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International Studies in Phenomenology and Philosophy

Book | Chapter

193863

Resocialising finance to exit the crisis

Luca Fantacci

pp. 111-129

Abstract

Modern financial systems betray the social nature of finance. Finance has come increasingly to rely on what Keynes regarded as "the most anti-social" of principles, namely the "fetish of liquidity", which implies the transformation of all relationships into a negotiable security, through the liberalisation of capital markets, the adoption of fair value accounting, the rise of securitisation and other financial innovations. After discussing the theoretical and practical implications of failing to recognise the social dimensions of finance, the chapter explores various routes for its resocialisation.

Publication details

Published in:

Magatti Mauro (2017) The crisis conundrum: how to reconcile economy and society. Basingstoke, Palgrave Macmillan.

Pages: 111-129

DOI: 10.1007/978-3-319-47864-7_5

Full citation:

Fantacci Luca (2017) „Resocialising finance to exit the crisis“, In: M. Magatti (ed.), The crisis conundrum, Basingstoke, Palgrave Macmillan, 111–129.