In this paper we aim to trace the roots of the ongoing economic mayhem and to unmask the chorus of the tragedy which plays on the world stage. The main thesis of our work is that, despite the triumphant rhetoric praising the merits of perfect competition, the global fields of the dysfunctional...

Overview: Financialization as financial neoliberalism -- Financialization: what it is and why it matters -- The macroeconomics of financialization: stages of development approach -- The simple analytics of debt-driven business cycles -- Deflation and inflation dynamics with debt -- Herd...