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‘Is the Financialization Hypothesis a theoretical blind alley?’ – S.Mavroudeas & D.Papadatos, WORLD REVIEW OF POLITICAL ECONOMY

Summary:
The article can be downloaded via the following links: https://www.researchgate.net/publication/330719577_Is_the_Financialization_Hypothesis_a_Theoretical_Blind_Alley https://www.academia.edu/42191644/IS_THE_FINANCIALIZATION_HYPOTHESIS_A_THEORETICAL_BLIND_ALLEY [embedded content] WORLD REVIEW OF POLITICAL ECONOMY Vol. 9, No. 4 (Winter 2018), pp. 451-476 DOI: 10.13169/worlrevipoliecon.9.4.0451 ‘Is the Financialization Hypothesis a theoretical blind alley?’ S.Mavroudeas & D.Papadatos 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

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The article can be downloaded via the following links:

https://www.researchgate.net/publication/330719577_Is_the_Financialization_Hypothesis_a_Theoretical_Blind_Alley

https://www.academia.edu/42191644/IS_THE_FINANCIALIZATION_HYPOTHESIS_A_THEORETICAL_BLIND_ALLEY

WORLD REVIEW OF POLITICAL ECONOMY

Vol. 9, No. 4 (Winter 2018), pp. 451-476

DOI: 10.13169/worlrevipoliecon.9.4.0451

‘Is the Financialization Hypothesis a theoretical blind alley?’

S.Mavroudeas & D.Papadatos

‘Is the Financialization Hypothesis a theoretical blind alley?’ – S.Mavroudeas & D.Papadatos, WORLD REVIEW OF POLITICAL ECONOMY

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.
Stavros Mavroudeas
He is currently Professor of Political Economy at the Department of Social Policy of Panteion University. He was previously Professor of Political Economy at the Department of Economics of the University of Macedonia. He studied at the Economics Department of the National Kapodistriakon University of Athens, from where he received his BA Economics (1985 - First Class Honours).

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