On the expansion of finance and financialisation
AbstractIn this paper we explore the role of finance in the recent crisis noting that its expansion, in a context of deregulation and globalisation, has boosted financial profits and capital accumulation, but at the cost of a growing systemic instability both in the leading capitalist economy, i.e. the USA, and at the international level. The expansion of finance tends to emerge in certain phases of capitalist development, in particular during periods of countries’ decline. At the same time, each phase has its peculiar aspects and, referring to the recent evolution, we focus on the phenomenon of financialisation, intended as an increasing involvement of economic agents in the working of financial markets.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 26828.
Date of creation: 01 Oct 2010
Date of revision:
deregulation; renationalisation; capitalist accumulation; instability; inequality;
Find related papers by JEL classification:
- E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
- P17 - Economic Systems - - Capitalist Systems - - - Performance and Prospects
- G01 - Financial Economics - - General - - - Financial Crises
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