E-Books →Financial Support-Bargaining and the Anatomy of Four Major Crises A New Explanation of the Dynamics of Financial Crises

A fundamental problem of neoclassical theory is its failure to accommodate time disparities, and consequent credit requirements, in economic transactions. This has necessitated theoretical separation of a 'real economy' from financial markets. The separation renders neoclassical economists blind to financial services, and hence to the dynamics of financial crises. In support-bargaining and money-bargaining, the 'real economy' and financial services are seamlessly linked.
The book shows how the theory of support-bargaining and money-bargaining provides a clear and consistent explanation of the incidence of financial crises. Since financial crises are not exceptional events, the wider aim of the book is to convince social scientists that, in explaining financial crises, the theory of support-bargaining and money-bargaining provides also a superior explanation of the functioning of economies and societies in quieter times. It will appeal particularly to those many economists who find the prevalent neoclassical model of economic transactions inconsistent with the observable functioning of economies.