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‘Financialization’, Capital Accumulation and Productivity Growth: a Post-Keynesian Approach

In: Macroeconomics, Finance and Money

Author

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  • Eckhard Hein

Abstract

Philip Arestis has been a pronounced critic of orthodox theories of financial liberalization and the finance–growth nexus for a long period of time, both for empirical and theoretical reasons.1 His critique has laid the ground for the integration of these issues into the framework of Post-Keynesian demand driven distribution and growth models. Focusing on the changes in the relationship between financial and non-financial sectors in developed and developing economies during the recent three decades, which have been generally labelled as ‘Financialization’,2 a variety of models has been suggested recently.3 The following channels of influence of ‘Financialization’ have been introduced into these models:

Suggested Citation

  • Eckhard Hein, 2010. "‘Financialization’, Capital Accumulation and Productivity Growth: a Post-Keynesian Approach," Palgrave Macmillan Books, in: Giuseppe Fontana & John McCombie & Malcolm Sawyer (ed.), Macroeconomics, Finance and Money, chapter 17, pages 250-265, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28558-3_17
    DOI: 10.1057/9780230285583_17
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    Cited by:

    1. Parui, Pintu, 2021. "Financialization and endogenous technological change: A post-Kaleckian perspective," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 221-244.

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