Is the Financialization Hypothesis a Theoretical Blind Alley?

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Is the Financialization Hypothesis a Theoretical Blind Alley?

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Author(s): Stavros Mavroudeas , Demophanes Papadatos

Publication date (Print): 1 December 2018

Journal: World Review of Political Economy

Publisher: Pluto Journals

Keywords: financialization, Marxism, financial system, classes, fictitious capital

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Abstract

The Financialization Hypothesis is a popular argument in contemporary heterodox and also mainstream economics. It maintains that capitalism has undergone a radical transformation over at least the past three decades. The financial system, through a series of innovative mechanisms, has conquered the commanding heights of capitalism and has changed the whole system according to its own prerogatives. Concomitantly, the global capitalist crisis of 2008 is considered to have been a financialization crisis. This article disputes the Financialization Hypothesis and argues that instead of casting light on the actual workings of modern capitalism, it misconstrues them and leads into an explanatory blind alley. The spectacular ballooning of the financial system during the recent decades of weak profitability and accumulation does not constitute a new epoch, let alone a new capitalism. Instead, it represents a familiar capitalist response to periods of weak profitability. This does not preclude the proliferation of new financial instruments, which lend specific new forms to a well-known capitalist process. The Marxist theory of crisis and fictitious capital offers an analytically and empirically superior understanding of this process.

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Journal ID (doi): 10.2307/j50005553

Journal ID (jcode): worlrevipoliecon

Title: World Review of Political Economy

Publisher: Pluto Journals

ISSN: 2042-891X

ISSN: 2042-8928

Publication date (Print): 1 December 2018

Volume: 9

Issue: 4 ( doiID: 10.13169/worlrevipoliecon.9.issue-4 )

Pages: 451-476

Article

Publisher ID: worlrevipoliecon.9.4.0451

DOI: 10.13169/worlrevipoliecon.9.4.0451

SO-VID: 500a4dc6-943d-430c-94a0-7b9fbc6f5cb9

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ScienceOpen disciplines: Political economics

