miller
  • 9.5 Selling Out Workers and Retirees to Their Financial AdvisersJohn Miller
  • 9.6 What Happened to Defined-Benefit Pensions?Arthur MacEwan
  • 9.7 Detroit’s Bankruptcy Crisis: Pensions in the BalanceKatherine Sciacchitano
  • 9.8 Why We Need Universal Pensions Katherine Sciacchitano
• Chapter 10: The International Financial System
  • 10.1 The Giant Pool of MoneyArthur MacEwan
  • 10.2 SWIFT, the U.S. Dollar, and the Global Political Economy of TradeBill Barclay
  • 10.3 Microcredit and Women’s PovertySusan F. Feiner and Drucilla K. Barker
  • 10.4 Ex-Im Bank: Crony Capitalism, or Plain-Old Capitalism?Arthur MacEwan
  • 10.5 The International Monetary Fund and the World BankThe D&S Collective
  • 10.6 No Blank Check for Development BanksKevin P. Gallagher and Jöaut;rg Haas
  • 10.7 Financing Needs of Developing CountriesEsra Uğurlu
• Chapter 11: Resistance and Alternatives
  • 11.1 A Case for Public OwnershipArthur MacEwan
  • 11.2 The Public Banking AlternativeRick Girling
  • 11.3 Financing the New EconomyAbby Scher
  • 11.4 Leveraging Financial Markets for Social JusticeDoug Orr
  • 11.5 Making Carbon Visible to Investors (and Us!)Doug Orr
  • 11.6 Underbanked and OverchargedDeborah M. Figart
  • 11.7 Taking the Bliders OffSusan Schroeder
• Contributors