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Profiting from financialization, secular stagnation and wage anchors: a commentary on Lapavitsas (2013)

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Notes

  1. Expansions of the money supply through large-scale asset purchases.

  2. Note that, instead, Lapavitsas (2013) affirms we live in a financialized capitalist economy.

  3. The “generate-and-distribute” model to be found in conventional finance literature belongs to the realm of speculative activities in capital markets.

  4. Incidentally, the role of wage deflation as the main anchor for inflation targeting and financialization in peripheral countries has gone unnoticed in the heterodox literature. While the rate of interest is the anchor of inflation in the new macroeconomic consensus model of monetary policy, Post-Keynesian and Neo-Structuralist theorists have emphasized nominal exchange rate anchors (Cf. Ball 1999; Svensson 1998; Galindo and Ros 2008; García and Perrotini 2014).

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Acknowledgments

The author thanks Ajit Zacharias for valuable comments and observations. It goes without saying that the responsibility for the paper is entirely the author’s.

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  1. Faculty of Economics, UNAM, Ciudad Universitaria, Mexico D.F., Mexico

    Ignacio Perrotini

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  1. Ignacio Perrotini
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Correspondence to Ignacio Perrotini.

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Perrotini, I. Profiting from financialization, secular stagnation and wage anchors: a commentary on Lapavitsas (2013). Dialect Anthropol 39, 329–336 (2015). https://doi.org/10.1007/s10624-015-9378-1

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