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1、IndustrialandCorporateChange,Volume17,Number6,pp.1097–1112doi:10.1093/icc/dtn041AdvanceAccesspublishedOctober30,2008FinancializationoftheglobaleconomyRonaldDoreTheinstabilityoftheworldfinancialsystem,starklyrevealedintherecentdebacle,isnottheonlyproblemitposes.Itssecularlyincreasingdominanceo
2、vertherealeconomyisinitselfaphenomenonthatneedsexamining.Thearticletracesthesourceofthisincreasingdominancenotjusttotheincreasinglyleveragedandincreasinglyincomprehensibleformsofintermediationbetweensaversandthoseintherealeconomywhoneedcreditandinsurance,butalsototheincreasinglyuniversaldoctr
3、inethatmaximizing“shareholdervalue”isthesoleraisond’eˆtreofthefirmandthepromotionbygovernmentsofan“equityculture.”Someofthesocialconsequencesoffinancializationareexacerbatinginequalities,greaterinsecurity,misdirectionoftalent,andtheerosionoftrust.“EraendsastwoBankscutrisksandformholdingcompan
4、ies,”announcesthe1InternationalHeraldTribune,reportingthehumblingapplicationbyMorganStanleyandGoldmanSachstorenouncethemoney-spinning,andneverbeforesodangerous,advantagesofunlimitedleverage,off-balance-sheetfinancing,andsecrecy,fortherelativesecurityofaregulateddeposit-takingbank.Similar“erae
5、nds”headlinesmightwellhaveappeared70yearsagowhentheGlass-SteagallActreachedthestatutebooks.Butoneisentitledtobeskeptical.Theunderlyingprocessesoffinancializationwhichhavebeenevidentinfree-marketcapitalismsincethelastworldwar—processesforthemostpartoriginatingintheUnitedStatesandBritainbutspre
6、adingoutfromtheretothewholeworld—arenotsoeasilytobereversed.“Financialization”isabitlike“globalization”—aconvenientwordforabundleofmoreorlessdiscretestructuralchangesintheeconomiesoftheindustrializedworld.Aswithglobalization,thechangesareinterlinkedandtendtohavesimilarconsequencesinthedistrib
7、utionofpower,income,andwealth,andinthepatternofeconomicgrowth.Inoneofthefewbookstotakeupthesubjectdirectly,GeraldEpstein’s,Financializationandtheworldeconomy(Epstein,2005),heoffersaloosedefinitionof“financialization”thatwillserveaswellasanyot
