The Financialization of Capitalism

The Financialization of Capitalism“, Monthly Review, vol. 58, no. 11 (April 2007), pp. 1-12. DOI: 10.14452/MR-058-11-2007-04_1

Changes in capitalism over the last three decades have been commonly characterized using a trio of terms: neoliberalism, globalization, and financialization. Although a lot has been written on the first two of these, much less attention has been given to the third. Yet, financialization is now increasingly seen as the dominant force in this triad. The financialization of capitalism-the shift in gravity of economic activity from production (and even from much of the growing service sector) to finance—is thus one of the key issues of our time. More than any other phenomenon it raises the question: has capitalism entered a new stage?

  • Chinese Translations by Wang Nianyong and Chen Jiali Foreign Theoretical Trends (China), no. 7 (2007) and Wu Wei, Marxism and Reality (2008).
  • Translated in Monthly Review, Turkish edition, August 2007.
  • Spanish translation in Monthly Review, Selecciones en Castellano, no. 8 (March 2008).
  • Bangla translation in Bangla Monthly Review, no. 4 (September-November, 2007). Translated by Arindam Bandopaddhay.


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