Justice Is an Option: A Democratic Theory of Finance for the Twenty-First Century
Justice Is an Option: A Democratic Theory of Finance for the Twenty-First Century
Cite
Abstract
This book argues that compounding the effects of past injustice is a further injustice attributable to the specific role of asset market liquidity in preserving and accumulating value. In times of political and economic turbulence, Politically-driven threats to asset market liquidity are typically made by the financial sector to thwart demands for justice in turbulent times, and elicit government guarantees of the value of the securities used to collateralize private credit markets. After this occurred in 2008, prominent financial macroeconomists have used options theory to value the premium that the US government could have extracted for prioritizing liquidity over justice as peaking at c. $9T. Based on options theory, this macrofinancial liquidity premium in a democracy is a proxy for the present value of postponing an event of sudden disaccumulation, which is how political revolution could wipe out the cumulative benefits of past injustice without redistribution. In nonrevolutionary times, the macrofinancial liquidity premium is the price democracy can extract for allowing capital accumulation to continue in ways that mitigate and reverse its tendency to compound past injustice. It follows that a democratic politics within financialized capitalism should seek to raise the present value of justice as an option, thus reclaiming the ongoing benefits of bad history and redeeming the suffering of its victims.
Sign in
Personal account
- Sign in with email/username & password
- Get email alerts
- Save searches
- Purchase content
- Activate your purchase/trial code
- Add your ORCID iD
Purchase
Our books are available by subscription or purchase to libraries and institutions.
Purchasing informationMonth: | Total Views: |
---|---|
January 2023 | 2 |
January 2023 | 4 |
January 2023 | 1 |
July 2023 | 2 |
July 2023 | 2 |
July 2023 | 2 |
July 2023 | 2 |
July 2023 | 2 |
July 2023 | 2 |
July 2023 | 2 |
July 2023 | 2 |
July 2023 | 2 |
July 2023 | 2 |
July 2023 | 2 |
July 2023 | 2 |
July 2023 | 2 |
July 2023 | 2 |
February 2024 | 3 |
March 2024 | 1 |
March 2024 | 3 |
March 2024 | 5 |
March 2024 | 3 |
March 2024 | 6 |
March 2024 | 4 |
March 2024 | 1 |
April 2024 | 3 |
April 2024 | 1 |
April 2024 | 4 |
April 2024 | 1 |
April 2024 | 5 |
April 2024 | 3 |
April 2024 | 1 |
April 2024 | 2 |
May 2024 | 2 |
May 2024 | 2 |
May 2024 | 2 |
May 2024 | 2 |
May 2024 | 2 |
May 2024 | 2 |
May 2024 | 2 |
May 2024 | 2 |
May 2024 | 2 |
May 2024 | 2 |
May 2024 | 2 |
August 2024 | 1 |
August 2024 | 3 |
August 2024 | 4 |
August 2024 | 3 |
August 2024 | 1 |
August 2024 | 4 |
August 2024 | 3 |
August 2024 | 3 |
August 2024 | 1 |
August 2024 | 3 |
August 2024 | 3 |
August 2024 | 4 |
August 2024 | 3 |
March 2025 | 2 |
March 2025 | 2 |
March 2025 | 5 |
March 2025 | 2 |
March 2025 | 2 |
March 2025 | 2 |
March 2025 | 2 |
March 2025 | 2 |
March 2025 | 3 |
March 2025 | 2 |
May 2025 | 1 |
Get help with access
Institutional access
Access to content on Oxford Academic is often provided through institutional subscriptions and purchases. If you are a member of an institution with an active account, you may be able to access content in one of the following ways:
IP based access
Typically, access is provided across an institutional network to a range of IP addresses. This authentication occurs automatically, and it is not possible to sign out of an IP authenticated account.
Sign in through your institution
Choose this option to get remote access when outside your institution. Shibboleth/Open Athens technology is used to provide single sign-on between your institution’s website and Oxford Academic.
If your institution is not listed or you cannot sign in to your institution’s website, please contact your librarian or administrator.
Sign in with a library card
Enter your library card number to sign in. If you cannot sign in, please contact your librarian.
Society Members
Society member access to a journal is achieved in one of the following ways:
Sign in through society site
Many societies offer single sign-on between the society website and Oxford Academic. If you see ‘Sign in through society site’ in the sign in pane within a journal:
If you do not have a society account or have forgotten your username or password, please contact your society.
Sign in using a personal account
Some societies use Oxford Academic personal accounts to provide access to their members. See below.
Personal account
A personal account can be used to get email alerts, save searches, purchase content, and activate subscriptions.
Some societies use Oxford Academic personal accounts to provide access to their members.
Viewing your signed in accounts
Click the account icon in the top right to:
Signed in but can't access content
Oxford Academic is home to a wide variety of products. The institutional subscription may not cover the content that you are trying to access. If you believe you should have access to that content, please contact your librarian.
Institutional account management
For librarians and administrators, your personal account also provides access to institutional account management. Here you will find options to view and activate subscriptions, manage institutional settings and access options, access usage statistics, and more.