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‘Financialization’, Capital Accumulation and Productivity Growth: a Post-Keynesian Approach

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Macroeconomics, Finance and Money

Abstract

Philip Arestis has been a pronounced critic of orthodox theories of financial liberalization and the finance–growth nexus for a long period of time, both for empirical and theoretical reasons.1 His critique has laid the ground for the integration of these issues into the framework of Post-Keynesian demand driven distribution and growth models. Focusing on the changes in the relationship between financial and non-financial sectors in developed and developing economies during the recent three decades, which have been generally labelled as ‘Financialization’,2 a variety of models has been suggested recently.3 The following channels of influence of ‘Financialization’ have been introduced into these models:

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Authors
  1. Eckhard Hein
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Giuseppe Fontana John McCombie Malcolm Sawyer

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© 2010 Eckhard Hein

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Hein, E. (2010). ‘Financialization’, Capital Accumulation and Productivity Growth: a Post-Keynesian Approach. In: Fontana, G., McCombie, J., Sawyer, M. (eds) Macroeconomics, Finance and Money. Palgrave Macmillan, London. https://doi.org/10.1057/9780230285583_17

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