Financialization and the impasse of capitalism

François Chesnais

Japanese Economy, 2019, vol. 45, issue 1-2, 81-103

Abstract: This article considers the inextricable relationship between globalization and financialization. It then argues that the decisive characteristic of financialization is the preeminence of financial accumulation over productive accumulation and of capital-as-property over capital-as-function. The importance of intercorporate power relationships in the distribution of surplus value is demonstrated. After a short setback in 2009, claims to surplus value have continued to grow faster than its production and appropriation, implying that financial profits have become harder to earn. The outcome is the unabated intensity of asset trading and endemic global financial instability.

Date: 2019
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://hdl.handle.net/10.1080/2329194X.2019.1612255 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:mes:jpneco:v:45:y:2019:i:1-2:p:81-103

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/MJES19

DOI: 10.1080/2329194X.2019.1612255

Access Statistics for this article

More articles in Japanese Economy from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().