Advertisement

Problematizing Capitalism in the Era of Globalization and Financialization

  • Richard Westra
Chapter
Part of the Palgrave Insights into Apocalypse Economics book series (PIAE)

Abstract

Processes euphemized as globalization and financialization offer the most significant economic transmutations shaking advanced capitalist economies during the final decades of the twentieth century and into the twenty-first century. Globalization entails the disintegration of full-scale industrial production centered economies carrying ramifications for both the mass commodified labor forces capital maintained in the post-WWII period in its heartlands and the activities of erstwhile production centered corporations themselves which morph into “brands” that no longer make anything. Financialization involves the transformations of capitalist finance which produces a financial and historical regression to antediluvian practices most associated with ancient usury that expropriate wealth rather than intermediate in its generation and augmentation. Financialization and globalization interpenetrate to the detriment of humanity.

Keywords

Varieties of capitalism Globalization Financialization Originate to distribute finance Shadow banking Securitization Wealth expropriation 

References

  1. Bond, P. 2008. Against Volcker. Counterpunch, November 12. https://www.counterpunch.org/2008/11/12/against-volcker/.
  2. Boyer, R. 2005. How and Why Capitalisms Differ. Economy and Society 34 (4): 509–557.CrossRefGoogle Scholar
  3. Business Insider. 2017. GOLDMAN SACHS: There’s an Attractive Way to Profit from the $1.3 trillion Student-loan Bubble. December 9. https://www.businessinsider.com/student-loan-bubble-investment-is-private-abs-goldman-2017-12.
  4. Coates, D. 2015. Varieties of Capitalism and the ‘Great Moderation’. In New Directions in Comparative Capitalisms Research: Critical and Global Perspectives, ed. M. Ebenau, I. Bruff, and C. May. Basingstoke: Palgrave Macmillan.Google Scholar
  5. Das, S. 2016. A Banquet of Consequences: The Reality of Our Unusually Uncertain Economic Future. Harlow: Pearson Education.Google Scholar
  6. Drucker, P. 1994. Post-Capitalist Society. New York: Harper Business.Google Scholar
  7. Dumenil, G., and D. Levy. 2004. Capital Resurgent: The Roots of the Neoliberal Revolution. Cambridge, MA: Harvard University Press.Google Scholar
  8. Eichengreen, B. 2010. Global Imbalances and the Lessons of Bretton Woods. Cambridge: MIT Press.Google Scholar
  9. Financial Stability Board. 2018. Global Shadow Banking Monitoring Report 2017. http://www.fsb.org/wp-content/uploads/P050318-1.pdf#page=4.
  10. Fleetwood, S. 2008. Workers and Their Alter Egos as Consumers. Capital & Class 32 (1): 31–47.CrossRefGoogle Scholar
  11. Foroohar, R. 2016. Makers and Takers: The Rise of Finance and Fall of American Business. New York: Crown Business.Google Scholar
  12. Frieden, J. 2006. Global Capitalism: Its Fall and Rise in the Twentieth Century. New York: W.W. Norton.Google Scholar
  13. Garcia, C. 2014. Cash Pools, Fed Rev-repos, and the Stagnationist, Future Part 1. Financial Times, July 3. http://ftalphaville.ft.com/2014/07/03/1890002/cash-pools-fed-rev-repos-and-the-stagnationist-future-part-1/.
  14. Gerding, E. 2014. Law, Bubbles and Financial Regulation. London: Routledge.Google Scholar
  15. Grossman, R. 2010. Unsettled Account: The Evolution of Banking in the Industrialized World Since 1800. Princeton: Princeton University Press.CrossRefGoogle Scholar
  16. Hart-Landsberg, M. 2013. Capitalist Globalization: Consequences, Resistance, and Alternatives. New York: Monthly Review Press.Google Scholar
  17. Hodgson, G. 1998. The Approach of Institutional Economics. Journal of Economic Literature 36: 166–192.Google Scholar
  18. Itoh, M. 2000. The Japanese Economy Reconsidered. Basingstoke: Palgrave Macmillan.CrossRefGoogle Scholar
  19. Lapavitsas, C. 2013. Profiting Without Production: How Finance Exploits Us All. London: Verso.Google Scholar
  20. Lipietz, A. 2001. The Fortunes and Misfortunes of Post-Fordism. In Phases of Capitalist Development: Booms, Crises and Globalizations, ed. R. Albritton, M. Itoh, R. Westra, and A. Zuege. Basingstoke: Palgrave.Google Scholar
