'If you're a progressive, in Britain or elsewhere, and if you think the movement needs fresh ideas, read this book, it's full of them. Then get to work' The Guardian\n'It ought to be required reading for every civil servant, regulator and politician in the UK and elsewhere'Literary Review\nFinancial malpractice, we're told, is an aberration: the actions of a few bad apples deviating from the norms of a market-governed process and gaming the system. In Sabotage, political scientists Anastasia Nesvetailova and Ronen Palan blow this fiction apart, showing that sabotage is not an anomaly, but part of the business model of finance - and always has been.\nAbusive lending practices, misleading investors, manipulating prices, deliberately falsifying figures, cheating, obstruction and taking advantage of 'the dumbest person in the room' - they're actually the main source of profitability in finance, and the surest way to a bonus. If you want to make money in the industry, you need to find ways of sabotaging either your clients, your competitors or the government (or all three), and above all, the market itself. Talking to industry insiders, economists and high net worth customers, examining the history of finance and its workings today, the authors show us how the idea of sabotage not only makes sense of all past economic crises, but must also be at the heart of all future regulations.

Sabotage: The Business of Finance

Business & Money

Palan, Ronen

Nesvetailova, Anastasia

Business Culture

Penguin

This edited book deepens our understanding of the complex processes and mechanisms of financial expansion and the effects of this expansion in the global political economy. It brings together perspectives from political economy, finance, accountancy, law and sociology to consider the central question of how financial power works.

Global Finance in the New Century: Beyond Deregulation

Economics

PALGRAVE~MACMILLAN

Allen Lane.

Financial Alchemy in Crisis: The Great Liquidity Illusion

In July 2007, the combination of a seemingly unstoppable rise in house prices and bullish banks swimming in liquidity meant that almost anyone could get a mortgage in the UK or US. Little more than a month later the supply of credit dried up practically overnight, leaving the world wondering how bank liquidity could suddenly vanish. In Financial Alchemy, Anastasia Nesvetailova shows that this liquidity never actually existed. The rise of sophisticated financial instruments created what appeared to be an abundance of liquid funds but was in fact a credit pyramid. As soon as house prices stopped rising the reality was exposed. Nesvetailova's bold and radical analysis explains why the credit crisis was an inevitable consequence of entrusting the world economy to financiers who believe that they can 'create' money and wealth.

Pluto Press

In July 2007, the combination of a seemingly unstoppable rise in house prices and bullish banks swimming in liquidity meant that almost anyone could get a mortgage in the UK or US. Little more than a month later the supply of credit dried up practically overnight, leaving the world wondering how bank liquidity could suddenly vanish.In Financial Alchemy, Anastasia Nesvetailova shows that this liquidity never actually existed. The rise of sophisticated financial instruments created what appeared to be an abundance of liquid funds but was in fact a credit pyramid. As soon as house prices stopped rising the reality was exposed. Nesvetailova's bold and radical analysis explains why the credit crisis was an inevitable consequence of entrusting the world economy to financiers who believe that they can 'create' money and wealth.

I don't like the word 'sabotage',"--a former Goldman Sachs trader admitted. "It's just harsh.... Though, frankly, how else do you make money in this business...I mean, real money." The fundamental motive for financial innovation is not to make the system work better, but to avoid regulation and oversight. This is not a bug of the financial system, but a built-in feature. The president of the US is not a tax avoider because he is an especially fraudulent financier; he's a tax avoider because he is a wealthy man in a system premised on such deceit. Finance is an industry of sabotage. This book is a brilliant, intellectual detective story that traces the origins of financial sabotage, starting with the work of a prescient American economist who saw the capacity for banks and businesses to dissemble and profit as early as the 1920s. What was accomplished modestly in the first half of the 20th century became a booming global industry in the 1980s. Financialization took over everything, culminating in instruments so complex and confusing their own creators were being destroyed by them in 2008. With each financial bust, people expect to hear who the culprit was, and cynically know to not expect much punishment to ever reach them. But the innovation of this book is to show that each individual gaming the system isn't a crook---the whole system is sabotage.

Sabotage: The Hidden Nature of Finance

PublicAffairs

See the best price to sell, buy, or rent books by Nesvetailova, Anastasia. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Books by Nesvetailova, Anastasia

See the best price to sell, buy, or rent books by Nesvetailova, Anastasia. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Sabotage: The Business of Finance

Global Finance in the New Century: Beyond Deregulation

Sabotage: The Business of Finance

Financial Alchemy in Crisis: The Great Liquidity Illusion

Financial Alchemy in Crisis: The Great Liquidity Illusion

Sabotage: The Hidden Nature of Finance