The Financialisation Debate

Financialisation is an important contemporary debate for scholars of diverse theoretical and disciplinary extractions. Against the assumptions of capital market efficiency — put forward by mainstream financial economics — financialisation studies emphasise instead the crisis-prone and socially biased nature of modern finance. Political Marxism aims at contributing to this debate by capturing the role of agency and political conflict in the construction of financialisation.

For a basic introduction to core concepts related to ‘financialisation,’ this is a very useful primer by Frances Thompson and Sahil Dutta.

The following list includes works which we consider important to the financialisation debate (n.b. not all these publications are written by scholars who would think of themselves as contributors to such debate):

  1. Arrighi, G. (1994), The Long Twentieth Century: Money, Power, and the Origins of our Times, London: Verso.
  2. Boyer, R. (2000), ‘Is a Finance-led Growth Regime a Viable Alternative to Fordism? A Preliminary Analysis’, Economy and Society, 29, 111-145.
  3. Bryan, D. & Rafferty, M. (2006), Capitalism with Derivatives. A Political Economy of Financial Derivatives, Capital and Class, London: Palgrave Macmillan.
  4. Calder, L. (1999), Financing the American Dream. A Cultural History of Consumer Credit, Princeton: Princeton University Press.
  5. Cioffi, J. W. & Hopner, M. (2006), ‘The Political Paradox of Finance Capitalism: Interests, Preferences, and Center-Left Party Politics in Corporate Governance Reform’, Politics and Society, 34, 463-502.
  6. De Goede, M. (2005), Virtue, Fortune, and Faith. A Genealogy of Finance, Minneapolis: University of Minnesota Press.
  7. Duménil, G. & Lévy, D. (2004), Capital Resurgent. Roots of Neoliberal Revolution,  Cambridge, MA: Harvard University Press.
  8. Epstein, G. A. (2005), Financialization and the World Economy, Northampton, MA: Edward Elgar.
  9. Erturk, I.; Froud, J.; Johal, S.; Leaver, A. & Williams, K. Erturk, I.; Froud, J.; Johal, S.; Leaver, A. & Williams, K. (Eds.)  (2008), Financialization At Work. Key Texts and Commentary, London: Routledge.
  10. Gowan, P. (1999), The Global Gamble: Washington’s Faustian Bid for World Dominance, London: Verso.
  11. Kindleberger, C. P. (1989),  Manias, Panics, and Crashes: A History of Financial Crises, London: Macmillan.
  12. Knorr-Cetina, K. & Preda, A. (2006), The Sociology of Financial Markets, Oxford: Oxford University Press.
  13. Konings, M. (2011), The Development of American Finance, New York: Cambridge University Press.
  14. Krippner, G. R. (2011), Capitalizing on Crisis. The Political Origins of the Rise of Finance, Cambridge, MA: Harvard University Press.
  15. Langley, P. (2009), The Everyday Life of Global Finance: Saving and Borrowing in Anglo-America, Oxford: Oxford University Press.
  16. Lapavitsas, C. (2009), ‘Financialised Capitalism: Crisis and Financial Expropriation’, Historical Materialism, 17, 114-148.
  17. Lapavitsas, C.; Kaltenbrunner, A.; Lindo, D.; Michell, J.; Painceira, J. P.; Pires, E.; Powell, J.; Stenfors, A. & Teles, N. (2010), Eurozone Crisis: Beggar Thyself and Thy Neighbour, Working Paper Research on Money and Finance, SOAS London.
  18. Lazonick, W. & O’Sullivan, M. (2000), ‘Maximizing Shareholder Value: a New Ideology for Corporate Governance’, Economy and Society, 29, 13-35.
  19. Leyshon, A. & Thrift, N. (2007), ‘The Capitalization of Almost Everything: The Future of Finance and Capitalism’, Theory, Culture and Society, 24, 97-115.
  20. MacKenzie, D. (2006), An Engine, Not a Camera: How Financial Models Shape Markets, Cambridge, MA: MIT Press.
  21. Martin, R. (2002), Financialization of Daily Life, Temple University Press.
  22. Minsky, H. (1987), Stabilising an Unstable Economy, McGraw-Hill.
  23. Montgomerie, J. (2006), ‘The Financialization of the American Credit Card Industry’, Competition and Change, 10, 301-319
  24. Panitch, L. & Konings, M. (2008), American Empire and the Political Economy of Global Finance, London: Palgrave Macmillan.
  25. Seabrooke, L. (2001), US Power in International Finance. The Victory of Dividends, London: Palgrave.
  26. Shiller, R. J. (2003), The New Financial Order. Risk in the 21st Century, Princeton: Princeton University Press.
  27. Stockhammer, E. (2008), ‘Some Stylized Facts on the Finance-dominated Accumulation Regime’, Competition and Change, 12, 184-202
  28. Strange, S. (1997), Casino Capitalism, Manchester: Manchester University Press.
  29. Toporowski, J. (2000), The End of Finance: the Theory of Capital Market Inflation, Financial Derivatives, and Pension Fund Capitalism, London: Routledge.
  30. Wade, R. & Sigurgeirsdottir, S. (2010), ‘Lessons from Iceland’, New Left Review, 65, 5-29.
  31. Special issues of:
    1. Economy and Society, Vol. 29, No. 1, February 2000;
    2. Competition and Change, Vol. 12, No. 2, June 2008;
    3. Competition and Change, Vol. 13, No. 2, June 2009.

One Comment Add yours

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s