Finance Capital in Marxian Perspective
It is claimed that today’s global economy and global capitalism are shaped by finance capital as distinct from industrial capital. This paper is an attempt to decipher the meaning of finance capital in the present context of globalization and also in terms of the relation with what is known today as financialization. Finally, through some empirical facts (with respect to global economy at large and the Indian economy in general) we have tried to relate theory with empirics. The final point which this paper strives to drive home is the fact that the question of finance today can never be delinked from the question of labour. This becomes obvious from the theoretical perspective of capital in general as laid down in Marx’s magnum opus—Capital.
KeywordsFinance capital Financialization Circuits of capital
- Crotty, James. 2003. “The Neoliberal Paradox: The Impact of Destructive Product Market Competition and Impatient Finance on Nonfinancial Corporations in the Neoliberal Era”, Research Brief 2003–2005. Amherst: Political Economy Research Institute (PERI), University of Massachusetts.Google Scholar
- Epstein, Gerald A. 2005. Financialization and the World Economy. Northampton, MA: Edward Elgar.Google Scholar
- Levitt, Karl Polanyi 2008. The Great Financialization. John Kenneth Galbraith Prize Lecture, June 8, 2008. Available online at www.karipolanyilevitt.com/wp-content/uploads/2011/01/The-Great-Financialization.pdf.
- Palley, Thomas 2007. Financialization: What It Is and Why It Matters. Working Paper No. 525, The Levy Economic Institute of Bard College, New York, December 2007.Google Scholar
- Sen, Sunanda. 2004. Global Finance At Risk—On Real Stagnation and Instability. New Delhi: Oxford India Paperbacks, OUP.Google Scholar
- Sen, Sunanda, and Zico Dasgupta 2018. Financialisation and corporate investments: the Indian case. Review of Keynesian Economics, 6(1): 96–118.Google Scholar
- Sweezy, Paul 1997. More (or Less) on Globalization. Monthly Review, 9(4). Available online at www.monthlyreview.org/1997/09/01/more-or-less-on-globalization.