The course aims to cover the financial system, its functions, actors and networks in modern capitalist
economies. We begin with an overview of financialization before we investigate the nexus of credit,
finance, banking and central banking with respect to money creation. From there, we look into financial
instability and the build-up of the financial crisis of 2007-9. We then take a micro perspective on financial
decision-making processes of different financial actors as well as financial economic theories such
as the efficient market hypothesis and its critique. We continue with a deeper look into the capitalist
corporation and the political economy of the firm, its financial strategies and value extraction as opposed
to value creation. Finally, we look more generally into the political economy of finance, exploring asset
manager capitalism, newer developments like green finance and ESG trends, as well as questions of
legitimacy and possibilities to democratize the financial system.
- Lehrende(r): Carmen Giovanazzi