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Critical Observations on Financialization and the Financial Process

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  • Jo Michell
  • Jan Toporowski

Abstract

The term "financialization" is a recognition that finance has come to play a key role on the modern capitalist economy. But users of the term do not agree on its meaning and recognition of the growing scale of finance has not brought about an increased understanding of financial processes. The paper examines the reasons for increased turnover in financial markets. The main themes in the literature on financialization are examined and shown to lack a coherent account of financial processes that goes beyond the evidence of financial activity.

Suggested Citation

  • Jo Michell & Jan Toporowski, 2013. "Critical Observations on Financialization and the Financial Process," International Journal of Political Economy, Taylor & Francis Journals, vol. 42(4), pages 67-82.
  • Handle: RePEc:mes:ijpoec:v:42:y:2013:i:4:p:67-82
    DOI: 10.2753/IJP0891-1916420404
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    Cited by:

    1. Annina Kaltenbrunner & Juan Pablo Painceira, 2016. "International and Domestic Financialisation in Middle Income Countries; The Brazilian Experience," Working papers wpaper146, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    2. Jo Michell, 2016. "Do shadow banks create money? 'Financialisation' and the monetary circuit," Working Papers PKWP1605, Post Keynesian Economics Study Group (PKSG).
    3. repec:mes:postke:v:39:y:2016:i:4:p:444-472 is not listed on IDEAS

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