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        Financialised Capitalism and the Subordination of Emerging Capitalist Economies

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        CJE_Accepted.pdf (PDF, 444Kb)(embargoed until 31/12/2099)
        Author
        Bonizzi, Bruno
        Kaltenbrunner, Annina
        Powell, Jeff
        Attention
        2299/25644
        Abstract
        The variegated experiences of financialisation in Emerging Capitalist Economies (ECEs) require a theory of global structural transformation in which these appearances can be located. Such a transformation can be found in the substantive advancement of the internationalisation of the circuits of capital, marking the passage into a new stage of financialised capitalism. In this new stage, finance has taken the concrete form of a US dollar market-based system, while production is carried out through global production networks. The confluence of these new realities has impacted both the size and the nature of the transfer of value from subordinate regions. An increasing share of this transferred value is captured by finance, both as reward for services rendered and as opportunities for expropriation have proliferated. In financialised capitalism, ECEs are cast in a subordinate position in relation to the extraction, realisation, and ‘storage’ of value, and the agency of their public and private agents is severely constrained.
        Publication date
        2022-05-31
        Published in
        Cambridge Journal of Economics
        Published version
        https://doi.org/10.1093/cje/beac023
        Other links
        http://hdl.handle.net/2299/25644
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