Keywords: financial system,financialization,fictitious capital,classes,Marxism

References

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Aglietta, M., and R. Breton. 2001. “Financial Systems, Corporate Control and Capital Accumulation.” Economy & Society 30 (4): 433–466.
Arcand, J. L., E. Berkes, and U. Panizza. 2015. “Too Much Finance?” Journal of Economic Growth 20 (2): 105–148.
Bernanke, B., and M. Gertler. 1987. “Banking and Macroeconomic Equilibrium.” In New Applications to Monetary Economics, edited by W. Barnet and K. Singleton, 89–111. Cambridge: Cambridge University Press.
Bernanke, B., and M. Gertler. 1989. “Agency Costs, Net Worth, and Business Fluctuations.” American Economic Review 79 (1): 14–31.
Bernanke, B., M. Gertler, and S. Gilchrist. 1996. “The Financial Accelerator and the Flight to Quality.” Review of Economics and Statistics 58: 1–15.
Bernanke, B., M. Gertler, and S. Gilchrist. 1997. “The Financial Accelerator in a Quantitative Business Cycle Framework.” NBER Working Paper No. 6455. www.nber.org/papers/w6455.
Bhaduri, A. 2011. “Financialization in the Light of Keynesian Theory.” PSL Quarterly Review 64 (256): 7–21.
Bond, P. 2010. “A Century since Hilferding's ‘Finanz Kapital’—Again, Apparently, a Banker's World?” Links International Journal of Socialist Renewal, November 19. http://links.org.au/node/2007.
Boyer, R. 2000. “Is a Finance-Led Growth Regime a Viable Alternative to Fordism? A Preliminary Analysis.” Economy & Society 29 (1): 111–145.
Bryan, D. 2010. “The Duality of Labour and the Financial Crisis.” Economic and Labour Relations Review 20 (2): 49–59.
Bryan, D., R. Martin, and M. Rafferty. 2009. “Financialization and Marx: Giving Labor and Capital a Financial Makeover.” Review of Radical Political Economics 41 (4): 458–472.
Chandler, A. 1977. The Visible Hand: The Managerial Revolution in American Business. Cambridge: Belknap.
Davis, G. F. 2008. “A New Finance Capitalism? Mutual Funds and Ownership Re-concentration in the United States.” European Management Review 5: 11–21.
DeLong, B. 1991. “Did J. P. Morgan's Men Add Value? An Economist's Perspective on Financial Capitalism.” In Inside the Business Enterprise: Historical Perspectives on the Use of Information, edited by P. Temin, 205–250. Chicago: University of Chicago Press.
Epstein, G, ed. 2005. Financialization and the World Economy. London: Edward Elgar.
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Fine, B. 2013–2014. “Financialization from a Marxist Perspective.” International Journal of Political Economy 42 (4): 47–66.
Fine, B., and L. Harris. 1979. Rereading Capital. London: Macmillan.
Foster, J. B. 2010. “The Financialization of Accumulation.” Monthly Review 62 (5): 1–17.
Gertler, M. 1988. “Financial Structure and Aggregate Economic Activity: An Overview.” Journal of Money Credit and Banking 20 (3): 559–588.
Greenwood, R., and D. Scharfstein. 2013. “The Growth of Finance.” Journal of Economic Perspectives 27 (2): 3–28.
Grossmann, H. (1929) 1959. The Law of Accumulation and Breakdown of the Capitalist System. Leipzig: Hirschfeld.
Harris, L. 1988. “Alternative Perspectives on the Financial System.” In New Perspectives on the Financial System, edited by L. Harris, J. Coakley, M. Groasdale, and T. Evans, 7–35. London: Croom Helm.
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King, R., and R. Levine. 1993. “Finance and Growth: Schumpeter Might Be Right.” Quarterly Journal of Economics 108 (3): 717–737.
Kiyotaki, N., and J. Moore. 1997. “Credit Cycles.” Journal of Political Economy 105: 211–248.
Krippner, G. 2005. “The Financialization of the American Economy.” Socio-economic Review 3 (2): 173–208.
Lapavitsas, C. 2008. “Financialised Capitalism: Direct Exploitation and Periodic Bubbles.” SOAS Working Paper. http://www.leftlibrary.com/lapavitsas1.pdf.
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Lapavitsas, C. 2014. Profiting without Producing: How Finance Exploits Us All. London: Verso.
Lapavitsas, C., and S. Kouvelakis. 2012. Crisis and Left Vent. [In Greek.] Athens: Livanis.
Lenin, V. I. (1917) 1948. Imperialism, the Highest Stage of Capitalism. London: Lawrence and Wishart.
Mavroudeas, S. 2012. The Limits of Regulation: A Critical Analysis of Capitalist Development. Cheltenham: Edward Elgar.
Mavroudeas, S. 2015. “‘Financialization’ and the Greek Case.” In Greek Capitalism in Crisis: Marxist Analyses, edited by S. Mavroudeas, 82–102. London: Routledge.
Mavroudeas, S., and D. Paitaridis. 2015. “The Greek Crisis: A Dual Crisis of Overaccumulation and Imperialist Exploitation.” In Greek Capitalism in Crisis: Marxist Analyses, edited by S. Mavroudeas, 153–175. London: Routledge.
Mehrling, P. 2011. The New Lombard Street: How the Fed Became the Dealer of Last Resort. Princeton: Princeton University Press.
Minsky, H. 1963. “Comment on Friedman and Schwartz's Money and Business Cycles.” Review of Economics and Statistics 45: 64–78.
Minsky, H. 1975. John Maynard Keynes. New York: Columbia University Press.
Minsky, H. 1982. Can “It” Happen Again? Armonk, NY: M.E. Sharpe.
Moore, B. J. 1988. Horizontalists and Verticalists: The Macroeconomics of Credit Money. Cambridge: Cambridge University Press.
Moore, B. J. 1989. “A Simple Model of Bank Intermediation.” Journal of Post-Keynesian Economics 12 (1): 11–28.
Neal, L. 1990. The Rise of Financial Capitalism. Cambridge: Cambridge University Press.
Palley, T. 1996. Post-Keynesian Economics: Debt, Distribution and the Macro Economy. London: MacMillan Press.
Palley, T. 2013. Financialization: The Economics of Finance Capital Domination. London: Palgrave Macmillan.
Papadatos, D. 2017. “Is the Current Crisis of Greek Capitalism a Crisis of a Financialized Economy?” EAST-WEST Journal of Economics and Business XXI (1–2): 21–42.
Rochon, L. R. 1999. Credit, Money, and Production: An Alternative Post-Keynesian Approach. London: Edward Elgar.
Roe, M. 1994. Strong Managers, Weak Owners: The Political Roots of American Corporate Finance. Princeton: Princeton University Press.
Rogers, C. 1989. Money, Interest and Capital: A Study in the Foundations of Monetary Theory. Cambridge: Cambridge University Press.
Rostow, W. W. 1960. The Stages of Economic Growth: A Non-communist Manifesto. Cambridge: Cambridge University Press.
Shaikh, A. 2010. “The First Great Depression of the 21st Century.” Socialist Register Fall: 44–63.
Stockhammer, E. 2004. “Financialization and the Slowdown of Accumulation.” Cambridge Journal of Economics 28 (5): 719–741.
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Comments

