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Capturing Finance

Autor Carolyn Hardin
en Limba Engleză Paperback – 13 aug 2021
Arbitrage-the trading practice that involves buying assets in one market at a cheap price and immediately selling them in another market for a profit-is fundamental to the practice of financial trading and economic understandings of how financial markets function. Because traders complete transactions quickly and use other people's money, arbitrage is considered to be riskless. Yet, despite the rhetoric of riskless trading, the arbitrage in mortgage-backed securities led to the 2008 financial crisis. In Capturing Finance Carolyn Hardin offers a new way of understanding arbitrage as a means for capturing value in financial capitalism. She shows how arbitrage relies on a system of abstract domination built around risk. The commonsense beliefs that taking on debt is necessary for affording everyday life and that investing is necessary to secure retirement income compel individuals to assume risk while financial institutions amass profits. Hardin insists that mitigating financial capitalism's worst consequences, such as perpetuating class and racial inequities, requires challenging the narratives that naturalize risk as a necessary element of financial capitalism as well as social life writ large.
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Specificații

ISBN-13: 9781478014294
ISBN-10: 1478014296
Pagini: 176
Ilustrații: 7 illustrations
Dimensiuni: 148 x 228 x 11 mm
Greutate: 0.27 kg
Editura: Duke University Press

Cuprins

Acknowledgments  ix
Introduction. Into the Lion's Den  1
1. Capitalism as Capture  11
2. Arbitrage in Theory  33
3. Arbitrage IRL  49
4. The Postonian Turn  68
5. Money Machines  87
6. The Emperor's New Clothes  105
Conclusion. A Politics of Risk  120
Notes  131
References  143
Index  155

Descriere

Carolyn Hardin offers a new way of understanding arbitrage-the trading practice that involves buying assets in one market at a cheap price and immediately selling them in another market for a profit-as a means of showing how its reliance upon taking on risk is fundamental to financial markets.