Chapter 1 Subprime markets in global capitalism: history and contradictions
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The introduction starts by reviewing some of the current scholarship on the subprime crisis. It argues that the deep history of the crisis is still poorly understood and that this reflects a serious misreading of financial risk in the mainstream and critical literature. It then outlines the basis of an alternative view drawing on institutional Marxism and cultural political economy. The chapter concludes by showing how such an approach reveals the complex ideational and institutional forces undergirding the international bond market (IBM).