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Towards a Marxist theory of financialized capitalism

Towards a Marxist theory of financialized capitalism

Powell, Jeffrey (2018) Towards a Marxist theory of financialized capitalism. In: Vidal, Matt, Smith, Tony, Prew, Paul and Rotta, Tomás ORCID: 0000-0002-5304-9890, (eds.) Oxford Handbook of Karl Marx. OUP USA, New York. ISBN 978-0190695545 (doi:https://doi.org/10.1093/oxfordhb/9780190695545.013.37)

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Abstract

In the rapid growth of the literature on financialization, the term risks becoming meaningless (‘take x, add finance’). This contribution first reviews this literature, highlighting characteristic empirical features at the macroeconomic level and their variegation across different institutional contexts, then turning to meso- and micro-level multidisciplinary studies of how processes of financialization have manifest in the transformed behavior of firms, states and households, as well as in the changing mode of provision of public services and the appropriation of the commons. Marxist attempts to theorize the essences of financialization are examined and found wanting. Two proposals are made in the spirit of advancing this project. First, financialization as cyclical process must be disentangled from financialized capitalism as secular stage. Second, it is argued that the emergence of financialized capitalism as a new stage within mature capitalism is linked with the central role played by finance in the internationalization of the circuit of production.

Item Type: Book Section
Additional Information: "This handbook is currently in development, with individual articles publishing online in advance of print publication."
Uncontrolled Keywords: Financialization, Financialized capitalism, internationalization, global production networks, Marxist theory
Faculty / Department / Research Group: Faculty of Business
Faculty of Business > Department of International Business & Economics
Faculty of Business > Institute of Political Economy, Governance, Finance and Accountability (IPEGFA) > Greenwich Political Economy Research Centre (GPERC)
Last Modified: 26 Sep 2019 10:25
Selected for GREAT 2016: None
Selected for GREAT 2017: None
Selected for GREAT 2018: GREAT a
Selected for GREAT 2019: GREAT 2
URI: http://gala.gre.ac.uk/id/eprint/19997

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