A new financial social structure of accumulation in the United States for long wave upswing?

O’Hara, Phillip Anthony

doi:10.1177/048661340203400305

Cited by 12 publications

(4 citation statements)

References 11 publications

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“…Some are just recording a CSR rhetoric in their corporate communication (Paulet and Relano, 2012 ). Many areas in financial services practice still lack sustainable strategies (Orbach and Busch, 2017 ). Some presume that the greening efforts by financial institutions are not intended to do good but for good looking (Bowers, 2020 ) by portraying the direct impact of banks on the society and planet by doing CSR for social care and green image for environmental care.…”

Section: Introductionmentioning

confidence: 99%

Sustainable financial services: reflection and future perspectives

et al. 2022

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Sustainability transformations in global financial services aimed at addressing sustainability-related risks have been long overdue and are critical for the future development of financial services. The call for sustainability transformations in financial services arose out of the Paris Agreement and the UN Sustainable Development Goal agenda. The financial services sector plays an important role in providing sustainable financial services to nudge sustainability practices among firms and consumers around the world. However, efforts for sustainability transformations among financial service providers are still slow, and little research has been documented in this area. So far, no bibliometric analysis has been conducted in this area as well. Therefore, this research undertakes a comprehensive snooping review of extant sustainable financial services research in order to establish a trend of existing financial services sustainability activities to enhance future research possibilities. Our comprehensive review of the Scopus database was guided by the PRISMA protocols, including PRISMA-P and SPAR-4-SLR. Bibliometric and content analysis approaches were also employed as analytical tools within an analytical framework. This study has also employed Microsoft Excel and the VOSviewer tool in conducting performance and science mapping analyses. After article filtering for “sustainability” was conducted, a total of 103 research documents published between 1991 and 2022 were identified as usable samples, which were critically reviewed and analyzed in this study by means of content analysis. Three major themes were investigated, including— sustainable financial products , sustainable financial services delivery , and sustainable financial services marketing strategies . Our findings show a recent growth in academic publications in the area, but also indicate relatively low financial sustainability activities around the world. This research therefore aims to provide present and future innovative insights on sustainable financial services aimed at stimulating more financial institutions, financial service managers, policy makers, and academic researchers to take more action toward greater sustainability development activities in the financial services sector.

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Section: Introductionmentioning

confidence: 99%

Sustainable financial services: reflection and future perspectives

et al. 2022

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“…Meanwhile, O'Hara (2002) argues that a successful financial social structure of accumulation (FSSA) must generate financial stability, conflict resolution between finance and industry, and sustainable productivity growth and profitability in the financial sector. He argues that the contemporary US FSSA generates none of these, and is therefore the Achilles heel of the growth process in the US.…”

Section: I) a "Financialized" Growth Regime Subject To Increasing Financial Fragilitymentioning

confidence: 99%

Anticipations of the Crisis: On the Similarities between Post Keynesian Economics and Regulation Theory

Setterfield

2010

SSRN Journal

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The purpose of this paper is to explore the similarities between Post Keynesian Economics (PKE) and Regulation Theory (RT). It is argued that, despite important differences between these traditions, the analytical contents of PKE and RT display broad similarities with respect to their treatments of the income-generating process, the crisis-prone nature of capitalism, and the institutional contingency of capitalist growth and development. This thesis is then exemplified and substantiated with reference to the 2007-2009 financial crisis and "Great Recession". Specifically, it is shown that important strands of both PKE and RT characterize and were successful in anticipating the crisis as the result of the exhaustion of a financialized growth process.

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“…However, if they crash below fundamentals (albeit a slippery concept), as is likely in the current crisis, this will likely upset the dynamics of financial dominance, and propel re-regulation of the financial system. Indeed re-regulation and post-neoliberal practices are expanding around the world, which possibly may eventually generate a successful new financial social structure of accumulation for some nations (see O'Hara 2002). Financial deregulation and innovation thus expand the rate of credit, during business cycle upswings, to often dangerous levels, which result in crises.…”

Section: Figure 2 Contradiction Between Finance and Industrymentioning

confidence: 99%

The Global Securitized Subprime Market Crisis

O’Hara

2009

Review of Radical Political Economics

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This paper examines the global securitised subprime crisis through the lens of core general principles of political economy. The principle of historical specificity is used to situate the crisis in cycles and historical time. The principle of circular and cumulative causation scrutinises the role of multiple factors and how they cumulatively impact on the system. The principle of contradiction explores the relationship between finance and industry through deregulation and changing industrial leadership at the global level. The principles of financial innovation and heterogeneous agents link to the intricacies of the different roles of economic agents in the circuit of mortgages and securitisation. And finally the principle of risk and uncertainty examines the contradictory role of complex institutions and calculative models of risk in the generation of high systemic uncertainty during booms in the cycle. : B50, D02, D81, G01, P16, JEI Classification

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A new financial social structure of accumulation in the United States for long wave upswing?

Cited by 12 publications

References 11 publications

Sustainable financial services: reflection and future perspectives

Sustainable financial services: reflection and future perspectives

Anticipations of the Crisis: On the Similarities between Post Keynesian Economics and Regulation Theory

The Global Securitized Subprime Market Crisis

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