Financialization and the impasse of capitalism

Bibliographic Data

ID6172297
AuthorsFrançois Chesnais (Université Lille Nord de France, corresponding author)
Year2019
Volume45
Issue1-2
Pages81-103
Publication date2019-04-03
Open AccessNo
TypeARTICLE
VenueThe Japanese Political Economy (JOURNAL)
Journal identifiersISSN: 2329-1958 • E-ISSN: 2329-194X
PublisherTaylor & Francis (PUBLISHER • GB)
DOI10.1080/2329194x.2019.1612255
OpenAlexW2952025662
LanguageEN
Citations received4
References cited12

This article considers the inextricable relationship between globalization and financialization. It then argues that the decisive characteristic of financialization is the preeminence of financial accumulation over productive accumulation and of capital-as-property over capital-as-function. The importance of intercorporate power relationships in the distribution of surplus value is demonstrated. After a short setback in 2009, claims to surplus value have continued to grow faster than its production and appropriation, implying that financial profits have become harder to earn. The outcome is the unabated intensity of asset trading and endemic global financial instability

Appropriation · Asset (computer security · Capital (architecture · Capitalism · Economics · Financial crisis · Financialization · Globalization · Keynesian economics · Market economy · Monetary economics · Political science · Politics · Surplus value · Value (mathematics · Banking stability, regulation, efficiency · Economic Theory and Policy · Housing, Finance, and Neoliberalism

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