Comment on this article

[1] Aglietta, M. 2000. “Shareholder Value and Corporate Governance: Some Tricky Questions.” Economy & Society 29 (1): 146–159.

[2] Aglietta, M., and R. Breton. 2001. “Financial Systems, Corporate Control and Capital Accumulation.” Economy & Society 30 (4): 433–466.

[3] Arcand, J. L., E. Berkes, and U. Panizza. 2015. “Too Much Finance?” Journal of Economic Growth 20 (2): 105–148.

[4] Bernanke, B., and M. Gertler. 1987. “Banking and Macroeconomic Equilibrium.” In New Applications to Monetary Economics, edited by W. Barnet and K. Singleton, 89–111. Cambridge: Cambridge University Press.

[5] Bernanke, B., and M. Gertler. 1989. “Agency Costs, Net Worth, and Business Fluctuations.” American Economic Review 79 (1): 14–31.

[6] Bernanke, B., M. Gertler, and S. Gilchrist. 1996. “The Financial Accelerator and the Flight to Quality.” Review of Economics and Statistics 58: 1–15.

[7] Bernanke, B., M. Gertler, and S. Gilchrist. 1997. “The Financial Accelerator in a Quantitative Business Cycle Framework.” NBER Working Paper No. 6455. www.nber.org/papers/w6455.

[8] Bhaduri, A. 2011. “Financialization in the Light of Keynesian Theory.” PSL Quarterly Review 64 (256): 7–21.

[9] Bond, P. 2010. “A Century since Hilferding's ‘Finanz Kapital’—Again, Apparently, a Banker's World?” Links International Journal of Socialist Renewal, November 19. http://links.org.au/node/2007.

[10] Boyer, R. 2000. “Is a Finance-Led Growth Regime a Viable Alternative to Fordism? A Preliminary Analysis.” Economy & Society 29 (1): 111–145.

[11] Bryan, D. 2010. “The Duality of Labour and the Financial Crisis.” Economic and Labour Relations Review 20 (2): 49–59.

[12] Bryan, D., R. Martin, and M. Rafferty. 2009. “Financialization and Marx: Giving Labor and Capital a Financial Makeover.” Review of Radical Political Economics 41 (4): 458–472.

[13] Chandler, A. 1977. The Visible Hand: The Managerial Revolution in American Business. Cambridge: Belknap.

[14] Davis, G. F. 2008. “A New Finance Capitalism? Mutual Funds and Ownership Re-concentration in the United States.” European Management Review 5: 11–21.

[15] DeLong, B. 1991. “Did J. P. Morgan's Men Add Value? An Economist's Perspective on Financial Capitalism.” In Inside the Business Enterprise: Historical Perspectives on the Use of Information, edited by P. Temin, 205–250. Chicago: University of Chicago Press.

[16] Epstein, G, ed. 2005. Financialization and the World Economy. London: Edward Elgar.

[17] Fine, B. 2009. “Financialization, the Value of Labour Power, the Degree of Separation, and Exploitation by Banking.” SOAS Research Students, Summer Seminar Series. www.eprints.soas.ac.uk/7480/2/BenFine_FinancialisationlabourPower.pdf.

[18] Fine, B. 2010. “Locating Financialization.” Historical Materialism 18 (2): 97–116.

[19] Fine, B. 2013–2014. “Financialization from a Marxist Perspective.” International Journal of Political Economy 42 (4): 47–66.

