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      Desmond McNeill, Fetishism and the Theory of Value: Reassessing Marx in the 21st Century

      Competition & Change
      SAGE Publications

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          Is the Financialization Hypothesis a Theoretical Blind Alley?

          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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            Financialization and Marx: Giving Labor and Capital a Financial Makeover

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              THE WORLD OF CONSUMPTION

              Ben Fine (2002)
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                Author and article information

                Journal
                Competition & Change
                Competition & Change
                SAGE Publications
                1024-5294
                1477-2221
                September 06 2021
                : 102452942110396
                Article
                10.1177/10245294211039671
                b05a4e87-4e0f-4ac3-ad7c-f0ef6990290b
                © 2021

                http://journals.sagepub.com/page/policies/text-and-data-mining-license

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