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Financialization

In: Capitalism, Inclusive Growth, and Social Protection

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Chapter 4 takes up the theme of financialization and the issues to which financial dominance of capitalism has given rise. The chapter begins by contrasting the standard neoclassical view of the financial sector, as a benign influence that ‘oils the wheels’ of the capital development of the economy, with the MKS-consistent ‘financialization’ view. According to the latter, the financial sector is a good servant but a bad master - with the added propensity of the first of these roles to give rise, slowly but surely, to the second. Aspects of contemporary financial dominance of the economy are explored, starting with the financial sector and then expanding to the corporate and household sectors. Finally, and anticipating further exploration of these themes later in the book, the macroeconomic consequences of financialization are discussed, including its influence on inequality.

Suggested Citation

  • ., 2023. "Financialization," Chapters, in: Capitalism, Inclusive Growth, and Social Protection, chapter 4, pages 131-162, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17445_4
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    File URL: https://www.elgaronline.com/doi/10.4337/9781786433077.00014
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    Keywords

    Economics and Finance;

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