Financial Derivatives and the Globalization of Risk - 9780822334187

Financial Derivatives and the Globalization of RiskAuthor(s): Benjamin Lee, Edward LiPuma\nFormat: Paperback\nPublisher: Duke University Press, United States\nImprint: Duke University Press\nISBN-13: 9780822334187, 978-0822334187\nSynopsis\nThe market for financial derivatives is far and away the largest and most powerful market in the world, and it is growing exponentially. In 1970 the yearly valuation of financial derivatives was only a few million dollars. By 1980 the sum had swollen to nearly one hundred million dollars. By 1990 it had climbed to almost one hundred billion dollars, and in 2000 it approached one hundred trillion. Created and sustained by a small number of European and American banks, corporations, and hedge funds, the derivatives market has an enormous impact on the economies of nations-particularly poorer nations-because it controls the price of money. Derivatives bought and sold by means of computer keystrokes in London and New York affect the price of food, clo.