The Financialization of Accumulation

October 2010
Monthly Review: An Independent Socialist Magazine;Oct2010, Vol. 62 Issue 5, p1
The article discusses the distinction between accumulation, traditionally defined in economics as the formation of real capital that increases economic output, and finance, involving the intangible aspects of wealth, and how the former has become subordinate to the latter in the late 20th and early 21st centuries. This phenomenon is described as the "financialization of accumulation," and the overall shift in economic activity in the capitalist world from production to finance is discussed, with reference to the financial crisis of the late 2000s and the theories of economists Karl Marx and John Maynard Keynes.


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