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1、FinancializationandNeoliberalismByDavidM.KotzDepartmentofEconomicsUniversityofMassachusettsAmherstAmherst,MA01003,U.S.A.September,2008Telephone:(413)545-0739Fax:(413)545-2921Emailaddress:dmkotz@econs.umass.eduThispaperwaswrittenforRelationsofGlobalPower:NeoliberalOrderandDisorder,byGaryTeep
2、leandStephenMcBride(eds),Toronto:UniversityofTorontoPress,forthcoming2010.FinancializationandNeoliberalism,September200811.Introduction1Theneoliberaleraisnowmorethanaquarter-centuryold,datingfromaround1980.Amongtheunsettledissuesconcerningneoliberalismisitsrelationtothegrowingroleof"finance
3、"intheeconomythathasaccompaniedneoliberalism.Thisaimofthisessayistocontributetoourunderstandingofthisrelation.Acommonviewisthattheriseofneoliberalismisexplainedbythegrowingroleandpoweroffinanceinthepoliticaleconomyofcapitalism.AccordingtoDumenilandLevy(2004,1-2),"...neoliberalismistheexpres
4、sionofthedesireofaclassofcapitalistownersandtheinstitutionsinwhichtheirpowerisconcentrated,whichwecollectivelycall'finance,'torestore...theclass'srevenuesandpower..."Someanalystsviewtheriseofwhatmightbecalled"financialdominance"astheunderlyingdevelopmentthatexplainsnotonlytheemergenceofthen
5、eoliberalorderbutalso2theassociatedformofglobalizationinthisera(DumenilandLevy,2005,17).Thisessaypresentsadifferentview.Thechangingroleoffinanceintheeconomyinrecentdecadescan,inourview,bestbecaptured,notbytheideaofdominancebythefinancialsector,butbytheconceptof"financialization,"whichsugges
6、tsanexpandingroleforfinanceineconomicactivity.Itwillbearguedherethattheimmediatecauseofthefinancializationprocessofrecentdecadesisfoundinneoliberalrestructuring,ratherthanfinancializationexplainingtheriseofneoliberalism.However,financializationalsohasdeeperrootsthatareunrelatedtoneoliberali
7、sm.Thisinterpretationoftherelationbetweenfinancializationandneoliberalismclarifieswhatwouldotherwisebepuzzlingdifferencesbetweentheformoffinancialdominancethataroseinthelatenineteenth/earlytwentiethcenturiesandthefinancializationofthecurrentneoliberalper