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Financialization of the global economy

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  • Ronald Dore

Abstract

The instability of the world financial system, starkly revealed in the recent debacle, is not the only problem it poses. The secularly increasing dominance of that financial system over the real economy is in itself a phenomenon that needs examining. The paper traces the source of this increasing dominance not just (a) to the increasingly leveraged and increasingly incomprehensible forms of intermediation between savers and those in the real economy who need credit and insurance, but also (b) to the increasingly universal doctrine that maximizing "shareholder value" is the sole raison d'être of the firm and (c) the promotion by governments of an "equity culture". Some of the social consequences of financialization are exacerbating inequalities, greater insecurity, misdirection of talent and the erosion of trust.

Suggested Citation

  • Ronald Dore, 2008. "Financialization of the global economy," Stato e mercato, Società editrice il Mulino, issue 3, pages 373-394.
  • Handle: RePEc:mul:jl9ury:doi:10.1425/28359:y:2008:i:3:p:373-394
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    Cited by:

    1. Corinne Perraudin & Héloïse Petit, & Antoine Rebérioux, 2013. "Worker Information and Firm Disclosure Analysis on French Linked Employer–Employee Data," Industrial Relations: A Journal of Economy and Society, Wiley Blackwell, vol. 52(1), pages 134-161, January.
    2. Josephsen, Lars, 2017. "Approaches to the implementation of the sustainable development goals: Some considerations on the theoretical underpinnings of the 2030 Agenda," Economics Discussion Papers 2017-60, Kiel Institute for the World Economy (IfW Kiel).
    3. Perraudin, Corinne & Petit, Héloïse & Rebérioux, Antoine, 2011. "Worker information and firm disclosure: Analysis of French workplace data," CEPREMAP Working Papers (Docweb) 1105, CEPREMAP.
    4. Ulrike Schaede, 2022. "The Digital Transformation (DX) and the Financialization of Japan: A Case Study of Private Equity," IMES Discussion Paper Series 22-E-18, Institute for Monetary and Economic Studies, Bank of Japan.
    5. Beyer, Jürgen, 2024. "Financialization, Democracy, and Society - Ten Years After the Beginning of the Financial Crisis," SocArXiv jks8v, Center for Open Science.
    6. Agne Setikiene & Mindaugas Butkus, 2021. "The Heterogeneous Impact of Financialisation on Economic Growth in the Long Run," JRFM, MDPI, vol. 14(5), pages 1-30, May.
    7. Paul K. Edwards & Rocío Sánchez-Mangas & Olga Tregaskis & Christian Lévesque & Anthony McDonnell & Javier Quintanilla, 2013. "Human Resource Management Practices in the Multinational Company: A Test of System, Societal, and Dominance Effects," ILR Review, Cornell University, ILR School, vol. 66(3), pages 588-617, May.
    8. Jorge Feregrino & Juan Felipe Espinosa-Cristia & Nelson Lay & Luis Leyton, 2022. "Inappropriate Corporate Strategies: Latin American Companies That Increase Their Value by Short-Term Liabilities," IJFS, MDPI, vol. 10(4), pages 1-15, October.

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