Article

Financial Capitalism Resurgent: Comparative Institutionalism and the Challenges of Financialization

Ewald Engelen and Martijn Konings

in The Oxford Handbook of Comparative Institutional Analysis

Published in print April 2010 | ISBN: 9780199233762
Published online May 2010 | | DOI: http://dx.doi.org/10.1093/oxfordhb/9780199233762.003.0022

Series: Oxford Handbooks in Business and Management

 Financial Capitalism Resurgent: Comparative Institutionalism and the Challenges of Financialization

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This article starts with a section on the literature on financialization, briefly sketching the different approaches, objectives, methodologies, and data sources that can be traced in that literature. It then presents quantitative data on the extent of financialization in five political economies (UK, US, The Netherlands, France, and Germany), highlighting both similarities and differences. The article subsequently identifies three different trajectories of financialization and gives some suggestions as to how comparative institutionalism might conceptualize these. Comparative institutionalism needs to do more to come to terms with the structural transformation in contemporary capitalism, whereby finance has transcended its traditional intermediary role and has become a self-standing growth industry primarily geared to the production of liquidity. This change is reflected in the continuous role-shifting of investment banks. The article argues that comparative institutionalists should consider turning to the growing financialization literature to that end.

Keywords: financialization; data sources; comparative institutionalism; contemporary capitalism; investment banks

Article.  9563 words. 

Subjects: Business and Management ; Organizational Theory and Behaviour

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