TY - JOUR
T1 - Financialised Capitalism and the Subordination of Emerging Capitalist Economies
AU - Bonizzi, Bruno
AU - Kaltenbrunner, Annina
AU - Powell, Jeff
N1 - © The Author(s) 2022. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved. This is the accepted manuscript version of an article which has been published in final form at https://doi.org/10.1093/cje/beac023
PY - 2022/5/31
Y1 - 2022/5/31
N2 - 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.
AB - 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.
U2 - 10.1093/cje/beac023
DO - 10.1093/cje/beac023
M3 - Article
SN - 0309-166X
JO - Cambridge Journal of Economics
JF - Cambridge Journal of Economics
M1 - beac023
ER -