International financial markets and development

Show simple item record

dc.contributor.author Wahl, Peter
dc.date.accessioned 2015-12-03T06:39:08Z
dc.date.available 2015-12-03T06:39:08Z
dc.date.issued 2009-11-06
dc.description Paper presented at a meeting of the Joint Globalization Task Team of the Reformed Churches of Germany and South Africa, held at Arnoldsheim, Frankfurt, Germany, 26–30 May 2008. en_ZA
dc.description.abstract The current fi nancial crisis has not come about by chance. It is the result of a system that has emerged over the last 30 years and which Keynes may well have called the ‘casino economy’. The dominance of fi nance over real economy characterises the fi nancial crisis, while fi nance itself is dominated by the all-encompassing target of maximum profi t at all times. Other aims of economic activity such as job creation, social welfare and development have fallen by the wayside. In response, new actors are surfacing, e.g. the institutional investor (hedge funds, private equity funds, etc.), while new instruments are leading to highly leveraged and destabilising derivatives. The casino system has been promoted by governments and intergovernmental institutions to liberalise and deregulate fi nancial markets. Although developing countries have not participated in the casino system, they have been suffering most from the spill-over into the real economy. The main lesson learnt is that the casino has to be closed. en_ZA
dc.description.librarian am2015 en_ZA
dc.description.uri http://www.hts.org.za en_ZA
dc.identifier.citation Wahl, P., 2009, ‘International financial markets and development’, HTS Teologiese Studies/Theological Studies 65(1), Art. #284, 4 pages. DOI: 10.4102/hts.v65i1.284. en_ZA
dc.identifier.issn 0259-9422 (print)
dc.identifier.issn 2072-8050 (online)
dc.identifier.other 10.4102/hts.v65i1.284
dc.identifier.uri http://hdl.handle.net/2263/51023
dc.language.iso en en_ZA
dc.publisher OpenJournals Publishing en_ZA
dc.rights © 2009. The Authors. Licensee: OpenJournals Publishing. This work is licensed under the Creative Commons Attribution License. en_ZA
dc.subject International financial markets en_ZA
dc.subject Globalisation en_ZA
dc.subject Monetary policy en_ZA
dc.subject Casino economy en_ZA
dc.subject Liquid capital en_ZA
dc.title International financial markets and development en_ZA
dc.type Article en_ZA


Files in this item

This item appears in the following Collection(s)

Show simple item record