Cédric Durand, <i>Fictitious capital: How finance is appropriating our future.</i>

Klinge, Tobias J.

doi:10.1177/1024529418821856

Cited by 1 publication

(2 citation statements)

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“…However, this recycling process can happen for different structural reasons as well. Recent scholarship on the Global North argues that a lot of financialized activity reflects transnational structures like global value chains and complex subsidiary forms (Durand, 2017). Lane and Milesi-Ferretti (2018: 22) contend that cross-border positions partly reflect "balance sheet optimization by multinational firms."…”

Section: Connecting Capital Flows To Financial Accumulationmentioning

confidence: 99%

“…It broadly refers to "the increasing role of financial markets, financial motives, financial actors, and financial institutions in the operation of the domestic and international economies" (Epstein, 2005: 3). By reducing "real" investment, increasing speculative financing, and redistributing power and income from labor to capital, financialization has significantly altered contemporary capitalism (Durand, 2017;Lin and Tomaskovic-Devey, 2013). The multidisciplinary research agenda on financialization has shed much needed light on the topic but there remain several important blind spots.…”

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confidence: 99%

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Financialization goes South: Foreign capital flows and financial accumulation in emerging markets

Soener

2022

International Journal of Comparative Sociology

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Has global financial integration allowed firms in the so-called “Global South” to profit from financial activity? Financialization researchers have either neglected these countries and the international economic order in general or neglected firm-level dynamics, a broad sample of emerging markets, and a theoretical and historical explanation for this trend. I attempt to fill these gaps using data on all non-financial corporations across 31 emerging market economies to answer this question. To theorize and explain the recent historical origins of this process in a more sociological and global lens, I draw on the work of Giovanni Arrighi. My results show that financial inflows, but not outflows, increase financial accumulation in Global South firms—specifically short-term investments and cross-border lending. Moreover, nearly all financial income is generated by the largest firms. These results help explain how financial power undermines development in the Global South yet simultaneously empowers local economic elites who benefit from financial integration.

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Section: Connecting Capital Flows To Financial Accumulationmentioning

confidence: 99%

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confidence: 99%