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Financialization as a Theory of Crisis in a Historical Perspective: Nothing New under the Sun

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  • Juan Pablo Mateo Tomé
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    Abstract

    This working paper carries�out a conceptualization of the so-called group of “financialization” approaches�for the crisis phenomena.�It succinctly defines the meaning of the theories of crisis in relation to the limits of the reproduction of the capitalist system. The crisis can be considered�certain, as a�necessary moment of the accumulation process, or just a mere possibility. In this latter case, it is considered that the free operation of the market tends to equilibrium, or alternatively,�that an appropriate management of economic policy is able to avoid the crisis. One way or another, these approaches share the idea that, under certain conditions, the capitalism can reproduce itself indefinitely, so the hypotheses of this article will be that the approaches of financialization support a theory of possibility of the crisis.

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    File URL: http://www.peri.umass.edu/fileadmin/pdf/working_papers/working_papers_251-300/WP262.pdf
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    Bibliographic Info

    Paper provided by Political Economy Research Institute, University of Massachusetts at Amherst in its series Working Papers with number wp262.

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    Date of creation: 2011
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    Handle: RePEc:uma:periwp:wp262

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    Keywords: financialization; economic theory; accumulation; crisis;

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    1. L. Randall Wray, 2007. "Lessons from the Subprime Meltdown," Economics Working Paper Archive wp_522, Levy Economics Institute.
    2. Thomas I. Palley, 2008. "Financialization: What it is and Why it Matters," IMK Working Paper 04-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
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