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) Financialization ,

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financialization is a pattern of accumulation in which profit making occurs

increasingly through financial channels rather than through trade and commodity

production. ! $/01& $/ ( ) $ &'

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& %4.,5/##6Shifting Sources and

Uses of Profits: Sustaining U.S. Financialization with Global Value Chains $ !#* |

Financialization is defined in three ways in the recent literature: (a) greater share of gdp or net

worth in the industrialized countries is accounted for !y the financial sector"#

(!) $ross international

capital flows ha%e grown much faster than world output and faster than trade in goods and ser%ices"

(c) &on'financial firms ha%e increasingly used finance rather than production as !oth a source and a

use of their funds.

7) fnancials assets $ +# 089/)/, $0 :' |

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capital flows including lending, foreign direct in%estment, and purchases ofe*uities and !onds took a *uantum leap forward as cross !order capital flows rose

from o.+ trillion dollar in - to a peak of . trillion /ollar in 01.2n 00

they remain 3 4 !elow their former peak in 01. 2n - it was # 4 of total

glo!al $/5, !ut in 01 it was 04 of glo!al $/5. 2n 00 it was merely 3 4 of

glo!al $/5. ( 6ource 7 8$2, 8arch 09 eport)

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