Fragile Finance

ANASTASIA NESVETAILOVA is Lecturer in International Political Economy at City University, London, UK. Her research work focuses on the themes of global financial fragility and crises; the formation of financial and monetary policies; and process of capitalist evolution in Russia and other FSU countries.

• Introduction The Rise of Fragile Finance A Theory of Fragile Finance Keynesian and Heterodox Theories of Financial Crises Hyman Minsky and Fragile Finance Dilemmas and Paradoxes of Fragile Finance The East Asian Crisis: A Minskyan View Ponzi Capitalism Russian-Style Ponzi Finance Goes Global Conclusion

'It would be enough that Anastasia Nesvetailova has brought Hyman Minsky to our attention. But she has done more: she offers a vibrant and controversial reading of why today's global financial system is unstable and prone to crisis. This is an original work that challenges how we should think about global finance. It will be read and engaged with by anyone who seeks a deep knowledge of one of the most important elements of our contemporary global political economy.' - Randall Germain, Associate Professor, Carleton University, Canada 'All observers of global finance sense its unstable foundations. In Fragile Finance, Anastasia Nesvetailova takes us to the heart of debates about this concern. Drawing on a range of case studies and theories, especially the work of Hyman Minsky, she provides a compelling argument that illiquidity remains an ever-present threat, despite the huge volumes of financial transactions. This is essential reading for students and practitioners of global finance, although they may find its message disturbing.' - Dick Bryan, Associate Professor of Political Economy, University of Sydney, Australia and author of Capitalism with Derivatives: A Political Economy of Financial Derivatives, Capital and Class. 'The book explains why governments struggle to stay 'in control' using combinations of regulation or deregulation, and interest and currency exchange rates...To form your own opinion, I recommend that you read this book. It is packed with facts and is cross-referenced to a large bibliography...' - Albert Elder, Accounting Technician