Financialised capitalism and the subordination of emerging capitalist economies

Bruno Bonizzi, Annina Kaltenbrunner and Jeff Powell ()

No 32813, Greenwich Papers in Political Economy from University of Greenwich, Greenwich Political Economy Research Centre

Abstract: The variegated experiences of cinancialisation in Emerging Capitalist Economies (ECEs) require a theory of global structural transformation in which these appearances can be located. Such a transformation can be found in the substantive completion of the internationalisation of the circuits of capital, thereby marking the passage into a new stage of financialised capitalism. In this new stage, finance has taken the concrete form of a US dollar market-based system, while production is carried out through global production networks. The confluence of these new realities has impacted both the size and the nature of the transfer of value from subordinate regions. An increasing share of this transferred value is captured by finance, both as reward for services rendered and as opportunities for expropriation have proliferated. In financialised capitalism, ECEs are cast in a subordinate position in relation to the extraction, realisation, and ‘storage’ of value, and the agency of their public and private agents is severely constrained.

Keywords: Financialisation; subordination; global production networks; market-based finance; value transfer (search for similar items in EconPapers)
JEL-codes: F36 F62 O11 P16 (search for similar items in EconPapers)
Date: 2021-05-20
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Journal Article: Financialised capitalism and the subordination of emerging capitalist economies (2022)
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