By Donatella Padua
ISBN-10: 1137467223
ISBN-13: 9781137467225
Why does belief cave in in instances of challenge? And while, as an alternative, does it develop into a motive force of development, producing price? This ebook bargains an research of the dynamics of belief via a sociological interpretation of the idea of John Maynard Keynes, the 1st economist to appreciate the entire quantity of the confidence-lever.
In the context of the 2007 hindrance and following recession, the leading edge inspiration of financial system of belief explains how belief spontaneously replaces the weakened institutional procedure of caliber insurance and keep watch over and generates value.
Indeed, the deficiency of the sort of method has develop into the fitting breeding floor for the expansion of the unethical speculative Nominal economic system. inside this context, basically designated regulations of economic system of belief can funnel the 'store of worth' impression generated by means of belief in the direction of optimistic intents of creating social capital. certainly, continually taking in attention the irrational element of human motion as pointed out in a progressive manner via John Maynard Keynes.
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Extra resources for John Maynard Keynes and the Economy of Trust: The Relevance of the Keynesian Social Thought in a Global Society
Sample text
The public behaviour induced by the systemic structure, in fact, mainly subject to irrationality, determines the phases of euphoria or panic. Keynes argues that day-to-day fluctuations in the yields of current investments, nowadays reinforced by the high speed of technological trading, ‘... ’ (Keynes, 2006, p. 340). Even mortgage markets, now ‘sublimated’ in volatile securities as common stocks, are subject to cycles: a classic example is the ‘subprime crisis’. Even though we will tackle the subject in a deeper way in the next chapter, in this context it is worth highlighting that among all the reasons placed at the social roots of past crises and the current recession there is the collective behaviour.
The risk of a gap between the nominal and real, under a more ideological position, was warned by Antonio Gramsci18 in his ‘Quaderni dal carcere’. He wrote of an ‘ill economy’ affected by a gap between ownership and entrepreneurial function, as a result of a developed capitalism. Keynes shows us that speculation has always been present within the stock market, as expressed by the distance between the saver and the investor. However, if in ancient and modern ages the two positions overlapped, as it was the farmer to reinvest the harvest, today, with the financialization of economy, Nominal Economy is characterized by an extremely wide gap between the saver (issuer of the security) and the owner of the security (investor).
In economics, the nominal value (or face value) is the stated value of an issued security. 13 Unlike the classical Value Theory built by economists such as Adam Smith or Ricardo, or the Marginalist revolution of Jevons, Menger and Walras, Georg Simmel is the sociologist who has studied first the economic dynamics from an interactional perspective, by tying the concept of value to exchange. 0004 Complexity 19 According to Simmel, it’s the exchange that generates value: value is not a quality of the being, but it expresses the relationships of reciprocity conveyed by the exchange.
John Maynard Keynes and the Economy of Trust: The Relevance of the Keynesian Social Thought in a Global Society by Donatella Padua
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