The term financialization is a term that has become popular to describe developments within the global economy, and particularly within developed industrialized economies, over the past thirty years. The book is divided into four sections, which together give a comprehensive treatment of the economics and political economy of financialization.
In this updated 2nd edition, Nabudere analyses the 2007–08 crash with a damning critique of a defunct system that bails out those responsible while the rest of humanity – especially the majority in the Third World – suffers its devastating consequences.
A study in the latest phase of capitalist development
Author: Rudolph Hiferding
Category: Business & Economics
This is the first English translation of one of the classical works of Marxist economic theory. When Rudolf Hilferding’s Finance Capital was first published in 1919 it was acclaimed by reviewers as a continuation of Marx’s Capital, and it has a major influence upon subsequent Marxist thought, especially in the analysis of imperialism where it provided some of the fundamental ideas for the theories of Bukharin and Lenin. But Hilferding’s work was much more than a study of imperialism, which was presented only in the last section of the book. It set out to examine the main tendencies in the development of the capitalist mode of production as a whole at the beginning of the twentieth century, beginning with an exposition of the theory of money (in which particular attention was paid to the growth of credit money), then analysing the increasingly important role of the banks in the mobilization of capital, along with the development of large corporations, cartels and trusts, and finally outlining a theory of economic crises. Hilferding’s book has, however, more than an historical interest. It is a model for any renewed attempt to understand the ‘latest phase of capitalist development’ in the closing decades of the twentieth century, and Hilferdin’s ideas still provide essential elements for the elaboration of theoretically enlightened and realistic policies in the socialist movement.
Corporations and Banks in the Lasting Global Slump
Author: François Chesnais
Category: Political Science
In Finance Capital Today, François Chesnais analyses the specific features of contemporary capitalism, notably its truly global nature and its financialisation, calling on Marxist analyses of the concentration, centralisation and globalisation of capital and Marx’s theory of interest-bearing and fictitious capital.
This book examines the theoretical issues of finance capital by developing a comparative analysis of capital flows at industry, region, and nation-state levels. The analysis hopes to make an important methodological contribution to the literature on finance capital. .
Technological Revolutions and Financial Capital presents a novel interpretation of the good and bad times in the economy, taking a long-term perspective and linking technology and finance in an original and convincing way.
Release on 2017-05-01 | by John Bellamy Foster,Robert W. McChesney
How Monopoly-Finance Capital Produces Stagnation and Upheaval from the USA to China
Author: John Bellamy Foster,Robert W. McChesney
Pubpsher: Monthly Review Press
Category: Business & Economics
The days of boom and bubble are over, and the time has come to understand the long-term economic reality. Although the Great Recession officially ended in June 2009, hopes for a new phase of rapid economic expansion were quickly dashed. Instead, growth has been slow, unemployment has remained high, wages and benefits have seen little improvement, poverty has increased, and the trend toward more inequality of incomes and wealth has continued. It appears that the Great Recession has given way to a period of long-term anemic growth, which Foster and McChesney aptly term the Great Stagnation. This incisive and timely book traces the origins of economic stagnation and explains what it means for a clear understanding of our current situation. The authors point out that increasing monopolization of the economy—when a handful of large firms dominate one or several industries—leads to an over-abundance of capital and too few profitable investment opportunities, with economic stagnation as the result. Absent powerful stimuli to investment, such as historic innovations like the automobile or major government spending, modern capitalist economies have become increasingly dependent on the financial sector to realize profits. And while financialization may have provided a temporary respite from stagnation, it is a solution that cannot last indefinitely, as instability in financial markets over the last half-decade has made clear.
A photographic profile of Wall Street describes the buildings, firms, and people who contribute to the world's foremost financial center, in a treasury that pays tribute to its resiliency after the September 11 attacks.