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Published online by Cambridge University Press: 27 June 2025
The book opened with a reference to the financial crisis of 2008. The financial meltdown occurred for a wide range of reasons. One of them was what David Graeber called the ‘impersonal arithmetic’ of the exchanges. Throughout the twentieth century and onwards, the financial sector has grown disembedded and disconnected from the real economy through both formalization – at the expense of embedded relationships – and the growing use of novel and more complex financial instruments. As a result, there is simply little flexibility and input left.
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