notes on financialization
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7/24/2019 Notes on financialization
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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& $/ ( ) $ &'
# $ (+'3 DEFINE $ # | $/
& %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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7/24/2019 Notes on financialization
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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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7/24/2019 Notes on financialization
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