Financialization, neo-liberalism, and securitization

@article{Lavoie2012FinancializationNA,
  title={Financialization, neo-liberalism, and securitization},
  author={Marc Lavoie},
  journal={Journal of Post Keynesian Economics},
  year={2012},
  volume={35},
  pages={215 - 233}
}
  • M. Lavoie
  • Published 1 December 2012
  • Economics
  • Journal of Post Keynesian Economics
The financial crisis can be explained as the ultimate result of the gradual move towards neoliberal policies and the acceptance of neoliberal economic theories. The purchasing power of ordinary workers and consumers has been constrained by the evolution of six economic features: environmental issues, globalization, sound finance, the focus of central banks on inflation, and the new views on corporate governance, based on shareholder value and money manager capitalism. The generalization of… 

Understanding the global financial crisis: contributions of post-Keynesian economics

Abstract Post-Keynesian economics has greatly improved our understanding of the causes as well as some of the consequences of the Global Financial Crisis. This paper deals with some examples related

The colonization of the future: An alternative view of financialization and its portents

ABSTRACT Financialization is generally interpreted by heterodox economists to be a dysfunctional and thus historically transient outgrowth of contemporary capitalism: dysfunctional because it is seen

Shadow banking and the financial side of financialisation

This paper sheds some light on the nature and functioning of shadow banking, with a special focus on its role in the evolution of financialisation as well as in sharpening income and wealth

Advances in the Post-Keynesian Analysis of Money and Finance

  • M. Lavoie
  • Economics
    Frontiers of Heterodox Macroeconomics
  • 2019
This chapter focuses on the various monetary themes that have been emphasized by post-Keynesian economists and that turned out to have been validated by the events that occurred during and after the

Financialization, securitization and the decline of pubs in Britain

Pubs in Britain are closing at a rapid rate. While changing regulatory, demographic and consumer trends have weakened the viability of pubs businesses in recent years, less is known about the role

Does Securitisation Make Monetary Policy Less Effective?

ABSTRACT We re-examine the role of monetary policy and its transmission mechanism through the credit channel while focusing on securitisation. We empirically investigate the interactions between

A Crisis of the Overcrowded Future: Shadow Banking and the Political Economy of Financial Innovation

This article focuses on the role the shadow banking system played in the financial crisis of 2007–9. Engaging with emergent theories of shadow banking, I inquire into its structural role in

Financialisation reinforced: the dual legacy of the covid pandemic

This paper examines the impact of the covid pandemic on the financialisation process, here viewed as the growing domination of the world’s bond and equity markets over the world’s product markets.

“A Moloch demanding the whole world as a sacrifice”

  • Éric Pineault
  • Economics
    Große Transformation? Zur Zukunft moderner Gesellschaften
  • 2019
Financialization has substantially transformed accumulation dynamics in advanced capitalist economies and societies. The paper proposes a sociological model of financial circulation that maps the

Conditionality and Structural Adjustment Programmes

Conditionality requires any country seeking financial assistance from the IMF to observe and meet certain conditions, which are embodied in structural adjustment programmes; otherwise their requests

References

SHOWING 1-10 OF 29 REFERENCES

Financialisation and the slowdown of accumulation

Over the past decades, the financial investment of non-financial businesses has been rising, and the accumulation of capital goods has been declining. The first part of the paper offers a novel

Securitization

We survey the literature on securitization and lay out a research program for its open questions. Securitization is the process by which loans, previously held to maturity on the balance sheets of

Capital Inflows: The Role of Controls

With the global economy beginning to emerge from the financial crisis, capital is flowing back to emerging market countries (EMEs). These flows, and capital mobility more generally, allow countries

Financialisation and capital accumulation in the non-financial corporate sector:A theoretical and empirical investigation on the US economy: 1973–2003

Recent research has explored the growing ‘financialization’ process in the U.S. and other advanced economies. The term is a catch-all phrase used to denote important changes in the structure of

Insuring Against Private Capital Flows: Is It Worth the Premium? What Are the Alternatives?

Following an analysis of the forces behind the so-called "global capital flows paradox" observed in the era of advancing financial globalization, this paper sets out to investigate the opportunity

Managerial Capitalism by Any Other Name

The author claims that the more managerial capitalism changes, the more it remains the same. He begins by analyzing John Kenneth Galbraith's description of corporate structure in the 1950s and 1960s.

Will Global Capitalism be Anglo-Saxon Capitalism?

Once ‘the Labour Movement’ really was a ‘movement’, with an organisational complex, part industrial, part political and a programme for social transformation from capitalism to socialism. Today,

Foundations of Post-Keynesian Economic Analysis

This innovative book demonstrates that it is possible to construct a coherent alternative to neoclassical economics based on the contributions of post-Keynesian and Kaleckian economists. It

Systemic Risk, Financial Innovations, and the Financial Safety Net

Money does not manage itself. This was Bagehot’s contention, backed up by his large experience with the London money market. He drew operational conclusions and stated what is known to be the