Financialisation varied: a comparative analysis of advanced economies

Costas Lapavitsas and Jeff Powell ()

Cambridge Journal of Regions, Economy and Society, 2013, vol. 6, issue 3, 359-379

Abstract: Financialisation remains an unclear term in social science. We deploy a Marxist framework to establish that financialisation represents a structural transformation of advanced capitalist economies with three characteristic tendencies: non-financial enterprises have acquired capacity to engage in financial activities independently; banks have turned to mediating transactions in open markets as well as lending to households; and households have been drawn into the formal financial system. Nonetheless, despite common underlying tendencies, both the form and the content taken by financialisation vary according to institutional, historical and political conditions in each country. We use data from the USA, the UK, Japan, Germany and France to establish both the underlying tendencies and the specific forms of financialisation. Copyright 2013, Oxford University Press.

Date: 2013
References: Add references at CitEc
Citations: View citations in EconPapers (35)

Downloads: (external link)
http://hdl.handle.net/10.1093/cjres/rst019 (application/pdf)
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:oup:cjrecs:v:6:y:2013:i:3:p:359-379

Ordering information: This journal article can be ordered from
https://academic.oup.com/journals

Access Statistics for this article

Cambridge Journal of Regions, Economy and Society is currently edited by Judith Clifton, Anna Davies, Betsy Donald, Emil Evenhuis, Stefania Fiorentino (Associate Editor), Harry Garretsen, Meric Gertler, Amy Glasmeier, Mia Gray, Robert Hassink, Dieter Kogler, Michael Kitson, Linda Lobao, Charles van Marrewijk, Ron Martin, Peter Sunley, Peter Tyler and Chun Yang

More articles in Cambridge Journal of Regions, Economy and Society from Cambridge Political Economy Society Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK.
Bibliographic data for series maintained by Oxford University Press ().