Francisco Louçã is Professor of Economics at ISEG, Lisbon University, Portugal. He is a Member of the State Council, and elected advisory board to the President of Portugal, and of the Consulting Council of the Central Bank of Portugal. He was a member of the Portuguese Parliament from 1999 to 2012, and helped found the Left Bloc party. His books have been translated into eleven languages, and include Turbulence in Economics (Edward Elgar, 1997), As Time Goes By (Oxford University Press, 2011), and The Years of High Econometrics (Routledge, 2007)Michael Ash is Professor of Economics and Public Policy at the University of Massachusetts Amherst and Co-Director of the Corporate Toxics Information Project of the Political Economy Research Institute. He was previously Princeton Project 55 Fellow at the Trenton Office of Policy Studies, and Staff Labor Economist at the Council of Economic Advisers. Professor Ash's 2013 paper Does High Public Debt Consistently Stifle Economic Growth? (with Thomas Hernson and Robert Pollin) spurred worldwide reassessment of austerity and won awards from Bloomberg, the Washington Post, and Foreign Policy Magazine, which named the authors among the 100 Leading Global Thinkers of 2013.

Shadow Networks is a tour de force. This wonderful book by Francisco Louçã and Michael Ash gives us a fascinating global view of the of the underlying forces, people, and financial institutions that generate massive wealth at the top and instability and insecurity for many of the rest of us. With numerous entertaining vignettes of the people in power, from bankers to politicians to economists, Louçã and Ash weave the destructive texture of our global financial system, but manage to bring it down to the human level. Rigorous yet lively and easy to read, Shadow Networks will be a great text for students that want to understand the financial mess we are in, and anyone who wants to chart a new, more stable and egalitarian course forward.

• IntroductionI. The World of Shadow Finance1: Greed and the Adventures of Homo Economicus2: Shadows in Times of Crash3: The Whole Alphabet SoupAppendix A: The Realm of Shadow Finance: How and How Much?II. Who Decides? Deregulation and Deregulators4: Big Business and Family Business5: The Liberalizers: Justifying Free-Market Finance6: Deeds and Doctrines of the Central BankersAppendix B: Skeptics and Critics vs. True BelieversIII. Plutocracy and Oligarchy7: Consensus by Schooling and Power: The Indoctrination of the Elites8: The Revolving DoorIV. The Web of Power9: The Wild Side of the Street10: Capital Controls: The Emergency BrakesAppendix C: Can the Institutions Be TrustedV. The World We Live In11: A Long Stagnation, or Capitalism without Growth?12: China, A New Global Player13: The Shadow Society and Its Fictitious Capital

Francisco Louçã is Professor of Economics at ISEG, Lisbon University, Portugal. He is a Member of the State Council, and elected advisory board to the President of Portugal, and of the Consulting Council of the Central Bank of Portugal. He was a member of the Portuguese Parliament from 1999 to 2012, and helped found the Left Bloc party. His books have been translated into eleven languages, and include Turbulence in Economics (Edward Elgar, 1997), As Time Goes By (Oxford University Press, 2011), and The Years of High Econometrics (Routledge, 2007)Michael Ash is Professor of Economics and Public Policy at the University of Massachusetts Amherst and Co-Director of the Corporate Toxics Information Project of the Political Economy Research Institute. He was previously Princeton Project 55 Fellow at the Trenton Office of Policy Studies, and Staff Labor Economist at the Council of Economic Advisers. Professor Ash's 2013 paper Does High Public Debt Consistently Stifle Economic Growth? (with Thomas Hernson and Robert Pollin) spurred worldwide reassessment of austerity and won awards from Bloomberg, the Washington Post, and Foreign Policy Magazine, which named the authors among the 100 Leading Global Thinkers of 2013.

