Is the Financialization Hypothesis a Theoretical Blind Alley?

Mavroudeas, Stavros; Papadatos, Demophanes

doi:10.13169/worlrevipoliecon.9.4.0451

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World Review of Political Economy

Volume 9, Issue 4

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Is the Financialization Hypothesis a Theoretical Blind Alley?

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Author(s): Stavros Mavroudeas , Demophanes Papadatos

Publication date (Print): 1 December 2018

Journal: World Review of Political Economy

Publisher: Pluto Journals

Keywords: financialization, Marxism, financial system, classes, fictitious capital

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Journal ID (doi): 10.2307/j50005553

Journal ID (jcode): worlrevipoliecon

Title: World Review of Political Economy

Publisher: Pluto Journals

ISSN: 2042-891X

ISSN: 2042-8928

Publication date (Print): 1 December 2018

Volume: 9

Issue: 4 ( doiID: 10.13169/worlrevipoliecon.9.issue-4 )

Pages: 451-476

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Publisher ID: worlrevipoliecon.9.4.0451

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Keywords: financial system,financialization,fictitious capital,classes,Marxism

References

Aglietta, M. 2000. “Shareholder Value and Corporate Governance: Some Tricky Questions.” Economy & Society 29 (1): 146–159.
Aglietta, M., and R. Breton. 2001. “Financial Systems, Corporate Control and Capital Accumulation.” Economy & Society 30 (4): 433–466.
Arcand, J. L., E. Berkes, and U. Panizza. 2015. “Too Much Finance?” Journal of Economic Growth 20 (2): 105–148.
Bernanke, B., and M. Gertler. 1987. “Banking and Macroeconomic Equilibrium.” In New Applications to Monetary Economics, edited by W. Barnet and K. Singleton, 89–111. Cambridge: Cambridge University Press.
Bernanke, B., and M. Gertler. 1989. “Agency Costs, Net Worth, and Business Fluctuations.” American Economic Review 79 (1): 14–31.
Bernanke, B., M. Gertler, and S. Gilchrist. 1996. “The Financial Accelerator and the Flight to Quality.” Review of Economics and Statistics 58: 1–15.
Bernanke, B., M. Gertler, and S. Gilchrist. 1997. “The Financial Accelerator in a Quantitative Business Cycle Framework.” NBER Working Paper No. 6455. www.nber.org/papers/w6455.
Bhaduri, A. 2011. “Financialization in the Light of Keynesian Theory.” PSL Quarterly Review 64 (256): 7–21.
Bond, P. 2010. “A Century since Hilferding's ‘Finanz Kapital’—Again, Apparently, a Banker's World?” Links International Journal of Socialist Renewal, November 19. http://links.org.au/node/2007.
Boyer, R. 2000. “Is a Finance-Led Growth Regime a Viable Alternative to Fordism? A Preliminary Analysis.” Economy & Society 29 (1): 111–145.
Bryan, D. 2010. “The Duality of Labour and the Financial Crisis.” Economic and Labour Relations Review 20 (2): 49–59.
Bryan, D., R. Martin, and M. Rafferty. 2009. “Financialization and Marx: Giving Labor and Capital a Financial Makeover.” Review of Radical Political Economics 41 (4): 458–472.
Chandler, A. 1977. The Visible Hand: The Managerial Revolution in American Business. Cambridge: Belknap.
Davis, G. F. 2008. “A New Finance Capitalism? Mutual Funds and Ownership Re-concentration in the United States.” European Management Review 5: 11–21.
DeLong, B. 1991. “Did J. P. Morgan's Men Add Value? An Economist's Perspective on Financial Capitalism.” In Inside the Business Enterprise: Historical Perspectives on the Use of Information, edited by P. Temin, 205–250. Chicago: University of Chicago Press.
Epstein, G, ed. 2005. Financialization and the World Economy. London: Edward Elgar.
