Financialization revisited: the rise and fall of finance-led capitalism
Abstract Financialization, expressing the growing importance of finance in the modus operandi of our capitalist system, has emerged as a key concept in various heterodox approaches over the last dozen years - be they Post-Keynesians (E. Stockhammer, E. Hein), American Radicals (G. Epstein, G. Krippn...
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| Format: | Article |
| Language: | English |
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Universidade Estadual de Campinas
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| Series: | Economia e Sociedade |
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| Online Access: | http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0104-06182017000400857&lng=en&tlng=en |
| _version_ | 1819072781119127552 |
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| author | Robert Guttmann |
| author_facet | Robert Guttmann |
| author_sort | Robert Guttmann |
| collection | DOAJ |
| description | Abstract Financialization, expressing the growing importance of finance in the modus operandi of our capitalist system, has emerged as a key concept in various heterodox approaches over the last dozen years - be they Post-Keynesians (E. Stockhammer, E. Hein), American Radicals (G. Epstein, G. Krippner), Marxists (J. Bellamy Foster, G. Dumenil) or French Régulationists (M. Aglietta, R. Boyer). But until now those various analysts have each looked at this very complex phenomenon from one or the other specific angle. In this article, I am trying to provide a more comprehensive analysis of financialization by tracing its two primary drivers - structural changes making non-financial actors more dependent on debt-financing as well as financial-income sources (“financial centralization”) while also giving increased weight to the financial sector in the economy (“financial concentration”). The complex interaction between financial centralization and financial concentration has yielded a financialized growth dynamic fueling consecutive debt-financed asset bubbles in the center, the United States, that spurs export-led growth in the periphery. Framing this financialized growth dynamic in the Régulationist context as a historically conditioned accumulation regime, finance-led capitalism, I analyze its rise (1982 - 2007) in the wake of key changes in finance and its subsequent structural crisis (2007-2012) to provide a more complete approach to the crucial phenomenon of financialization. |
| first_indexed | 2024-12-21T17:43:11Z |
| format | Article |
| id | doaj.art-040c764b3d574122860555526500114d |
| institution | Directory Open Access Journal |
| issn | 1982-3533 |
| language | English |
| last_indexed | 2024-12-21T17:43:11Z |
| publisher | Universidade Estadual de Campinas |
| record_format | Article |
| series | Economia e Sociedade |
| spelling | doaj.art-040c764b3d574122860555526500114d2022-12-21T18:55:33ZengUniversidade Estadual de CampinasEconomia e Sociedade1982-353326spe85787710.1590/1982-3533.2017v26n4art2S0104-06182017000400857Financialization revisited: the rise and fall of finance-led capitalismRobert GuttmannAbstract Financialization, expressing the growing importance of finance in the modus operandi of our capitalist system, has emerged as a key concept in various heterodox approaches over the last dozen years - be they Post-Keynesians (E. Stockhammer, E. Hein), American Radicals (G. Epstein, G. Krippner), Marxists (J. Bellamy Foster, G. Dumenil) or French Régulationists (M. Aglietta, R. Boyer). But until now those various analysts have each looked at this very complex phenomenon from one or the other specific angle. In this article, I am trying to provide a more comprehensive analysis of financialization by tracing its two primary drivers - structural changes making non-financial actors more dependent on debt-financing as well as financial-income sources (“financial centralization”) while also giving increased weight to the financial sector in the economy (“financial concentration”). The complex interaction between financial centralization and financial concentration has yielded a financialized growth dynamic fueling consecutive debt-financed asset bubbles in the center, the United States, that spurs export-led growth in the periphery. Framing this financialized growth dynamic in the Régulationist context as a historically conditioned accumulation regime, finance-led capitalism, I analyze its rise (1982 - 2007) in the wake of key changes in finance and its subsequent structural crisis (2007-2012) to provide a more complete approach to the crucial phenomenon of financialization.http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0104-06182017000400857&lng=en&tlng=enFinanceirizaçãoCapitalismo liderado pelas finançasSecuritizaçãoSistema bancário sombraDólar americano como moeda mundial |
| spellingShingle | Robert Guttmann Financialization revisited: the rise and fall of finance-led capitalism Economia e Sociedade Financeirização Capitalismo liderado pelas finanças Securitização Sistema bancário sombra Dólar americano como moeda mundial |
| title | Financialization revisited: the rise and fall of finance-led capitalism |
| title_full | Financialization revisited: the rise and fall of finance-led capitalism |
| title_fullStr | Financialization revisited: the rise and fall of finance-led capitalism |
| title_full_unstemmed | Financialization revisited: the rise and fall of finance-led capitalism |
| title_short | Financialization revisited: the rise and fall of finance-led capitalism |
| title_sort | financialization revisited the rise and fall of finance led capitalism |
| topic | Financeirização Capitalismo liderado pelas finanças Securitização Sistema bancário sombra Dólar americano como moeda mundial |
| url | http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0104-06182017000400857&lng=en&tlng=en |
| work_keys_str_mv | AT robertguttmann financializationrevisitedtheriseandfalloffinanceledcapitalism |