The monetary root of financialisation

Dados Bibliográficos

ID13119151
AutoresYu Luo (0000-0001-6450-9410, Renmin University of China, autor correspondente)
Ano2017
Volume5
Fascículo1
Páginas41-59
Data de publicação2017-01-02
Peer ReviewedSim
Open AccessNão
TipoARTICLE
PeriódicoEconomic and Political Studies (JOURNAL)
Identificadores do periódicoISSN: 2470-4024 • E-ISSN: 2095-4816
EditoraTaylor & Francis (PUBLISHER • GB)
DOI10.1080/20954816.2016.1274522
OpenAlexW2586509317
IdiomaEN
Citações recebidas1
Referências citadas50

Marxism has a strong influence on Western left-wing economists’ understanding of financialisation, in that they regard financialisation as the consequence of the transformation of capitalism. Neoclassical economics and finance scholars tend to think of financialisation (financial development) as not exclusively occurring within the economic system of capitalism but as existing throughout an entire human history filled with numerous financial innovations. The unprecedented change of the monetary system ascribed to the collapse of the Bretton Woods System, among all historical and systemic changes, is the strongest underlying impetus to financialisation. Financialisation is the unintended consequence of a change in the monetary system from commodity money to credit money. Taking a more in-depth point of view, financialisation is philosophically a means for human beings to cope with the advent of a risk society, reflecting the advance of instrumental rationality, and hence is the embodiment of late modernity

Economics · Keynesian economics · Linguistics · Monetary economics · Root (linguistics · Economic Theory and Policy · Housing, Finance, and Neoliberalism · Philosophy · Political Economy and Marxism