Jasper Sky: Financialisation in the European Union – the Basic Systemic Problems, and Possible Policy Solutions

1. THE KEY FEATURES OF FINANCIALISATION

The Finance, Insurance and Real Estate (FIRE) Economy

Financialisation is a process in which the FIRE economy (Finance, Insurance, and Real Estate) takes up an ever larger share of transactions, and FIRE beneficiaries take an ever larger share of aggregate claims on the money supply. Prof. Michael Hudson goes into considerable detail of how financialisation works in his new book, ‘The Bubble and Beyond’. A useful shorter summary is an article by Dirk Bezemer and Michael Hudson, ‘The Bubble Economy and Debt Deflation’. more

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