Problematizing Capitalism in the Era of Globalization and Financialization
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.
KeywordsVarieties of capitalism Globalization Financialization Originate to distribute finance Shadow banking Securitization Wealth expropriation
- Bond, P. 2008. Against Volcker. Counterpunch, November 12. https://www.counterpunch.org/2008/11/12/against-volcker/.
- 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.
- 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
- Das, S. 2016. A Banquet of Consequences: The Reality of Our Unusually Uncertain Economic Future. Harlow: Pearson Education.Google Scholar
- Drucker, P. 1994. Post-Capitalist Society. New York: Harper Business.Google Scholar
- Dumenil, G., and D. Levy. 2004. Capital Resurgent: The Roots of the Neoliberal Revolution. Cambridge, MA: Harvard University Press.Google Scholar
- Eichengreen, B. 2010. Global Imbalances and the Lessons of Bretton Woods. Cambridge: MIT Press.Google Scholar
- Financial Stability Board. 2018. Global Shadow Banking Monitoring Report 2017. http://www.fsb.org/wp-content/uploads/P050318-1.pdf#page=4.
- Foroohar, R. 2016. Makers and Takers: The Rise of Finance and Fall of American Business. New York: Crown Business.Google Scholar
- Frieden, J. 2006. Global Capitalism: Its Fall and Rise in the Twentieth Century. New York: W.W. Norton.Google Scholar
- 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/.
- Gerding, E. 2014. Law, Bubbles and Financial Regulation. London: Routledge.Google Scholar
- Hart-Landsberg, M. 2013. Capitalist Globalization: Consequences, Resistance, and Alternatives. New York: Monthly Review Press.Google Scholar
- Hodgson, G. 1998. The Approach of Institutional Economics. Journal of Economic Literature 36: 166–192.Google Scholar
- Lapavitsas, C. 2013. Profiting Without Production: How Finance Exploits Us All. London: Verso.Google Scholar
- 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
- 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
- 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
- Moody, K. 2017. On New Terrain: How Capital Is Reshaping the Battleground of Class War. Chicago: Haymarket.Google Scholar
- 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
- Roberts, M. 2016. The Long Depression: How It Happened. In Why It Happened and What Happens Next. Chicago: Haymarket Books.Google Scholar
- 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
- Tett, G. 2018. Have We Learnt the Lessons of the Financial Crisis? Financial Times. https://www.ft.com/content/a9b25e40-ac37-11e8-89a1-e5de165fa619.
- 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
- Washington Post. 2018. Beware the ‘Mother of All Credit Bubbles’. June 8. https://www.washingtonpost.com/business/economy/beware-the-mother-of-all-credit-bubbles/2018/06/08/940f467c-69af-11e8-9e38-24e693b38637_story.html
- Webber, M., and D. Rigby. 1996. The Golden Age Illusion: Rethinking Postwar Capitalism. London: Guilford Press.Google Scholar
- ———. 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
- ———. 2012. The Evil Axis of Finance: The US-Japan-China Stranglehold on the Global Future. Atlanta, GA: Clarity Press.Google Scholar
- ———. 2016. Unleashing Usury: How Finance Opened the Door to Capitalism Then Swallowed It Whole. Atlanta, GA: Clarity Press.Google Scholar
- ———. 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.
- 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
- 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