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Post-Keynesian Theories of the Firm under Financialization

Author

Listed:
  • Thomas Dallery

    (Cité Scientifique, Bâtiment SH2, Université Lille 1 - Clersé (CNRS), 59655 Villeneuve d'Ascq cedex, France, thdallery@hotmail.com)

Abstract

Financialization is studied here from a microeconomic viewpoint. Following Stockhammer (2004a), the theory of the firm has been amended by introducing agency problems and class analysis between shareholders and managers. Further to that, I propose two alternative configurations for incorporation into the theory: the first views financialization as a constraint for the managerial firm, while the second discusses shareholders’ interests and integrates them as an end in itself for the finance-dominated firm. My conclusions focus on finance-oppressed accumulation, financial fragility, and potential macroeconomic instability. JEL classification: D21, E12, G30

Suggested Citation

  • Thomas Dallery, 2009. "Post-Keynesian Theories of the Firm under Financialization," Review of Radical Political Economics, Union for Radical Political Economics, vol. 41(4), pages 492-515, December.
    • Handle: RePEc:sae:reorpe:v:41:y:2009:i:4:p:492-515
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    Keywords

    financialization; theory of the firm; post-Keynesian economics; investment;
    All these keywords.

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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