Bonizzi, B, Kaltenbrunner, A orcid.org/0000-0003-3519-5197 and Powell, J (2022) Financialised Capitalism and the Subordination of Emerging Capitalist Economies. Cambridge Journal of Economics, 46 (4). pp. 651-678. ISSN 0309-166X
Abstract
The variegated experiences of financialisation in Emerging Capitalist Economies (ECEs) require a theory of global structural transformation in which these appearances can be located. Such a transformation can be found in the substantive advancement of the internationalisation of the circuits of capital, marking the passage into a new stage of financialised capitalism. In this new stage, finance has taken the concrete form of a US dollar market-based system, while production is carried out through global production networks. The confluence of these new realities has impacted both the size and the nature of the transfer of value from subordinate regions. An increasing share of this transferred value is captured by finance, both as reward for services rendered and as opportunities for expropriation have proliferated. In financialised capitalism, ECEs are cast in a subordinate position in relation to the extraction, realisation, and ‘storage’ of value, and the agency of their public and private agents is severely constrained.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © The Author(s) 2022. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved. This is an author produced version of an article published in Cambridge Journal of Economics. Uploaded in accordance with the publisher's self-archiving policy. |
Keywords: | Financialisation, Subordination, Global production networks, Market-based finance, Value transfer |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Economics Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 28 Apr 2022 13:17 |
Last Modified: | 31 May 2024 00:13 |
Status: | Published |
Publisher: | Oxford University Press |
Identification Number: | 10.1093/cje/beac023 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:186223 |