USA: The Birth of Finance Capitalism

Kuat B. Akizhanov
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Kuat B. Akizhanov: Academy of Public Administration under the President of Kazakhstan

Chapter Chapter 4 in Finance Capitalism and Income Inequality in the Contemporary Global Economy, 2023, pp 69-94 from Springer

Abstract: Abstract This chapter critically examines the US case, as it is the country of origin of neoliberalism and it is essential to analyse how the subsequent articulation of its fundamental concepts achieved a dominant level on a worldwide scale. Different aspects of how this dominance became possible in the USA will be described to understand how later on it was adopted in countries as different as South Korea, Argentina and Sweden. Subsequently, three analytical constructs are tested to show and analyse the causal effects between neoliberal financialisation and upward income distribution. The case on the USA provides a context through which one can understand the logic of finance capitalism. Combined and reinforcing each other, the neoliberal agenda and its liberalisation/deregulation policies created and ensured the preconditions for the financialisation of the US economy, where finance is favoured and promoted.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-21768-5_4

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DOI: 10.1007/978-3-031-21768-5_4

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