Abstract
First, this chapter discusses to what extent financialisation is a recurring phenomenon. The historical evidence shows that episodes of rapid financialisation have analogies and differences and that they alternate with periods of slower, sometimes receding, financialisation. This begs the question whether the fluctuations of financialisation occurred around a trend or not. This chapter argues that we may identify a secular tendency of increasing financialisation. The progressive steps of financialisation have a common root in flexibility-enhancing innovations. These innovations aim to increase the agents’ flexibility of choice as this improves their expected returns. The final part of the chapter investigates the pros and cons of the process of financialisation from the point of view of sustainability.
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Vercelli, A. (2017). The Evolution of Financialisation. In: Crisis and Sustainability. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-60069-1_4
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DOI: https://doi.org/10.1057/978-1-137-60069-1_4
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