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The Global Debate on Finance Capitalism

In: Finance Capitalism and Income Inequality in the Contemporary Global Economy

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  • Kuat B. Akizhanov

    (Academy of Public Administration under the President of Kazakhstan)

Abstract

This chapter discusses the relationship between neoliberalism and finance capitalism or financialisation and establishes a conceptual framework for the link between income inequality and finance. It focuses on the origin of neoliberal ideology, its main doctrinal tenets and its strategy to become hegemonic. A decreased share of capital in national income instigated the ruling classes to introduce neoliberal policies that later would develop into financialisation as a new mode of capital accumulation which most decisively resolved distributional issues in their favour. The third section examines the emergence of the new global financial order, explaining why and how the USA, as the hegemonic capitalist world power, broke away from the Bretton Woods regime. The chapter also offers a theoretical discussion of different concepts on finance capital, financialisation and finance capitalism.

Suggested Citation

  • Kuat B. Akizhanov, 2023. "The Global Debate on Finance Capitalism," Springer Books, in: Finance Capitalism and Income Inequality in the Contemporary Global Economy, chapter 0, pages 21-44, Springer.
  • Handle: RePEc:spr:sprchp:978-3-031-21768-5_2
    DOI: 10.1007/978-3-031-21768-5_2
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