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Marxist Explanations for Financialization: A Critical Review

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  • Guven, Baris

    (University of Massachusetts Amherst)

Abstract

The paper provides a critical review of the main Marxist explanations for financialization of the US economy. It also contributes to the Marxist literature by emphasizing the link between neoliberalism and financialization, and flexible accumulation and financialization. Specifically, we argue that investment bankers played a leading role in initiating the constitution of neoliberalism in the face of the geographical reorientation of the industrial capital, and that the shareholder principle that came to dominate the corporate governance has led to the changes in the organizational and employment structure of big corporations contributing to the formation of flexible labor market structure.

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  • Guven, Baris, 2017. "Marxist Explanations for Financialization: A Critical Review," SocArXiv hd6pc, Center for Open Science.
    • Handle: RePEc:osf:socarx:hd6pc
    DOI: 10.31219/osf.io/hd6pc
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    References listed on IDEAS

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    1. Alain Lipietz, 1988. "Accumulation, Crises, and Ways Out," International Journal of Political Economy, Taylor & Francis Journals, vol. 18(2), pages 10-43, June.
    2. David M. Kotz, 2009. "The Financial and Economic Crisis of 2008: A Systemic Crisis of Neoliberal Capitalism," Review of Radical Political Economics, Union for Radical Political Economics, vol. 41(3), pages 305-317, September.
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