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Critical Observations on Financialization and the Financial Process

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  • Jo Michell
  • Jan Toporowski

Abstract

The term "financialization" is a recognition that finance has come to play a key role on the modern capitalist economy. But users of the term do not agree on its meaning and recognition of the growing scale of finance has not brought about an increased understanding of financial processes. The paper examines the reasons for increased turnover in financial markets. The main themes in the literature on financialization are examined and shown to lack a coherent account of financial processes that goes beyond the evidence of financial activity.

Suggested Citation

  • Jo Michell & Jan Toporowski, 2013. "Critical Observations on Financialization and the Financial Process," International Journal of Political Economy, Taylor & Francis Journals, vol. 42(4), pages 67-82.
    • Handle: RePEc:mes:ijpoec:v:42:y:2013:i:4:p:67-82
    DOI: 10.2753/IJP0891-1916420404
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    Cited by:

    1. Jo Michell, 2017. "Do Shadow Banks Create Money? ‘Financialisation’ and the Monetary Circuit," Metroeconomica, Wiley Blackwell, vol. 68(2), pages 354-377, May.
    2. Photis Lysandrou, 2016. "The colonization of the future: An alternative view of financialization and its portents," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 39(4), pages 444-472, October.
    3. Heise, Arne, 2018. "Postkeynesianismus: Ein heterodoxer Ansatz auf der Suche nach einer Fundierung," ZÖSS-Discussion Papers 69, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
    4. Gemzik-Salwach Agata & Perz Paweł, 2018. "Financialization in the Regional Aspect. An Attempt to Measure a Phenomenon," Central European Economic Journal, Sciendo, vol. 5(52), pages 56-66, January.
    5. Jan Toporowski, 2020. "Financialisation and the periodisation of capitalism: appearances and processes," Review of Evolutionary Political Economy, Springer, vol. 1(2), pages 149-160, August.
    6. Alex Izurieta & Pierre Kohler & Juan Pizarro, 2018. "Financialization, Trade, and Investment Agreements: Through the Looking Glass or Through the Realities of Income Distribution and Government Policy?," GDAE Working Papers 18-02, GDAE, Tufts University.
    7. Roberto Veneziani & Luca Zamparelli & Leila E. Davis, 2017. "Financialization And Investment: A Survey Of The Empirical Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1332-1358, December.
    8. Annina Kaltenbrunner & Juan Pablo Painceira, 2016. "International and Domestic Financialisation in Middle Income Countries; The Brazilian Experience," Working papers wpaper146, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    9. Jürgen Essletzbichler & Manuel Scholz-Wäckerle & Lena Gerdes & Hans-Peter Wieland & Christian Dorninger, 2023. "Geographical evolutionary political economy: linking local evolution with uneven and combined development," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 16(3), pages 543-560.
    10. Heise, Arne, 2019. "Post-Keynesian Economics - Challenging the Neo-Classical Mainstream," MPRA Paper 99280, University Library of Munich, Germany.

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