[20] Fine, B., and L. Harris. 1979. Rereading Capital. London: Macmillan.

[21] Foster, J. B. 2010. “The Financialization of Accumulation.” Monthly Review 62 (5): 1–17.

[22] Gertler, M. 1988. “Financial Structure and Aggregate Economic Activity: An Overview.” Journal of Money Credit and Banking 20 (3): 559–588.

[23] Greenwood, R., and D. Scharfstein. 2013. “The Growth of Finance.” Journal of Economic Perspectives 27 (2): 3–28.

[24] Grossmann, H. (1929) 1959. The Law of Accumulation and Breakdown of the Capitalist System. Leipzig: Hirschfeld.

[25] Harris, L. 1988. “Alternative Perspectives on the Financial System.” In New Perspectives on the Financial System, edited by L. Harris, J. Coakley, M. Groasdale, and T. Evans, 7–35. London: Croom Helm.

[26] Hawley, J., and A. Williams. 1997. “The Emergence of Fiduciary Capitalism.” Corporate Governance 5 (4): 206–213.

[27] Hein, E. 2013. “Finance-Dominated Capitalism and Redistribution of Income: A Kaleckian Perspective.” Levy Institute Working Paper No. 746. http://www.levyinstitute.org/pubs/wp_746.pdf.

[28] Hilferding, R. (1910) 1981. Finance Capital. London: Routledge and Kegan Paul.

[29] Itoh, M. 1988. The Basic Theory of Capitalism. London: Macmillan.

[30] Kedrosky, P., and D. Stangler. 2011. Financialization and Its Entrepreneurial Consequences. Kaufman Foundation. https://www.kauffman.org/what-we-do/research/firm-formation-and-growth-series/financialization-and-its-entrepreneurial-consequences.

[31] Keynes, J. M. 1930. Collected Writings on J. M. Keynes. Vols. 5 and 6. London: MacMillan for the Royal Economic Society.

[32] King, R., and R. Levine. 1993. “Finance and Growth: Schumpeter Might Be Right.” Quarterly Journal of Economics 108 (3): 717–737.

[33] Kiyotaki, N., and J. Moore. 1997. “Credit Cycles.” Journal of Political Economy 105: 211–248.

[34] Krippner, G. 2005. “The Financialization of the American Economy.” Socio-economic Review 3 (2): 173–208.

[35] Lapavitsas, C. 2008. “Financialised Capitalism: Direct Exploitation and Periodic Bubbles.” SOAS Working Paper. http://www.leftlibrary.com/lapavitsas1.pdf.

[36] Lapavitsas, C. 2009. “Financialisation, or the Search for Profits in the Sphere of Circulation.” EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco/Eusko Jaurlaritza/Basque Government, 72 (03): 98–119.

[37] Lapavitsas, C. 2014. Profiting without Producing: How Finance Exploits Us All. London: Verso.

[38] Lapavitsas, C., and S. Kouvelakis. 2012. Crisis and Left Vent. [In Greek.] Athens: Livanis.

[39] Lenin, V. I. (1917) 1948. Imperialism, the Highest Stage of Capitalism. London: Lawrence and Wishart.

[40] Mavroudeas, S. 2012. The Limits of Regulation: A Critical Analysis of Capitalist Development. Cheltenham: Edward Elgar.

[41] Mavroudeas, S. 2015. “‘Financialization’ and the Greek Case.” In Greek Capitalism in Crisis: Marxist Analyses, edited by S. Mavroudeas, 82–102. London: Routledge.

[42] Mavroudeas, S., and D. Paitaridis. 2015. “The Greek Crisis: A Dual Crisis of Overaccumulation and Imperialist Exploitation.” In Greek Capitalism in Crisis: Marxist Analyses, edited by S. Mavroudeas, 153–175. London: Routledge.

[43] Mehrling, P. 2011. The New Lombard Street: How the Fed Became the Dealer of Last Resort. Princeton: Princeton University Press.

[44] Minsky, H. 1963. “Comment on Friedman and Schwartz's Money and Business Cycles.” Review of Economics and Statistics 45: 64–78.

[45] Minsky, H. 1975. John Maynard Keynes. New York: Columbia University Press.

[46] Minsky, H. 1982. Can “It” Happen Again? Armonk, NY: M.E. Sharpe.

