Confronting Financialisation

Sawyer, Malcolm

doi:10.1007/978-3-319-41219-1_2

Cited by 8 publications

(6 citation statements)

References 40 publications

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“…He asks "why, on average, should it take three times as much finance to produce something as previously?" According to Sawyer (2016), financialization involves the growth of the financial sector which has become too large. Ashman and Fine (2013) suggest that finance expands at the expense of real investment.…”

Section: The Empirical Myths Of Financializationmentioning

confidence: 99%

“…It is often claimed that financialization is largely due to financial liberalization (Krippner 2011;Soener 2020). And while financialization develops at different paces and forms it has a global reach and therefore is a global phenomenon (Bonizzi 2014;Sawyer 2016). These are empirically testable claims that will be reviewed and shown to be largely myths.…”

Section: The Empirical Myths Of Financializationmentioning

confidence: 99%

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Financialization Hypothesis: A Theoretical and Empirical Critique

Subasat¹,

Mavroudeas²

2023

WRPE

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The financialization hypothesis (FH) is a popular leitmotiv which argues that the financial system conquers the commanding heights of the capitalist economy. It maintains that finance gained independence from productive-capital and began to dominate it. The FH bases this argument on several empirical claims concerning the size and the strategic role of financial entities. This article offers a critique of crucial analytical and empirical claims of the FH. It argues that the FH overrates the importance of novel financial instruments, misunderstands their function and, thus, fails to situate the role of finance in the capitalist system. Especially, it erroneously divorces finance from and superimposes it on productive-capital. Moreover, this article argues that crucial empirical claims of the FH do not stand up to scrutiny.

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Section: The Empirical Myths Of Financializationmentioning

confidence: 99%

Section: The Empirical Myths Of Financializationmentioning

confidence: 99%

Financialization Hypothesis: A Theoretical and Empirical Critique

Subasat¹,

Mavroudeas²

2023

WRPE

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“…Several research findings (Bruno et al, 2011;Epstein, 2014;Palley, 2013;Stockhammer, 2004) suggest that finance has a negative impact on output growth, which corroborates the understanding that low growth is a result of the prevalence of rentier and interest-bearing capital over the real economy. It is now widely accepted that financialization tends to undermine productive and public investment (Bruno et al, 2011;Feijó et al, 2016;Orhangazi, 2008;Sawyer, 2016).…”

Section: Financialized Neoliberalismmentioning

confidence: 99%

The Collateralization of Social Policy under Financialized Capitalism

Lavinas¹

2018

Development and Change

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This article examines how financialized capitalism has radically subverted the role and logic of social policy, provoking a sea change in the realm of social welfare, particularly in the global South, and breaking with previous frameworks which were grounded in principles of redistribution. In the process, new blueprints have emerged which raise concerns: re‐commodification has replaced de‐commodification; and debt, through financial inclusion, now serves as an alternative to exclusion. Drawing on the Brazilian case, the author scrutinizes the social protection paradigm that tends to prevail in the developing world in the 21st century, based on microfinance, conditional cash transfers, basic pensions and social floors. The author's assumption is that we are witnessing the collateralization of social policy: credit and debt, along with new financial devices, are becoming the cornerstones of what used to be social protection systems, so as to respond to the needs of finance‐dominated capitalism. As a result, economic insecurity is likely to increase, accentuating inequality trends and exacerbating vulnerability.

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“…Diante da heterogeneidade que esse cenário indica, vários autores se propuseram, em maior ou menor medida, a sistematizar o debate em torno da financeirização (e.g. Hein & van Treeck, 2008;Goldstein (2009); van der Zwan, 2014; Davis & Kim, 2015;Epstein, 2015;Sawyer, 2016;Gkanoutas-Leventis, 2017). Com efeito, além de concorrer para uma caracterização mais adequada da literatura, contribuindo para a história da disciplina, esses esforços são necessários para facilitar a comunicação entre os pesquisadores ao tentar estabelecer as linhas mestras das principais contribuições sobre o tema.…”

Section: Introductionunclassified

Panorama da literatura sobre a financeirização (1992-2017): uma abordagem bibliométrica

Palludeto

Felipini²

2019

Econ. soc.

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Resumo O propósito deste artigo é apresentar um panorama da literatura sobre a financeirização entre 1992 e 2017 a partir de uma abordagem bibliométrica, com a utilização do software VOSviewer. Especificamente, busca-se delinear o estado da arte da literatura, identificando os trabalhos, veículos de publicação e autores-chave, bem como os subcampos nos quais as contribuições têm se distribuído. Propõe-se a identificação de cinco grandes abordagens. Uma primeira vertente remete à análise da financeirização a partir da crítica à maximização do valor ao acionista. Um segundo grupo representa um conjunto amplo de trabalhos de teor marxista e pós-keynesiano, cujo foco reside na avaliação da financeirização como um novo padrão de acumulação. Um terceiro agrupamento se organiza em torno do espraiamento das normas, práticas, regras de conduta e vocabulário típicos dos mercados financeiros na sociedade e seu impacto na vida cotidiana. Um quarto conjunto concentra-se na avaliação da forma pela qual as finanças contemporâneas condicionam a organização do espaço, particularmente das áreas urbanas. Por fim, um quinto grupo dedica-se ao exame do impacto da financeirização na atividade rural, particularmente nas economias subdesenvolvidas dependentes das exportações de commodities.

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Confronting Financialisation

Cited by 8 publications

References 40 publications

Financialization Hypothesis: A Theoretical and Empirical Critique

Financialization Hypothesis: A Theoretical and Empirical Critique

The Collateralization of Social Policy under Financialized Capitalism

Panorama da literatura sobre a financeirização (1992-2017): uma abordagem bibliométrica

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