  21. McDonough, T. 2015. Social Structures of Accumulation: A Marxist Comparison of Capitalisms? In New Directions in Comparative Capitalisms Research: Critical and Global Perspectives, ed. M. Ebenau, I. Bruff, and C. May. Basingstoke: Palgrave Macmillan.Google Scholar
  22. Milberg, W., and D. Winkler. 2013. Outsourcing Economics: Global Value Chains in Capitalist Development. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
  23. Mohun, S. 2016. Inequality, Money Markets and Crisis. In The Great Financial Meltdown: Systemic, Conjunctural or Policy-Created? ed. T. Subasat. Northampton: Edward Elgar.Google Scholar
  24. Moody, K. 2017. On New Terrain: How Capital Is Reshaping the Battleground of Class War. Chicago: Haymarket.Google Scholar
  25. Van der Pijl, K. 2015. Varieties of Capitalism or Dominant Fractions? In The Future of Capitalism After the Financial Crisis: The Varieties of Capitalism Debate in the Age of Austerity, ed. R. Westra, D. Badeen, and R. Albritton. London: Routledge.Google Scholar
  26. Roberts, M. 2016. The Long Depression: How It Happened. In Why It Happened and What Happens Next. Chicago: Haymarket Books.Google Scholar
  27. Smith, T. 2015. The End of One American Century…and the Beginning of Another? In The Future of Capitalism After the Financial Crisis: The Varieties of Capitalism Debate in the Age of Austerity, ed. R. Westra, D. Badeen, and R. Albritton. London: Routledge.Google Scholar
  28. Tett, G. 2018. Have We Learnt the Lessons of the Financial Crisis? Financial Times. https://www.ft.com/content/a9b25e40-ac37-11e8-89a1-e5de165fa619.
  29. Tokunaga, J. 2018. US Dollar Based Financialization in the 2000s: A Marxian Approach. Paper presented to 2018 International Symposium on K. Marx in the 21st Century – Bicentennial Anniversary of Karl Marx’s Birth, Hosei University, Tokyo, Japan, December 23.Google Scholar
  30. Tokunaga, J., and G. Epstein. 2018. The Endogenous Finance of Global-dollar Based Financial Fragility in the 2000s: A Minskyan Approach. Review of Keynesian Economics 6 (1): 62–82.CrossRefGoogle Scholar
  31. Webber, M. 2001. Finance and the Real Economy: Theoretical Implications of the Financial Crisis in Asia. Geoforum 32: 1–13.CrossRefGoogle Scholar
  32. Webber, M., and D. Rigby. 1996. The Golden Age Illusion: Rethinking Postwar Capitalism. London: Guilford Press.Google Scholar
  33. ———. 2001. Growth and Change in the World Economy Since 1950. In Phases of Capitalist Development: Booms, Crises and Globalizations, ed. R. Albritton, M. Itoh, R. Westra, and A. Zuege. Basingstoke: Palgrave.Google Scholar
  34. Westra, R. 1996. Periodizing Capitalism and the Political Economy of Post-War Japan. Journal of Contemporary Asia 26 (4): 431–451.CrossRefGoogle Scholar
  35. ———. 2003. Social Theory, Economic Crisis, and the Japanese Political Economy: A Review Article. Review of International Political Economy 10 (2): 363–373.CrossRefGoogle Scholar
  36. ———. 2006. The Capitalist Stage of Consumerism and South Korean Development. Journal of Contemporary Asia 36 (1): 3–25.CrossRefGoogle Scholar
  37. ———. 2009. Political Economy and Globalization. London: Routledge.CrossRefGoogle Scholar
  38. ———. 2012. The Evil Axis of Finance: The US-Japan-China Stranglehold on the Global Future. Atlanta, GA: Clarity Press.Google Scholar
  39. ———. 2016. Unleashing Usury: How Finance Opened the Door to Capitalism Then Swallowed It Whole. Atlanta, GA: Clarity Press.Google Scholar
  40. ———. 2018. Roy Bhaskar’s Critical Realism and the Social Science of Marxian Economics. Review of Radical Political Economics. Online first September 21, 2018.  https://doi.org/10.1177/0486613418787405.
  41. Williams, K., T. Cutler, J. Williams, and C. Haslam. 2001. The End of Mass Production? In Regulationist Perspectives on Fordism and Post-Fordism: Regulation Theory and the Crisis of Capitalism 3, ed. B. Jessop. Northampton: Edward Elgar.Google Scholar
  42. Wood, S. 2001. The Japanization of Fordism. In Regulationist Perspectives on Fordism and Post-Fordism: Regulation Theory and the Crisis of Capitalism 3, ed. B. Jessop. Northampton: Edward Elgar.Google Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Richard Westra
    • 1
  1. 1.Centre for Macau StudiesUniversity of MacauMacauChina

Personalised recommendations