Fine, B. 2009. “Financialization, the Value of Labour Power, the Degree of Separation, and Exploitation by Banking.” SOAS Research Students, Summer Seminar Series. www.eprints.soas.ac.uk/7480/2/BenFine_FinancialisationlabourPower.pdf.
Fine, B. 2010. “Locating Financialization.” Historical Materialism 18 (2): 97–116.
Fine, B. 2013–2014. “Financialization from a Marxist Perspective.” International Journal of Political Economy 42 (4): 47–66.
Fine, B., and L. Harris. 1979. Rereading Capital. London: Macmillan.
Foster, J. B. 2010. “The Financialization of Accumulation.” Monthly Review 62 (5): 1–17.
Gertler, M. 1988. “Financial Structure and Aggregate Economic Activity: An Overview.” Journal of Money Credit and Banking 20 (3): 559–588.
Greenwood, R., and D. Scharfstein. 2013. “The Growth of Finance.” Journal of Economic Perspectives 27 (2): 3–28.
Grossmann, H. (1929) 1959. The Law of Accumulation and Breakdown of the Capitalist System. Leipzig: Hirschfeld.
Harris, L. 1988. “Alternative Perspectives on the Financial System.” In New Perspectives on the Financial System, edited by L. Harris, J. Coakley, M. Groasdale, and T. Evans, 7–35. London: Croom Helm.
Hawley, J., and A. Williams. 1997. “The Emergence of Fiduciary Capitalism.” Corporate Governance 5 (4): 206–213.
Hein, E. 2013. “Finance-Dominated Capitalism and Redistribution of Income: A Kaleckian Perspective.” Levy Institute Working Paper No. 746. http://www.levyinstitute.org/pubs/wp_746.pdf.
Hilferding, R. (1910) 1981. Finance Capital. London: Routledge and Kegan Paul.
Itoh, M. 1988. The Basic Theory of Capitalism. London: Macmillan.
Kedrosky, P., and D. Stangler. 2011. Financialization and Its Entrepreneurial Consequences. Kaufman Foundation. https://www.kauffman.org/what-we-do/research/firm-formation-and-growth-series/financialization-and-its-entrepreneurial-consequences.
Keynes, J. M. 1930. Collected Writings on J. M. Keynes. Vols. 5 and 6. London: MacMillan for the Royal Economic Society.
King, R., and R. Levine. 1993. “Finance and Growth: Schumpeter Might Be Right.” Quarterly Journal of Economics 108 (3): 717–737.
Kiyotaki, N., and J. Moore. 1997. “Credit Cycles.” Journal of Political Economy 105: 211–248.
Krippner, G. 2005. “The Financialization of the American Economy.” Socio-economic Review 3 (2): 173–208.
Lapavitsas, C. 2008. “Financialised Capitalism: Direct Exploitation and Periodic Bubbles.” SOAS Working Paper. http://www.leftlibrary.com/lapavitsas1.pdf.
Lapavitsas, C. 2009. “Financialisation, or the Search for Profits in the Sphere of Circulation.” EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco/Eusko Jaurlaritza/Basque Government, 72 (03): 98–119.
Lapavitsas, C. 2014. Profiting without Producing: How Finance Exploits Us All. London: Verso.
Lapavitsas, C., and S. Kouvelakis. 2012. Crisis and Left Vent. [In Greek.] Athens: Livanis.
Lenin, V. I. (1917) 1948. Imperialism, the Highest Stage of Capitalism. London: Lawrence and Wishart.
Mavroudeas, S. 2012. The Limits of Regulation: A Critical Analysis of Capitalist Development. Cheltenham: Edward Elgar.
Mavroudeas, S. 2015. “‘Financialization’ and the Greek Case.” In Greek Capitalism in Crisis: Marxist Analyses, edited by S. Mavroudeas, 82–102. London: Routledge.
Mavroudeas, S., and D. Paitaridis. 2015. “The Greek Crisis: A Dual Crisis of Overaccumulation and Imperialist Exploitation.” In Greek Capitalism in Crisis: Marxist Analyses, edited by S. Mavroudeas, 153–175. London: Routledge.
Mehrling, P. 2011. The New Lombard Street: How the Fed Became the Dealer of Last Resort. Princeton: Princeton University Press.
Minsky, H. 1963. “Comment on Friedman and Schwartz's Money and Business Cycles.” Review of Economics and Statistics 45: 64–78.
Minsky, H. 1975. John Maynard Keynes. New York: Columbia University Press.
