La financiarización en España: ¿la emergencia de un nuevo modelo de acumulación? / Financialisation in Spain: The Emergence of a New Accumulation Model?

The concept of financialisation is being widely used to describe certain structural changes in advanced capitalist economies. The main approaches to this concept are discussed in this paper. Firstly, the causes of the financial expansion that are synthesised in innovation, liquidifi cation and deregulation processes are identified; secondly, the indicators concerning these processes relative to the structure of the balance sheet and profit and loss account of the main economic actors are empirically analysed for the Spanish case. The results of the analysis show a trend consistent with all capitalist economies, in which financial capital gains increase not only when the net profits of companies rise, but also when they collapse in a context of severe economic crisis and high unemployment.