‘Financialization’, Capital Accumulation and Productivity Growth: a Post-Keynesian Approach

Eckhard Hein

Chapter 17 in Macroeconomics, Finance and Money, 2010, pp 250-265 from Palgrave Macmillan

Abstract: Abstract Philip Arestis has been a pronounced critic of orthodox theories of financial liberalization and the finance–growth nexus for a long period of time, both for empirical and theoretical reasons.1 His critique has laid the ground for the integration of these issues into the framework of Post-Keynesian demand driven distribution and growth models. Focusing on the changes in the relationship between financial and non-financial sectors in developed and developing economies during the recent three decades, which have been generally labelled as ‘Financialization’,2 a variety of models has been suggested recently.3 The following channels of influence of ‘Financialization’ have been introduced into these models:

Keywords: Productivity Growth; Capital Stock; Capital Accumulation; Dividend Payout; Profit Rate (search for similar items in EconPapers)
Date: 2010
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DOI: 10.1057/9780230285583_17

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