Minsky, H. 1982. Can “It” Happen Again? Armonk, NY: M.E. Sharpe.
Moore, B. J. 1988. Horizontalists and Verticalists: The Macroeconomics of Credit Money. Cambridge: Cambridge University Press.
Moore, B. J. 1989. “A Simple Model of Bank Intermediation.” Journal of Post-Keynesian Economics 12 (1): 11–28.
Neal, L. 1990. The Rise of Financial Capitalism. Cambridge: Cambridge University Press.
Palley, T. 1996. Post-Keynesian Economics: Debt, Distribution and the Macro Economy. London: MacMillan Press.
Palley, T. 2013. Financialization: The Economics of Finance Capital Domination. London: Palgrave Macmillan.
Papadatos, D. 2017. “Is the Current Crisis of Greek Capitalism a Crisis of a Financialized Economy?” EAST-WEST Journal of Economics and Business XXI (1–2): 21–42.
Rochon, L. R. 1999. Credit, Money, and Production: An Alternative Post-Keynesian Approach. London: Edward Elgar.
Roe, M. 1994. Strong Managers, Weak Owners: The Political Roots of American Corporate Finance. Princeton: Princeton University Press.
Rogers, C. 1989. Money, Interest and Capital: A Study in the Foundations of Monetary Theory. Cambridge: Cambridge University Press.
Rostow, W. W. 1960. The Stages of Economic Growth: A Non-communist Manifesto. Cambridge: Cambridge University Press.
Shaikh, A. 2010. “The First Great Depression of the 21st Century.” Socialist Register Fall: 44–63.
Stockhammer, E. 2004. “Financialization and the Slowdown of Accumulation.” Cambridge Journal of Economics 28 (5): 719–741.
Stockhammer, E. 2009. “The Finance-Dominated Accumulation Regime, Income Distribution and the Present Crisis.” Institut für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, Department of Economics Working Paper Series, no. 127. https://ideas.repec.org/p/wiw/wus005/136.html.
Sweezy, P. 1942. The Theory of Capitalist Development. New York and London: Monthly Review Press.
Sweezy, P. 1994. “The Triumph of Financial Capital.” Monthly Review 46 (2): 1.
Sweezy, P. 1997. “More (or Less) on Globalization.” Monthly Review 49 (4): 1.
Tabb, W. 2010. “Financialization in the Contemporary Social Structure of Accumulation.” In Contemporary Capitalism and Its Crises: Social Structure of Accumulation Theory for the 21st Century, edited by T. McDonough, M. Reich, and D. Kotz, 6–34. Cambridge: Cambridge University Press.
Taylor, A. 2012. “The Great Leveraging.” NBER Working Paper No. 18290. http://www.nber.org/papers/w18290.
Tomé, J. P. 2011. “Financialization as a Theory of Crisis in a Historical Perspective: Nothing New under the Sun.” PERI (Political Economy Research Institute) Working Paper Series No. 262. https://www.peri.umass.edu/publication/item/431-financialization-as-a-theory-of-crisis-in-a-historical-perspective-nothing-new-under-the-sun.
Toporowski, J. 1999. “Monetary Policy in an Era of Capital Market Inflation.” Levy Institute Working Paper No. 279. http://www.levyinstitute.org/publications/monetary-policy-in-an-era-of-capital-market-inflation.
Toporowski, J. 2000. The End of Finance: Capital Market Inflation, Financial Derivatives and Pension Fund Capitalism. London: Routledge Frontiers of Political Economy.
Toporowski, J. 2005. Theories of Financial Disturbance: An Examination of Critical Theories of Finance from Adam Smith to the Present Day. London: Edward Elgar.
Van Treeck, T. 2008. “The Political Economy Debate on ‘Financialization’—A Macroeconomic Perspective.” IMK (Macroeconomic Policy Institute) Working Paper No. 1. https://ideas.repec.org/p/imk/wpaper/01–2008.html.
Walsh, V., and H. Gram. 1980. Classical and Neo-classical Theories of General Equilibrium. New York: Oxford University Press.
Wray, L. R. 1992. “Alternative Theories of the Rate of Interest.” Cambridge Journal of Economics 16 (1): 69–89.

