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Global Finance, Income Distribution And Capital Accumulation

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  • George Argitis
  • Christos Pitelis

Abstract

The appreciation of the consequences of financial globalization is an important task for contemporary political economy. This paper maintains that industrial and macroeconomic instability faced by many developed and developing countries is likely to be attributed, to an extent, to changes in income distribution in favour of rentiers, financiers and other groups of financial capitalists. We elaborate on Marx's and Keynes's ideas and argue that a rise in rentiers' income might have been an obstacle to industry's investment decisions, and detrimental to capital accumulation. The econometric analysis conducted provides evidence in line with the paper's major hypothesis for the United States and the UK. Copyright 2006, Oxford University Press.

Suggested Citation

  • George Argitis & Christos Pitelis, 2006. "Global Finance, Income Distribution And Capital Accumulation," Contributions to Political Economy, Cambridge Political Economy Society, vol. 25(1), pages 63-81, August.
    • Handle: RePEc:oup:copoec:v:25:y:2006:i:1:p:63-81
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    Citations

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    Cited by:

    1. Giorgos Argitis & Stella Michopoulou, 2013. "Studies in Financial Systems No 4 Financialization and the Greek Financial System," FESSUD studies fstudy04, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    2. Christos Pitelis, 2013. "Towards a More ‘Ethically Correct’ Governance for Economic Sustainability," Journal of Business Ethics, Springer, vol. 118(3), pages 655-665, December.
    3. Georgios Argitis & Stella Michopoulou, 2011. "Are Full Employment and Social Cohesion Possible Under Financialization?," Forum for Social Economics, Springer;The Association for Social Economics, vol. 40(2), pages 139-155, July.
    4. Predrag Ćetković & Engelbert Stockhammer, 2010. "Finanzialisierung und Investitionsverhalten von Industrie-Aktiengesellschaften in Österreich," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 36(4), pages 453-479.
    5. Eckhard Hein & Till van Treeck, 2007. "'Financialisation' in Kaleckian/Post-Kaleckian models of distribution and growth," IMK Working Paper 07-2007, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    6. Dragoljub Stojanov, 2009. "Keynes and economic crisis: some reconsiderations," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics and Business, vol. 27(2), pages 293-310.
    7. Ulas Sener, 2011. "Turkish Monetary Policy in a Post-Crises Era: A Further Case of ‘New Consensus’?," Chapters, in: Claude Gnos & Louis-Philippe Rochon (ed.), Credit, Money and Macroeconomic Policy, chapter 14, Edward Elgar Publishing.
    8. Argitis, Georgios & Michopoulou, Stella, 2010. "Monetary Policy, Interest Payments, Income Distribution and the Macroeconomy," Review of Applied Economics, Lincoln University, Department of Financial and Business Systems, vol. 6(1-2), pages 1-11, April.

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