The Second Financialisation

  • Alessandro VercelliEmail author


This chapter reconstructs how the process of financialisation changed the behaviour of the financial system. The author examines first this issue from a long-period point of view, providing a synthetic reconstruction of the main long-run factual trends and provides a suggested interpretation of its theoretical implications. The author focuses, in particular, on one of the most far-reaching new features acquired recently by the financial system: the progressive intermingling between the process of production of goods and the process of “production” of financial instruments. The focus shifts then on a few important side effects of the recent evolution of the financial system and its policy implications. The concluding remarks sketch the direction that we should pursue to render the financial system consistent with the normative principles of comprehensive sustainability, as defined in Chap.  1.


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Copyright information

© The Author(s) 2019

Authors and Affiliations

  1. 1.University of SienaSienaItaly

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