Financialisation and Capitalist Accumulation : Structural Accounts of the Crisis of 2007-9
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- LAPAVITSAS Costas
- SOAS, Univ. of London
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- 横内 正雄
- 法政大学
Bibliographic Information
- Other Title
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- 金融化と資本主義的蓄積 : 2007-9年危機の構造的説明
- キンユウカ ト シホン シュギテキ チクセキ 2007 9ネン キキ ノ コウゾウテキ セツメイ
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Abstract
The crisis of 2007-9 resulted from a financial bubble marked by weak production, expanding bank assets, and growing household indebtedness. For these reasons the crisis casts light on the financialisation of capitalist economies. The literature on financialisation generally links weak production with booming finance; according to some, causation runs from weak production to booming finance, while for others it runs in the opposite direction. This article argues that there is no direct causation between booming finance and weak production. Rather, financialisation represents systemic transformation of capitalist production and finance, which ultimately accounts for the crisis of 2007-9, and has three main features. First, less reliance of large corporations on banks; second, banks shifting their activities toward mediating in open markets and transacting with individuals; third, increasing implication of individuals in the operations of finance.
Journal
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- Political Economy Quarterly
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Political Economy Quarterly 47 (1), 42-55, 2010
Japan Society of Political Economy
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Details 詳細情報について
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- CRID
- 1390001205826191744
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- NII Article ID
- 110009828467
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- NII Book ID
- AA11941356
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- ISSN
- 21897719
- 18825184
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- NDL BIB ID
- 10666173
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- Text Lang
- ja
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- Data Source
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- JaLC
- NDL
- CiNii Articles
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- Abstract License Flag
- Disallowed