Comments

Comment on this article

[1] Aglietta, M. 2000. “Shareholder Value and Corporate Governance: Some Tricky Questions.” Economy & Society 29 (1): 146–159.

[2] Aglietta, M., and R. Breton. 2001. “Financial Systems, Corporate Control and Capital Accumulation.” Economy & Society 30 (4): 433–466.

[3] Arcand, J. L., E. Berkes, and U. Panizza. 2015. “Too Much Finance?” Journal of Economic Growth 20 (2): 105–148.

[4] Bernanke, B., and M. Gertler. 1987. “Banking and Macroeconomic Equilibrium.” In New Applications to Monetary Economics, edited by W. Barnet and K. Singleton, 89–111. Cambridge: Cambridge University Press.

[5] Bernanke, B., and M. Gertler. 1989. “Agency Costs, Net Worth, and Business Fluctuations.” American Economic Review 79 (1): 14–31.

[6] Bernanke, B., M. Gertler, and S. Gilchrist. 1996. “The Financial Accelerator and the Flight to Quality.” Review of Economics and Statistics 58: 1–15.

[7] Bernanke, B., M. Gertler, and S. Gilchrist. 1997. “The Financial Accelerator in a Quantitative Business Cycle Framework.” NBER Working Paper No. 6455. www.nber.org/papers/w6455.

[8] Bhaduri, A. 2011. “Financialization in the Light of Keynesian Theory.” PSL Quarterly Review 64 (256): 7–21.

[9] Bond, P. 2010. “A Century since Hilferding's ‘Finanz Kapital’—Again, Apparently, a Banker's World?” Links International Journal of Socialist Renewal, November 19. http://links.org.au/node/2007.

[10] Boyer, R. 2000. “Is a Finance-Led Growth Regime a Viable Alternative to Fordism? A Preliminary Analysis.” Economy & Society 29 (1): 111–145.

[11] Bryan, D. 2010. “The Duality of Labour and the Financial Crisis.” Economic and Labour Relations Review 20 (2): 49–59.

[12] Bryan, D., R. Martin, and M. Rafferty. 2009. “Financialization and Marx: Giving Labor and Capital a Financial Makeover.” Review of Radical Political Economics 41 (4): 458–472.

[13] Chandler, A. 1977. The Visible Hand: The Managerial Revolution in American Business. Cambridge: Belknap.

[14] Davis, G. F. 2008. “A New Finance Capitalism? Mutual Funds and Ownership Re-concentration in the United States.” European Management Review 5: 11–21.

[15] DeLong, B. 1991. “Did J. P. Morgan's Men Add Value? An Economist's Perspective on Financial Capitalism.” In Inside the Business Enterprise: Historical Perspectives on the Use of Information, edited by P. Temin, 205–250. Chicago: University of Chicago Press.

[16] Epstein, G, ed. 2005. Financialization and the World Economy. London: Edward Elgar.

[17] Fine, B. 2009. “Financialization, the Value of Labour Power, the Degree of Separation, and Exploitation by Banking.” SOAS Research Students, Summer Seminar Series. www.eprints.soas.ac.uk/7480/2/BenFine_FinancialisationlabourPower.pdf.

[18] Fine, B. 2010. “Locating Financialization.” Historical Materialism 18 (2): 97–116.

[19] Fine, B. 2013–2014. “Financialization from a Marxist Perspective.” International Journal of Political Economy 42 (4): 47–66.

[20] Fine, B., and L. Harris. 1979. Rereading Capital. London: Macmillan.

[21] Foster, J. B. 2010. “The Financialization of Accumulation.” Monthly Review 62 (5): 1–17.

[22] Gertler, M. 1988. “Financial Structure and Aggregate Economic Activity: An Overview.” Journal of Money Credit and Banking 20 (3): 559–588.

