The Financialization of Capital and the Crisis

The Financialization of Capital and the Crisis“, Monthly Review vol. 59, no. 11 (April 2008), pp. 1-19. DOI: 10.14452/MR-059-11-2008-04_1

With the benefit of hindsight, few now doubt that the housing bubble that induced most of the recent growth of the U.S. economy was bound to burst or that a general financial crisis and a global economic slowdown were to be the unavoidable results. Warning signs were evident for years to all of those not taken in by the new financial alchemy of high-risk debt management, and not blinded, as was much of the corporate world, by huge speculative profits. This can be seen in a series of articles that appeared in this space: “The Household Debt Bubble” (May 2006), “The Explosion of Debt and Speculation” (November 2006), “Monopoly-Finance Capital” (December 2006), and “The Financialization of Capitalism” (April 2007).

  • Polish translation in Le Monde Diplomatique, Polish Edition (July 2008),
  • Chinese translation Wu Wei in Marxism and Reality (China), no. 4, 2008.
  • Turkish translation by Özkan Özgur, http:///, October 22, 2008.
  • Portuguese translation in,, 2008.
  • Spanish translation in Sin Permiso, issue 4 (December 2008).


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