Shadow Networks is a tour de force. This wonderful book by Francisco Louçã and Michael Ash gives us a fascinating global view of the of the underlying forces, people, and financial institutions that generate massive wealth at the top and instability and insecurity for many of the rest of us. With numerous entertaining vignettes of the people in power, from bankers to politicians to economists, Louçã and Ash weave the destructive texture of our global financial system, but manage to bring it down to the human level. Rigorous yet lively and easy to read, Shadow Networks will be a great text for students that want to understand the financial mess we are in, and anyone who wants to chart a new, more stable and egalitarian course forward.

• IntroductionI. The World of Shadow Finance1: Greed and the Adventures of Homo Economicus2: Shadows in Times of Crash3: The Whole Alphabet SoupAppendix A: The Realm of Shadow Finance: How and How Much?II. Who Decides? Deregulation and Deregulators4: Big Business and Family Business5: The Liberalizers: Justifying Free-Market Finance6: Deeds and Doctrines of the Central BankersAppendix B: Skeptics and Critics vs. True BelieversIII. Plutocracy and Oligarchy7: Consensus by Schooling and Power: The Indoctrination of the Elites8: The Revolving DoorIV. The Web of Power9: The Wild Side of the Street10: Capital Controls: The Emergency BrakesAppendix C: Can the Institutions Be TrustedV. The World We Live In11: A Long Stagnation, or Capitalism without Growth?12: China, A New Global Player13: The Shadow Society and Its Fictitious Capital

Francisco Louçã is Professor of Economics at ISEG, Lisbon University, Portugal. He is a Member of the State Council, and elected advisory board to the President of Portugal, and of the Consulting Council of the Central Bank of Portugal. He was a member of the Portuguese Parliament from 1999 to 2012, and helped found the Left Bloc party. His books have been translated into eleven languages, and include Turbulence in Economics (Edward Elgar, 1997), As Time Goes By (Oxford University Press, 2011), and The Years of High Econometrics (Routledge, 2007)Michael Ash is Professor of Economics and Public Policy at the University of Massachusetts Amherst and Co-Director of the Corporate Toxics Information Project of the Political Economy Research Institute. He was previously Princeton Project 55 Fellow at the Trenton Office of Policy Studies, and Staff Labor Economist at the Council of Economic Advisers. Professor Ash's 2013 paper Does High Public Debt Consistently Stifle Economic Growth? (with Thomas Hernson and Robert Pollin) spurred worldwide reassessment of austerity and won awards from Bloomberg, the Washington Post, and Foreign Policy Magazine, which named the authors among the 100 Leading Global Thinkers of 2013.

Shadow Networks is a tour de force. This wonderful book by Francisco Louçã and Michael Ash gives us a fascinating global view of the of the underlying forces, people, and financial institutions that generate massive wealth at the top and instability and insecurity for many of the rest of us. With numerous entertaining vignettes of the people in power, from bankers to politicians to economists, Louçã and Ash weave the destructive texture of our global financial system, but manage to bring it down to the human level. Rigorous yet lively and easy to read, Shadow Networks will be a great text for students that want to understand the financial mess we are in, and anyone who wants to chart a new, more stable and egalitarian course forward.

• IntroductionI. The World of Shadow Finance1: Greed and the Adventures of Homo Economicus2: Shadows in Times of Crash3: The Whole Alphabet SoupAppendix A: The Realm of Shadow Finance: How and How Much?II. Who Decides? Deregulation and Deregulators4: Big Business and Family Business5: The Liberalizers: Justifying Free-Market Finance6: Deeds and Doctrines of the Central BankersAppendix B: Skeptics and Critics vs. True BelieversIII. Plutocracy and Oligarchy7: Consensus by Schooling and Power: The Indoctrination of the Elites8: The Revolving DoorIV. The Web of Power9: The Wild Side of the Street10: Capital Controls: The Emergency BrakesAppendix C: Can the Institutions Be TrustedV. The World We Live In11: A Long Stagnation, or Capitalism without Growth?12: China, A New Global Player13: The Shadow Society and Its Fictitious Capital