The Financialization of Accumulation

Dados Bibliográficos

ID9201045
AutoresJohn Bellamy Foster (0000-0001-7418-3004, autor correspondente)
Ano2010
Volume62
Fascículo5
Páginas1
Data de publicação2010-10-01
Peer ReviewedSim
Open AccessNão
TipoARTICLE
PeriódicoMonthly Review (JOURNAL)
Identificadores do periódicoISSN: 0027-0520 • E-ISSN: 0027-0520
EditoraMonthly Review Foundation (PUBLISHER)
DOI10.14452/mr-062-05-2010-09_1
OpenAlexW2139628759
IdiomaEN
Citações recebidas26

In 1997, in his last published article, Paul Sweezy referred to "the financialization of the capital accumulation process" as one of the three main economic tendencies at the turn of the century (the other two were the growth of monopoly power and stagnation). Those familiar with economic theory will realize that the phrase was meant to be paradoxical. All traditions of economics, to varying degrees, have sought to separate out analytically the role of finance from the "real economy." Accumulation is conceived as real capital formation, which increases overall economic output, as opposed to the appreciation of financial assets, which increases wealth claims but not output. In highlighting the financialization of accumulation, Sweezy was therefore pointing to what can be regarded as "the enigma of capital" in our timeThis article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website

Capital (architecture) · Capital accumulation · Economic history · Economic system · Economics · Economy · Financialization · Keynesian economics · Market economy · Monopoly · Neoclassical economics · Phrase · Political economy · Power (physics) · Economic Theory and Policy · History · Housing, Finance, and Neoliberalism · Philosophy