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Financialised capitalism and the subordination of emerging capitalist economies

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  • Bonizzi, Bruno
  • Kaltenbrunner, Annina
  • Powell, Jeff

Abstract

The variegated experiences of cinancialisation in Emerging Capitalist Economies (ECEs) require a theory of global structural transformation in which these appearances can be located. Such a transformation can be found in the substantive completion of the internationalisation of the circuits of capital, thereby marking the passage into a new stage of financialised capitalism. In this new stage, finance has taken the concrete form of a US dollar market-based system, while production is carried out through global production networks. The confluence of these new realities has impacted both the size and the nature of the transfer of value from subordinate regions. An increasing share of this transferred value is captured by finance, both as reward for services rendered and as opportunities for expropriation have proliferated. In financialised capitalism, ECEs are cast in a subordinate position in relation to the extraction, realisation, and ‘storage’ of value, and the agency of their public and private agents is severely constrained.

Suggested Citation

  • Bonizzi, Bruno & Kaltenbrunner, Annina & Powell, Jeff, 2021. "Financialised capitalism and the subordination of emerging capitalist economies," Greenwich Papers in Political Economy 32813, University of Greenwich, Greenwich Political Economy Research Centre.
    • Handle: RePEc:gpe:wpaper:32813
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    File URL: http://gala.gre.ac.uk/id/eprint/32813/1/GPERC84.pdf
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    Cited by:

    1. Daniele Tori & Özlem Onaran, 2022. "Financialisation and firm-level investment in developing and emerging economies," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 46(4), pages 891-919.
    2. Albina Gibadullina, 2024. "Who owns and controls global capital? Uneven geographies of asset manager capitalism," Environment and Planning A, , vol. 56(2), pages 558-585, March.
    3. Schedelik, Michael & Nölke, Andreas & May, Christian & Gomes, Alexandre, 2022. "Dependency revisited: Commodities, commodity-related capital flows and growth models in emerging economies," IPE Working Papers 201/2022, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    4. Bruno Bonizzi & Annina Kaltenbrunner, 2024. "International financial subordination in the age of asset manager capitalism," Environment and Planning A, , vol. 56(2), pages 603-626, March.

    More about this item

    Keywords

    Financialisation; subordination; global production networks; market-based finance; value transfer;
    All these keywords.

    JEL classification:

    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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