[47] Moore, B. J. 1988. Horizontalists and Verticalists: The Macroeconomics of Credit Money. Cambridge: Cambridge University Press.

[48] Moore, B. J. 1989. “A Simple Model of Bank Intermediation.” Journal of Post-Keynesian Economics 12 (1): 11–28.

[49] Neal, L. 1990. The Rise of Financial Capitalism. Cambridge: Cambridge University Press.

[50] Palley, T. 1996. Post-Keynesian Economics: Debt, Distribution and the Macro Economy. London: MacMillan Press.

[51] Palley, T. 2013. Financialization: The Economics of Finance Capital Domination. London: Palgrave Macmillan.

[52] Papadatos, D. 2017. “Is the Current Crisis of Greek Capitalism a Crisis of a Financialized Economy?” EAST-WEST Journal of Economics and Business XXI (1–2): 21–42.

[53] Rochon, L. R. 1999. Credit, Money, and Production: An Alternative Post-Keynesian Approach. London: Edward Elgar.

[54] Roe, M. 1994. Strong Managers, Weak Owners: The Political Roots of American Corporate Finance. Princeton: Princeton University Press.

[55] Rogers, C. 1989. Money, Interest and Capital: A Study in the Foundations of Monetary Theory. Cambridge: Cambridge University Press.

[56] Rostow, W. W. 1960. The Stages of Economic Growth: A Non-communist Manifesto. Cambridge: Cambridge University Press.

[57] Shaikh, A. 2010. “The First Great Depression of the 21st Century.” Socialist Register Fall: 44–63.

[58] Stockhammer, E. 2004. “Financialization and the Slowdown of Accumulation.” Cambridge Journal of Economics 28 (5): 719–741.

[59] Stockhammer, E. 2009. “The Finance-Dominated Accumulation Regime, Income Distribution and the Present Crisis.” Institut für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, Department of Economics Working Paper Series, no. 127. https://ideas.repec.org/p/wiw/wus005/136.html.

[60] Sweezy, P. 1942. The Theory of Capitalist Development. New York and London: Monthly Review Press.

[61] Sweezy, P. 1994. “The Triumph of Financial Capital.” Monthly Review 46 (2): 1.

[62] Sweezy, P. 1997. “More (or Less) on Globalization.” Monthly Review 49 (4): 1.

[63] Tabb, W. 2010. “Financialization in the Contemporary Social Structure of Accumulation.” In Contemporary Capitalism and Its Crises: Social Structure of Accumulation Theory for the 21st Century, edited by T. McDonough, M. Reich, and D. Kotz, 6–34. Cambridge: Cambridge University Press.

[64] Taylor, A. 2012. “The Great Leveraging.” NBER Working Paper No. 18290. http://www.nber.org/papers/w18290.

[65] Tomé, J. P. 2011. “Financialization as a Theory of Crisis in a Historical Perspective: Nothing New under the Sun.” PERI (Political Economy Research Institute) Working Paper Series No. 262. https://www.peri.umass.edu/publication/item/431-financialization-as-a-theory-of-crisis-in-a-historical-perspective-nothing-new-under-the-sun.

[66] Toporowski, J. 1999. “Monetary Policy in an Era of Capital Market Inflation.” Levy Institute Working Paper No. 279. http://www.levyinstitute.org/publications/monetary-policy-in-an-era-of-capital-market-inflation.

[67] Toporowski, J. 2000. The End of Finance: Capital Market Inflation, Financial Derivatives and Pension Fund Capitalism. London: Routledge Frontiers of Political Economy.

[68] Toporowski, J. 2005. Theories of Financial Disturbance: An Examination of Critical Theories of Finance from Adam Smith to the Present Day. London: Edward Elgar.

[69] Van Treeck, T. 2008. “The Political Economy Debate on ‘Financialization’—A Macroeconomic Perspective.” IMK (Macroeconomic Policy Institute) Working Paper No. 1. https://ideas.repec.org/p/imk/wpaper/01–2008.html.

[70] Walsh, V., and H. Gram. 1980. Classical and Neo-classical Theories of General Equilibrium. New York: Oxford University Press.

[71] Wray, L. R. 1992. “Alternative Theories of the Rate of Interest.” Cambridge Journal of Economics 16 (1): 69–89.