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Financialization, neo-liberalism and securitization

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  • Marc Lavoie

    (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique, University of Ottawa [Ottawa])

Abstract

The financial crisis can be explained as the ultimate result of the gradual move towards neoliberal policies and the acceptance of neoliberal economic theories. The purchasing power of ordinary workers and consumers has been constrained by the evolution of six economic features: environmental issues, globalization, sound finance, the focus of central banks on inflation, and the new views on corporate governance, based on shareholder value and money manager capitalism. The generalization of securitization also played a large negative role—a role that was not well identified by heterodox economists.

Suggested Citation

  • Marc Lavoie, 2012. "Financialization, neo-liberalism and securitization," Post-Print hal-01343748, HAL.
    • Handle: RePEc:hal:journl:hal-01343748
    DOI: 10.2753/PKE0160-3477350203
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    Cited by:

    1. Lino Sau, 2022. "Schumpeter vs. Minsky on the Evolution of Capitalism and Entrepreneurship," Annals of the Fondazione Luigi Einaudi. An Interdisciplinary Journal of Economics, History and Political Science, Fondazione Luigi Einaudi, Torino (Italy), vol. 56(1), pages 245-272, June.
    2. Ngwu, Franklin N. & Chen, Zheyang, 2016. "Regulation of securitisation in China: Learning from the US experience," Research in International Business and Finance, Elsevier, vol. 37(C), pages 477-488.
    3. Stefanos Ioannou & Dariusz Wójcik, 2019. "On financialization and its future," Environment and Planning A, , vol. 51(1), pages 263-271, February.
    4. Lainé, Michael, 2023. "How to reconcile actual climate change mitigation with prosperity? A proposal," Ecological Economics, Elsevier, vol. 204(PA).
    5. Detzer, Daniel, 2019. "Financialization made in Germany: A review," IPE Working Papers 122/2019, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    6. Javidanrad, Farzad, 2021. "Paradox of Monetary Profit, Shortage of Money in Circulation & Financialisation," The Warwick Economics Research Paper Series (TWERPS) 1365, University of Warwick, Department of Economics.
    7. Photis Lysandrou & Taimaz Ranjbaran, 2021. "Financialisation reinforced: the dual legacy of the covid pandemic," Review of Evolutionary Political Economy, Springer, vol. 2(3), pages 589-606, December.
    8. C.-G. Stănescu, 2021. "A Critical Assessment of the Need for Harmonization of the Legal Framework Concerning Abusive Informal Debt Collection Practices in the European Union," Journal of Consumer Policy, Springer, vol. 44(4), pages 531-557, December.
    9. Michael Lainé, 2023. "How to reconcile actual climate change mitigation with prosperity? A proposal," Post-Print hal-04265121, HAL.

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