Financialization Historically Contemplated

Persefoni Tsaliki and Lefteris Tsoulfidis ()

MPRA Paper from University Library of Munich, Germany

Abstract: This article examines the extent to which financialization is a new phase of capital accumulation characterized by its own economic laws in which the real (production) economy adjusts accordingly. In order to examine this hypothesis, we invoke the share of the financial sector in the GDP of the USA, as the best meaningful metric to approximate the expansion of the financialization over time. Our findings suggest that the financialization phenomena of the post-1982 years are comparable to those of the “roaring 1920s”. The observed differences are quantitative, in the main, and although they suggest the presence of regularities; nevertheless, they do not suggest an altogether different stage of a finance-led capitalism.

Keywords: Financialization; profit rate; interest rate; long-cycles; financial fragility (search for similar items in EconPapers)
JEL-codes: B50 G20 G30 N12 O15 O16 (search for similar items in EconPapers)
Date: 2021-12-11, Revised 2022-05-30
New Economics Papers: this item is included in nep-fdg, nep-his, nep-hme and nep-pke
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:113634

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