Dominique Plihon is Professor at the Department of Economics of Paris-Nord University (France). He is in charge of a Master Program (Diplôme d’Etudes Supérieures Spécialisées) in Banking and Finance. (Alternativer ECOFIN.org 1/2, scroll down).
He writes: … It is vain to sit and wait for governments and international institutions to spontaneously take account of the current situation and to commit themselves to putting things right by challenging neo-liberal dogma. The reforms we have just described will never come about unless there is a social movement on a national and international level capable of demanding them. Today’s international movement against financial globalisation, of which Attac is a part, shows the way forward. (full text).
2 french videos:
1) la crise des subprime et ses conséquences, 1 h 31 min. 25 sec, du 14 décembre 2007.
2) Cours vidéo d’Attac France: Les fonds d’investissement et la crise financière, 15 min, avril 4, 2008.
Dominique Plihon – France
Speculation and Collapse: Enough ! European Left Demands Control of Finance Capital … (fresh ink, April 2, 2008). See also Spéculation et Crises, cela suffit / Speculation and collapse: enough.
… The final essay by Dominique Plihon gives a good condensed summary of developments in the world economy since the 1970s: the growing power of finance capital, the globalisation of production networks, and so on. These transformations have helped shift the balance of power between labour and capital strongly in favour of the latter, undermining the Fordist consensus of the post-war era. One of the main consequences has been a diminution of labour’s share of the cake, as Table 3 shows … (full long text, April 15th, 2008).
Dominique Plihon est professeur d’économie financière à l’Université Paris XIII et participe à l’édition de plusieurs revues. Militant altermondialiste, il est par ailleurs président du conseil scientifique de l’association Attac … (full text fr.wikipedia).
Regulation theory has always taken crises to be a manifestation of contradictions within the mode of regulation, as well as a source of new configurations. Robert Boyer, Mario Dehove and Dominique Plihon, who have studied financial crises over the long term, examine here the various forms such crises have taken in recent years and propose reforms of the globalised finance which is characteristic of capitalism today … (full text, April 2005, 6 pages).
He writes: … We are therefore faced with a fundamental contradiction: on the one side, the stock market dominates new capitalism; on the other side, the stock market has proved itself incapable of guiding companies towards choices that ensure their long-term development. The famous self-regulating market theory does not work! The shareholders, and in particular investment funds, push companies into conforming to short-term financial norms (the practice of ‘bench marketing’). This is what led the management of Enron, WorldCom and VU to fiddle their accounts in order to display the expected results. As for the other actors on the financial market who are supposed to exercise control over companies, they do not provide the counter-balance associated with their role in the face of company directors for whom they are often the active or passive accomplices. This has been the case for audit companies (such as Andersen), for regulating authorities (notably stock market commissions), but also for business banks, quoting agencies, financial analysts and stock market journalists. It is noteworthy that the most emblematic economic and social fiasco has taken place in telecommunications, the sector that the free trade supporter wished to hold up as an example of market regulation. In brief, today’s episodes confirm what history has already taught us: capitalism is incapable of regulating itself, and left to its own devices it can only lead to major breakdowns which are paid for by employees and, on a wider scale, the general public around the world … (full long text, 15/08/2002).
He has been Dean of the Department of Economics from 1995 to 1997. Dominique Plihon graduated from Paris University (M.A. in economics in 1969) and from the State University of New York at Albany (United States) (Ph. D. in economics in 1974). Dominique Plihon worked at the Banque de France (1974 – 1983) and at the Commissariat du Plan (1983 – 1988). He became full time Professor in 1988 . He had consulting activities at the Banque de France (1992 – 1995) and at the Banking Commission (1996 – 1998). He is member of the Counsel of Economic Advisers attached to the Prime Minister from november 2001 to december 2004. Dominique Plihon is also chairman of the scientific committee of Attac France since 2002. Dominique Plihon has published widely in the fields of banking, international finance, european economics. Among his recent publications : «Risk management by credit institutions: macroeconomic modelling attempts», in collaboration with J. Cordier and P. Jacquinot, in «Economic modelling at the Banque de France», Routledge, 1996. «The banks , new strategies», a book published (in French) in 1998 by the Documentation Française. «Exchange rates», a book published (in French) by La Découverte in 1999. And the «New Capitalism» published (in French), Flammarion, Paris, 2001. More recent publications edited with other economists are : «Financia crisis» , (Documentation Française, 2004), and «The new banking economics» (Edward Elgar, 2007). (Alternativer ECOFIN.org 2/2, scroll down).
His contributions in writings:
- The New Banking Economics.
- Economic Modelling at the Banque de France: Financial Deregulation, page 76.
- TOWARDS A CONVERGENCE OF THE SHAREHOLDER AND STAKEHOLDER MODELS, by Dominique Plihon, Jean-Pierre Ponssard, Philippe Zarlowski, Octobre 2003, 12 pdf-pages.
- Chapter 5. The Broken Springs of Growth, by François Chesnais and Dominique Plihon, by ATTAC.
UTOPIA.org (cliquer dans la barre menu sur conférences);
Middlesex University Business School, London/Publications;
Six Crises That Jostle the World, Le Monde, April 28, 2008;
The Relevance of Currency Mismatch Indicators: an Analysis
through Determinants of Emerging Market Spreads, March 2007;
“The Iraq Crisis and Its Impact on the Future of EU-US Relations: An American View”, 2003;
The Ecole Polytechnique Chair for Business Economics, Annual Report 2007, 27 pages.
Speculation and Collapse, Enough, 1er avril 2008.