Cookies Policy
X
Cookie Policy

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.

I accept this policy

Find out more here

Financialised Capitalism: Crisis and Financial Expropriation

No metrics data to plot.
The attempt to load metrics for this article has failed.
The attempt to plot a graph for these metrics has failed.
MyBook is a cheap paperback edition of the original book and will be sold at uniform, low price.

Buy this article

Price:
$30.00+ Tax (if applicable)
Add to Favorites

image of Historical Materialism

The current crisis is one outcome of the financialisation of contemporary capitalism. It arose in the USA because of the enormous expansion of mortgage-lending, including to the poorest layers of the working class. It became general because of the trading of debt by financial institutions. These phenomena are integral to financialisation. During the last three decades, large enterprises have turned to open markets to obtain finance, forcing banks to seek alternative sources of profit. One avenue has been provision of financial services to individual workers. This trend has been facilitated by the retreat of public provision from housing, pensions, education, and so on. A further avenue has been to adopt investment-banking practices in open financial markets. The extraction of financial profits directly out of personal income constitutes financial expropriation. Combined with investment-banking, it has catalysed the current gigantic crisis. More broadly, financialisation has sustained the emergence of new layers of rentiers, defined primarily through their relation to the financial system rather than ownership of loanable capital. Finally, financialisation has posed important questions regarding finance-capital and imperialism.

Loading

Article metrics loading...

/content/journals/10.1163/156920609x436153
2009-06-01
2015-03-28

Affiliations: 1: School of Oriental and African Studies, London

Sign-in

Can't access your account?
  • Tools

  • Add to Favorites
  • Printable version
  • Email this page
  • Subscribe to email alerts
  • Get permissions
  • Recommend to your library

    You must fill out fields marked with: *

    Librarian details
    Name:*
    Email:*
    Your details
    Name:*
    Email:*
    Department:*
    Why are you recommending this title?
    Select reason:
     
     
     
     
    Other:
     
    Historical Materialism — Recommend this title to your library

    Thank you

    Your recommendation has been sent to your librarian.

  • Export citations
  • Key

  • Full access
  • Open Access
  • Partial/No accessInformation