Journal Article

Financialisation varied: a comparative analysis of advanced economies

Costas Lapavitsas and Jeff Powell

in Cambridge Journal of Regions, Economy and Society

Published on behalf of Cambridge Political Economy Society

Volume 6, issue 3, pages 359-379
Published in print November 2013 | ISSN: 1752-1378
Published online August 2013 | e-ISSN: 1752-1386 | DOI: https://dx.doi.org/10.1093/cjres/rst019
Financialisation varied: a comparative analysis of advanced economies

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  • Economywide Country Studies
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Financialisation remains an unclear term in social science. We deploy a Marxist framework to establish that financialisation represents a structural transformation of advanced capitalist economies with three characteristic tendencies: non-financial enterprises have acquired capacity to engage in financial activities independently; banks have turned to mediating transactions in open markets as well as lending to households; and households have been drawn into the formal financial system. Nonetheless, despite common underlying tendencies, both the form and the content taken by financialisation vary according to institutional, historical and political conditions in each country. We use data from the USA, the UK, Japan, Germany and France to establish both the underlying tendencies and the specific forms of financialisation.

Keywords: financialisation; political economy of finance; banks; non-financial enterprises; households; varieties of capitalism; B51; G21; O57; P12

Journal Article.  9841 words.  Illustrated.

Subjects: Economywide Country Studies ; Banking ; Capitalist Systems ; Economic Methodology

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