Financialisation as a (it's-not-meant-to-make-sense) gigantic global joke

José Gabriel Palma ()

Cambridge Working Papers in Economics from Faculty of Economics, University of Cambridge

Abstract: This paper analyses events in financial markets since the 2008 financial crisis in both the developed and the developing worlds, giving especial attention to the processes of 'financialisation'; that is, to the combined effect of the growing size and dominance of the financial sector relative to the non-financial sector, and the diversification towards financial activities in non-financial corporations. The main conclusion is that we are paying the price (and a huge one) for two related phenomena; one belongs to the realm of ideology and knowledge, the other to 'power play'.

Keywords: manias; panics; financialisation; QE; excess liquidity; ‘disconnect' between the financial and the real worlds; emerging markets; Latin America; Asia; Keynes; Kindleberger; Minsky; Buchanan (search for similar items in EconPapers)
JEL-codes: D70 D81 E22 E51 F02 F21 F32 F40 F63 G15 G20 G30 L51 N20 O16 (search for similar items in EconPapers)
Date: 2022-02-11
New Economics Papers: this item is included in nep-fdg, nep-his, nep-hme, nep-mac and nep-pke
Note: jgp5
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Persistent link: https://EconPapers.repec.org/RePEc:cam:camdae:2211

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