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    The Global Securitized Subprime Market Crisis

    134920_134920.pdf (199.9Kb)
    Access Status
    Open access
    Authors
    O'Hara, Phillip
    Date
    2009
    Type
    Journal Article
    
    Metadata
    Show full item record
    Citation
    O'Hara, Phillip Anthony. 2009. The Global Securitized Subprime Market Crisis. Review of Radical Political Economics. 41 (3): pp. 318-334.
    Source Title
    Review of Radical Political Economics
    DOI
    10.1177/0486613409336179
    ISSN
    04866134
    Faculty
    Curtin Business School
    School of Economics and Finance
    Remarks

    The final, definitive version of this paper has been published in Review of Radical Political Economics, 41 (3), May/2009 by SAGE Publications Ltd, All rights reserved. ©

    URI
    http://hdl.handle.net/20.500.11937/18844
    Collection
    • Curtin Research Publications
    Abstract

    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.

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