 Towards a Marxist theory of financialised capitalismNo 20331, Greenwich Papers in Political Economy from University of Greenwich, Greenwich Political Economy Research Centre Abstract: In the rapid growth of the literature on financialisation, the term risks becoming meaningless (‘take x, add finance’). This contribution first reviews this literature, highlighting characteristic empirical features at the macroeconomic level and their variegation across different institutional contexts, then turning to meso- and micro-level multidisciplinary studies of how processes of financialisation have manifest in the transformed behaviour of firms, states and households, as well as in the changing mode of provision of public services and the appropriation of the commons. Marxist attempts to theorize the essences of financialisation are examined and found wanting. Two proposals are made in the spirit of advancing this project. First, financialisation as cyclical process must be disentangled from financialised capitalism as secular stage. Second, it is argued that the emergence of financialised capitalism as a new stage within mature capitalism is linked with the central role played by finance in the internationalisation of the circuit of production. Keywords: Financialisation; Financialised capitalism; internationalisation; global production networks; Marxist theory (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:gpe:wpaper:20331 Access Statistics for this paper More papers in Greenwich Papers in Political Economy from University of Greenwich, Greenwich Political Economy Research Centre Contact information at EDIRC. |
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