Financialised Capitalism and the Subordination of Emerging Capitalist Economies

Bruno Bonizzi, Annina Kaltenbrunner, Jeff Powell

Research output: Contribution to journalArticlepeer-review


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.
Original languageEnglish
Article numberbeac023
Number of pages28
JournalCambridge Journal of Economics
Publication statusPublished - 31 May 2022


Dive into the research topics of 'Financialised Capitalism and the Subordination of Emerging Capitalist Economies'. Together they form a unique fingerprint.

Cite this