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Financial Derivatives and the Globalization of Risk

Financial Derivatives and the Globalization of Risk

Hardcover

Series: Public Planet Books

Investing & Finance

Currently unavailable to order

ISBN10: 0822334070
ISBN13: 9780822334071
Publisher: Duke University Press
Published: Sep 29 2004
Pages: 224
Weight: 0.80
Height: 0.80 Width: 5.40 Depth: 8.20
Language: English
The market for financial derivatives is far and away the largest and most powerful market in the world, and it is growing exponentially. In 1970 the yearly valuation of financial derivatives was only a few million dollars. By 1980 the sum had swollen to nearly one hundred million dollars. By 1990 it had climbed to almost one hundred billion dollars, and in 2000 it approached one hundred trillion. Created and sustained by a small number of European and American banks, corporations, and hedge funds, the derivatives market has an enormous impact on the economies of nations--particularly poorer nations--because it controls the price of money. Derivatives bought and sold by means of computer keystrokes in London and New York affect the price of food, clothing, and housing in Johannesburg, Kuala Lumpur, and Buenos Aires. Arguing that social theorists concerned with globalization must familiarize themselves with the mechanisms of a world economy based on the rapid circulation of capital, Edward LiPuma and Benjamin Lee offer a concise introduction to financial derivatives.

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