By P. Dembinski
In the course of the last 30 years, finance has elevated not just its percentage of financial task but additionally of people's aspirations. This has transformed society by way of more and more organizing it round the look for monetary efficiency. Is a society in response to basic values of unfastened judgment, accountability and unity nonetheless attainable?
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Additional info for Finance: Servant or Deceiver?: Financialization at the Crossroads
Sample text
After the war, it was only gradually that the main currencies became con- The Historical Development of Finance 21 vertible within the meaning of the IMF’s articles of agreement. It thus took over fifteen years for the system’s monetary arrangements to take full effect and reach cruising speed. No sooner had they done so than the system started running into phenomena it was totally unequipped to deal with. From eurodollars to gold arbitrage, these were all linked to the development of international finance.
The sudden drying of inter-bank credit market and of the money market in Autumn 2008 stressed the almost forgotten difference between cash and all the nearmoney instruments. In today’s monetary regimes there is thus no longer any such thing as idle cash, for any temporarily unused sums deposited with financial institutions instantly become financial assets. It is all these assets and the fluctuations in their relative value that nowadays function as a store of wealth. The resulting fusion between money and finance has effectively made finance part of the monetary regime.
The first is how to make sure all the players are on an equal footing as regards changes in prices, and to avoid favouring some at the expense of others. e. sudden, prolonged falls in the prices of all securities. To make sure all the players are on an equal footing as regards information, regulations on insider trading have been tightened up and the penalties have been increased. At the same time, technical resources for tracking down possible offenders have been greatly expanded. The regulations make it an offence for anyone to take advantage of privileged information on a security, enterprise or project by placing an order to buy or sell.