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The Economics And Culture Of Financialisation

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  • Jan Toporowski

    ()
    (Department of Economics, SOAS, University of London, UK)

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    Abstract

    This paper examines some of the social, economic and political consequences of financial inflation for the activities of companies and the operations in debt markets of an increasingly financial middle class. In this paper ‘financialisation’ is broadly defined as the inflation of capital markets. The first section of the paper explains the Kalecki-Steindl theory of enforced company indebtedness in a middle-class society. The second section of the paper shows how financial inflation makes companies overcapitalised, resulting in a decline in the trend of long-term investment. The third section shows how forced company indebtedness is modified when the middle classes start to operate in inflating asset markets. A conclusion sketches out some of the consequences of this financialisation for politics, social policy, and moral and cultural attitudes.

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    File URL: http://www.soas.ac.uk/economics/research/workingpapers/file43195.pdf
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    Bibliographic Info

    Paper provided by Department of Economics, SOAS, University of London, UK in its series Working Papers with number 158.

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    Length: 15 pages
    Date of creation: Apr 2008
    Date of revision:
    Handle: RePEc:soa:wpaper:158

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    Web page: http://www.soas.ac.uk/economics/
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