Price Wars: The Crisis and the Future of Financialized Capitalism

  • Paul Lewis
  • James Perry
Part of the International Political Economy Series book series (IPES)


Popular theoretical explanations of the recent financial crisis suggest that finance, due to a combination of cheap credit, speculative investment and ‘irrational exuberance’, created a bubble in particular asset prices that proved impossible for underlying cash flows to justify. In this case, the inability of subprime borrowers to keep paying their debts undermined confidence in the value of financial assets constructed upon those cash flows. The central claim in such explanations is that finance periodically ‘overreaches’ the ‘fundamental’ capacity of some part of the ‘real’ or ‘productive’ economy to support it.


Corporate Governance Cash Flow Private Equity Capital Asset Price Model Leverage Ratio 
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Copyright information

© Paul Lewis and James Perry 2012

Authors and Affiliations

  • Paul Lewis
  • James Perry

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