[23] Greenwood, R., and D. Scharfstein. 2013. “The Growth of Finance.” Journal of Economic Perspectives 27 (2): 3–28.

[24] Grossmann, H. (1929) 1959. The Law of Accumulation and Breakdown of the Capitalist System. Leipzig: Hirschfeld.

[25] Harris, L. 1988. “Alternative Perspectives on the Financial System.” In New Perspectives on the Financial System, edited by L. Harris, J. Coakley, M. Groasdale, and T. Evans, 7–35. London: Croom Helm.

[26] Hawley, J., and A. Williams. 1997. “The Emergence of Fiduciary Capitalism.” Corporate Governance 5 (4): 206–213.

[27] Hein, E. 2013. “Finance-Dominated Capitalism and Redistribution of Income: A Kaleckian Perspective.” Levy Institute Working Paper No. 746. http://www.levyinstitute.org/pubs/wp_746.pdf.

[28] Hilferding, R. (1910) 1981. Finance Capital. London: Routledge and Kegan Paul.

[29] Itoh, M. 1988. The Basic Theory of Capitalism. London: Macmillan.

[30] Kedrosky, P., and D. Stangler. 2011. Financialization and Its Entrepreneurial Consequences. Kaufman Foundation. https://www.kauffman.org/what-we-do/research/firm-formation-and-growth-series/financialization-and-its-entrepreneurial-consequences.

[31] Keynes, J. M. 1930. Collected Writings on J. M. Keynes. Vols. 5 and 6. London: MacMillan for the Royal Economic Society.

[32] King, R., and R. Levine. 1993. “Finance and Growth: Schumpeter Might Be Right.” Quarterly Journal of Economics 108 (3): 717–737.

[33] Kiyotaki, N., and J. Moore. 1997. “Credit Cycles.” Journal of Political Economy 105: 211–248.

[34] Krippner, G. 2005. “The Financialization of the American Economy.” Socio-economic Review 3 (2): 173–208.

[35] Lapavitsas, C. 2008. “Financialised Capitalism: Direct Exploitation and Periodic Bubbles.” SOAS Working Paper. http://www.leftlibrary.com/lapavitsas1.pdf.

[36] Lapavitsas, C. 2009. “Financialisation, or the Search for Profits in the Sphere of Circulation.” EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco/Eusko Jaurlaritza/Basque Government, 72 (03): 98–119.

[37] Lapavitsas, C. 2014. Profiting without Producing: How Finance Exploits Us All. London: Verso.

[38] Lapavitsas, C., and S. Kouvelakis. 2012. Crisis and Left Vent. [In Greek.] Athens: Livanis.

[39] Lenin, V. I. (1917) 1948. Imperialism, the Highest Stage of Capitalism. London: Lawrence and Wishart.

[40] Mavroudeas, S. 2012. The Limits of Regulation: A Critical Analysis of Capitalist Development. Cheltenham: Edward Elgar.

[41] Mavroudeas, S. 2015. “‘Financialization’ and the Greek Case.” In Greek Capitalism in Crisis: Marxist Analyses, edited by S. Mavroudeas, 82–102. London: Routledge.

[42] Mavroudeas, S., and D. Paitaridis. 2015. “The Greek Crisis: A Dual Crisis of Overaccumulation and Imperialist Exploitation.” In Greek Capitalism in Crisis: Marxist Analyses, edited by S. Mavroudeas, 153–175. London: Routledge.

[43] Mehrling, P. 2011. The New Lombard Street: How the Fed Became the Dealer of Last Resort. Princeton: Princeton University Press.

[44] Minsky, H. 1963. “Comment on Friedman and Schwartz's Money and Business Cycles.” Review of Economics and Statistics 45: 64–78.

[45] Minsky, H. 1975. John Maynard Keynes. New York: Columbia University Press.

[46] Minsky, H. 1982. Can “It” Happen Again? Armonk, NY: M.E. Sharpe.

[47] Moore, B. J. 1988. Horizontalists and Verticalists: The Macroeconomics of Credit Money. Cambridge: Cambridge University Press.

