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The Financialization Of The Capitalist Class: Monopoly-Finance Capital And The New Contradictory Relations Of Ruling Class Power

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Chapter Summary

The concept of financialization stands for the shift in the center of gravity of the capitalist economy from production to finance. The last decades of the previous century and the first decade of the present one witnessed financialization of the capitalist class in the sense of a shift in the primary sources of wealth accumulation at the very top of society from production to finance. An important question that arises is the extent to which the ruling class has actually changed. The giant corporations generated more economic surplus than they are able to find profitable investment outlets forgiven structural weaknesses in demand caused by insufficient real wage growth and a tendency toward growing idle capacity inhibiting investment. The diversion of surplus investment-seeking capital into speculation on asset prices constituted the new phenomenon of financialization, viewed as a long-term and global process.

Keywords: capitalist class; financialization; ruling class



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