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1、REVIEWOFTHEMONTHTheFinancializationofCapitalismJOHNBELLAMYFOSTERChangesincapitalismoverthelastthreedecadeshavebeencom-monlycharacterizedusingatrioofterms:neoliberalism,globalization,andfinancialization.Althoughalothasbeenwrittenonthefirsttwoofthese,muchlessattentionhasbeengivento
2、thethird.1Yet,financializa-tionisnowincreasinglyseenasthedominantforceinthistriad.Thefi-nancializationofcapitalism—theshiftingravityofeconomicactivityfromproduction(andevenfrommuchofthegrowingservicesector)tofinance—isthusoneofthekeyissuesofourtime.Morethananyotherphenomenonitrai
3、sesthequestion:hascapitalismenteredanewstage?Iwillarguethatalthoughthesystemhaschangedasaresultoffi-nancialization,thisfallsshortofawholenewstageofcapitalism,sincethebasicproblemofaccumulationwithinproductionremainsthesame.Instead,financializationhasresultedinanewhybridphaseofthe
4、monopolystageofcapitalismthatmightbetermed“monopoly-financecapital.”2Ratherthanadvancinginafundamentalway,capitalistrappedinaseeminglyendlesscycleofstagnationandfinancialexplo-sion.Theseneweconomicrelationsofmonopoly-financecapitalhavetheirepicenterintheUnitedStates,stillthedomin
5、antcapitalistecono-my,buthaveincreasinglypenetratedtheglobalsystem.Theoriginsoftheterm“financialization”areobscure,althoughitbe-gantoappearwithincreasingfrequencyintheearly1990s.3Thefunda-mentalissueofagravitationalshifttowardfinanceincapitalismasawhole,however,hasbeenaroundsince
6、thelate1960s.Theearliestfiguresontheleft(orperhapsanywhere)toexplorethisquestionsystematical-lywereHarryMagdoffandPaulSweezy,writingforMonthlyReview.4AsRobertPollin,amajoranalystoffinancializationwhoteacheseco-nomicsattheUniversityofMassachusettsatAmherst,hasnoted:“be-ginninginth
7、elate1960sandcontinuingthroughthe1970sand1980s”MagdoffandSweezydocumented“theemergingformofcapitalismthathasnowbecomeascendant—theincreasingroleoffinanceintheoper-ationsofcapitalism.Thishasbeentermed‘financialization,’andIthinkThisarticlewaspreparedforapanelorganizedbytheUnionfor
8、RadicalPoliticalEconomicsattheLeftForumi