[48] Moore, B. J. 1989. “A Simple Model of Bank Intermediation.” Journal of Post-Keynesian Economics 12 (1): 11–28.

[49] Neal, L. 1990. The Rise of Financial Capitalism. Cambridge: Cambridge University Press.

[50] Palley, T. 1996. Post-Keynesian Economics: Debt, Distribution and the Macro Economy. London: MacMillan Press.

[51] Palley, T. 2013. Financialization: The Economics of Finance Capital Domination. London: Palgrave Macmillan.

[52] Papadatos, D. 2017. “Is the Current Crisis of Greek Capitalism a Crisis of a Financialized Economy?” EAST-WEST Journal of Economics and Business XXI (1–2): 21–42.

[53] Rochon, L. R. 1999. Credit, Money, and Production: An Alternative Post-Keynesian Approach. London: Edward Elgar.

[54] Roe, M. 1994. Strong Managers, Weak Owners: The Political Roots of American Corporate Finance. Princeton: Princeton University Press.

[55] Rogers, C. 1989. Money, Interest and Capital: A Study in the Foundations of Monetary Theory. Cambridge: Cambridge University Press.

[56] Rostow, W. W. 1960. The Stages of Economic Growth: A Non-communist Manifesto. Cambridge: Cambridge University Press.

[57] Shaikh, A. 2010. “The First Great Depression of the 21st Century.” Socialist Register Fall: 44–63.

[58] Stockhammer, E. 2004. “Financialization and the Slowdown of Accumulation.” Cambridge Journal of Economics 28 (5): 719–741.

[59] Stockhammer, E. 2009. “The Finance-Dominated Accumulation Regime, Income Distribution and the Present Crisis.” Institut für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, Department of Economics Working Paper Series, no. 127. https://ideas.repec.org/p/wiw/wus005/136.html.

[60] Sweezy, P. 1942. The Theory of Capitalist Development. New York and London: Monthly Review Press.

[61] Sweezy, P. 1994. “The Triumph of Financial Capital.” Monthly Review 46 (2): 1.

[62] Sweezy, P. 1997. “More (or Less) on Globalization.” Monthly Review 49 (4): 1.

[63] Tabb, W. 2010. “Financialization in the Contemporary Social Structure of Accumulation.” In Contemporary Capitalism and Its Crises: Social Structure of Accumulation Theory for the 21st Century, edited by T. McDonough, M. Reich, and D. Kotz, 6–34. Cambridge: Cambridge University Press.

[64] Taylor, A. 2012. “The Great Leveraging.” NBER Working Paper No. 18290. http://www.nber.org/papers/w18290.

[65] Tomé, J. P. 2011. “Financialization as a Theory of Crisis in a Historical Perspective: Nothing New under the Sun.” PERI (Political Economy Research Institute) Working Paper Series No. 262. https://www.peri.umass.edu/publication/item/431-financialization-as-a-theory-of-crisis-in-a-historical-perspective-nothing-new-under-the-sun.

[66] Toporowski, J. 1999. “Monetary Policy in an Era of Capital Market Inflation.” Levy Institute Working Paper No. 279. http://www.levyinstitute.org/publications/monetary-policy-in-an-era-of-capital-market-inflation.

[67] Toporowski, J. 2000. The End of Finance: Capital Market Inflation, Financial Derivatives and Pension Fund Capitalism. London: Routledge Frontiers of Political Economy.

[68] Toporowski, J. 2005. Theories of Financial Disturbance: An Examination of Critical Theories of Finance from Adam Smith to the Present Day. London: Edward Elgar.

[69] Van Treeck, T. 2008. “The Political Economy Debate on ‘Financialization’—A Macroeconomic Perspective.” IMK (Macroeconomic Policy Institute) Working Paper No. 1. https://ideas.repec.org/p/imk/wpaper/01–2008.html.

[70] Walsh, V., and H. Gram. 1980. Classical and Neo-classical Theories of General Equilibrium. New York: Oxford University Press.

[71] Wray, L. R. 1992. “Alternative Theories of the Rate of Interest.” Cambridge Journal of Economics 16 (1): 69–89.