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Financial accumulation in the rich countries since 1970

Author

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  • Cédric Durand

    (Centre d'Economie de l'Université de Paris Nord (CEPN))

Abstract

The accelerated development of financial operations has been one of the most striking evolutions observed in the rich countries since the 1970s. The crisis of 2007-2008 and the long recession in which the global economy has been stuck since then have dramatically exposed the high economic and social cost of this financialization. This note describes the profile of financial accumulation in the main rich economies (Germany, United States, France, Japan and the United Kingdom). It follows the approach initiated by Greta Krippner, who defined financialization in terms of the reorientation of capital accumulation towards financial activities, to the detriment of trade and commodity production. To demonstrate the financialization of these economies, we have chosen three types of indicators: the weight of the financial sector, the relative importance of the profits of this sector as a share of total profits and the dynamics of the financial revenues of non-financial firms in relation to the profits generated by their operations.

Suggested Citation

  • Cédric Durand, 2015. "Financial accumulation in the rich countries since 1970," CEPN Policy Brief, Centre d'Economie de l'Université de Paris Nord, vol. 6, pages 1-4.
    • Handle: RePEc:upn:policy:2015-06:en
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    File URL: https://cepn.univ-paris13.fr/download-attachment/8225/
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    More about this item

    Keywords

    Financialisation; Capitalism in developed countries;

    JEL classification:

    • P10 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - General

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