The Global Securitized Subprime Market Crisis
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...
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| Format: | Journal Article |
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Sage Publications
2009
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| Online Access: | http://hdl.handle.net/20.500.11937/18844 |
| _version_ | 1848749863032848384 |
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| author | O'Hara, Phillip |
| author_facet | O'Hara, Phillip |
| author_sort | O'Hara, Phillip |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | 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. |
| first_indexed | 2025-11-14T07:27:41Z |
| format | Journal Article |
| id | curtin-20.500.11937-18844 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-14T07:27:41Z |
| publishDate | 2009 |
| publisher | Sage Publications |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-188442017-09-13T16:04:39Z The Global Securitized Subprime Market Crisis O'Hara, Phillip global impact political economy principles subprime market crisis 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. 2009 Journal Article http://hdl.handle.net/20.500.11937/18844 10.1177/0486613409336179 Sage Publications fulltext |
| spellingShingle | global impact political economy principles subprime market crisis O'Hara, Phillip The Global Securitized Subprime Market Crisis |
| title | The Global Securitized Subprime Market Crisis |
| title_full | The Global Securitized Subprime Market Crisis |
| title_fullStr | The Global Securitized Subprime Market Crisis |
| title_full_unstemmed | The Global Securitized Subprime Market Crisis |
| title_short | The Global Securitized Subprime Market Crisis |
| title_sort | global securitized subprime market crisis |
| topic | global impact political economy principles subprime market crisis |
| url | http://hdl.handle.net/20.500.11937/18844 |