FINANCIALISATION AND CAPITALIST ACCUMULATION:STRUCTURAL ACCOUNTS OF THE CRISIS OF 2007-9
The crisis of 2007-9 resulted from a financial bubble marked by indifferent performance of the sphere of production, expanding bank assets, and growing household indebtedness. For these reasons it casts light on the financialisation of capitalist economies. The literature on financialisation - originating in radical political economy - seeks to connect booming finance with poorly performing production. However, the relationship between finance and production is highly mediated, and the direction of causation is far from simple. In this light, it is argued in this article that financialisation represents transformation of capitalist production and finance which is systemic and has three main features. First, less reliance of large corporations on banks; second, banks shifting their activities toward mediating in open markets and transacting with individuals; third, increasing implication of individuals in the operations of finance. These structural factors ultimately account for the crisis of 2007-9.
Crisis financialisation rentiers banking Marxism post-Keynesianism
COSTAS LAPAVITSAS
SCHOOL OF ORIENTAL AND AFRICAN STUDIES
国际会议
北京
英文
114-144
2010-11-01（万方平台首次上网日期，不代表论文的发表时间）