Shadow Networks

The 2007-08 financial crisis surprised many economists and the public. But how did the crisis come about why was it so deep and why has the clean-up been so slow and painful? <p/>Many accounts of the crisis focus on renegade activity in marginal financial sectors. <em>Shadow Networks</em> challenges this pervading view and sets out to demonstrate that far from a dissident branch the shadow finance that initiated the crisis is tightly networked with and highly profitable for bank-based finance. The collapse was not an accident but baked into the system of finance from the start. <em>Shadow Networks</em> traces the complex web of power that caused crisis and gives vivid descriptions of the actors in the quarter century leading up to 2007 to explain how the now decade-long crisis took shape. <p/><em>Shadow Networks: Financial Disorder and the System that Caused Crisis</em> is a probing examination of the roles of the powerful elite. It traces the networks and institutions that support a finance-focused market centered model of economy and society from their ascendancy to their surprising resilience in the face of manifest failures.<br>