Chiong, M, Dymski, G and Hernandez, J (2014) Contracting the Commonwealth: John R. Commons and Neoliberal Financial Crises. JOURNAL OF ECONOMIC ISSUES, 48 (4). 927 - 947. ISSN 0021-3624
Abstract
This essay adapts Commons’s model of the legal foundations of capitalism to the peculiar circumstances of the neoliberal era. So doing provides a lens for seeing the steady erosion of state capacity to protect the commonwealth, even in nations with hegemonic currency. Our focus here is on the links between the “triple crisis” of the 1980s and the subprime and foreclosure crisis of the 2000s. We show how Brady bonds, after being used to resolve the Latin American debt crisis in the 1980s, provided a governing contractual context for subprime lending, and as such constrained the capacity of the U.S. government to respond to a crisis that preyed on the vulnerable, undercut community life, and contracted the commonwealth.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2014, Journal of Economic Issues / Association for Evolutionary Economics. This is an Accepted Manuscript of an article published by Taylor & Francis in Journal of Economic Issues on 1 December 2014, available online: http://wwww.tandfonline.com/10.2753/JEI0021-3624480403. |
Keywords: | Brady bonds; commonwealth; financial crisis; John R. Commons; neoliberal era; securitization; subprime and foreclosure crisis |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Economics Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 21 Jul 2015 08:41 |
Last Modified: | 12 Nov 2016 17:21 |
Published Version: | http://dx.doi.org/10.2753/JEI0021-3624480403 |
Status: | Published |
Publisher: | Taylor and Francis |
Identification Number: | 10.2753/JEI0021-3624480403 |
Related URLs: | |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:87239 |