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La macroeconomía de la ‘financiarización’: un enfoque de etapas del desarrollo

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  • Thomas I. Palley

    (Economics for Democratic and Open Societies)

Abstract

This paper explores the concept of financialization using a «stages of development» approach. The paper develops a stylized history of financialization and tracks its evolution through different stages since the end of World War II. The paper tracks this history using a simple Kaleckian macroeconomic framework, focusing on how changes in remuneration patterns, financial engineering by firms, asset market valuations, and borrowing behavior by firms and consumers affect macroeconomic outcomes. The fact that financialization is long-running and expansionary in its early and middle stages, made it extremely hard to oppose. That is because both the policy and political process have a bias against implementing change in good times. The political cost of change is immediate and direct, yet the benefit is averting a hypothetical future problem.

Suggested Citation

  • Thomas I. Palley, 2009. "La macroeconomía de la ‘financiarización’: un enfoque de etapas del desarrollo," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 72(03), pages 34-53.
    • Handle: RePEc:ekz:ekonoz:2009304
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    More about this item

    Keywords

    financialization; debt; income distribution; growth;
    All these keywords.

    JEL classification:

    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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