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Ismael Hossein-Zadeh – The Age of Finance Capital—and the Irrelevance of Mainstream Economics

Despite the fact that the manufacturers of ideas have elevated economics to the (contradictory) levels of both a science and a religion, a market theodicy, mainstream economics does not explain much when it comes to an understanding of real world developments. Indeed, as a neatly stylized discipline, economics has evolved into a corrupt, obfuscating and useless—nay, harmful—field of study. Harmful, because instead of explaining and clarifying it tends to mystify and justify.

One of the many flaws of the discipline is its static or ahistorical character, that is, a grave absence of a historical perspective. Despite significant changes over time in the market structure, the discipline continues to cling to the abstract, idealized model of competitive industrial capitalism of times long past.

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