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‘Financiarización’, o la búsqueda de beneficios en la esfera de la circulación

Author

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  • Costas Lapavitsas

    (School of Oriental and African Studies (SOAS, Universidad de Londres)

Abstract

Financialisation of advanced capitalist economies during the last three decades represents expansion of the sphere of circulation, while the sphere of production has continued to face difficulties of profitability and productivity growth. In the course of financialisation, relations between industrial/commercial capital, banks and workers have been put on a different footing. The financial sector has become capable of extracting profit directly out of wages and salaries, a process called financial expropriation. Financial institutions have also become adept at profit-making through mediating transactions in open financial markets, that is, investment banking. The combination of financial expropriation and investment banking catalysed the crisis that began in 2007.

Suggested Citation

  • Costas Lapavitsas, 2009. "‘Financiarización’, o la búsqueda de beneficios en la esfera de la circulación," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 72(03), pages 98-119.
    • Handle: RePEc:ekz:ekonoz:2009309
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    Cited by:

    1. Fernando López‐Castellano & Fernando García‐Quero, 2019. "The Euro System as a Laboratory for Neoliberalism: The Case of Spain," American Journal of Economics and Sociology, Wiley Blackwell, vol. 78(1), pages 167-193, January.

    More about this item

    Keywords

    financialisation; bank; industry; salary; expropriation.;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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