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1、REVIEWOFTHEMONTHTheFinancializationofAccumulationJOHNBEllaMyFOsTERInthewaythatevenanaccumulationofdebtscanappearasanaccumulationofcapital,weseethedistortioninvolvedinthecreditsystemreachitsculmination.—KarlMarx1In1997,inhislastpublishedarticle,PaulSweezyreferredto“thefinancializationofthecapital
2、accumulationprocess”asoneofthethreemaineconomictendenciesattheturnofthecentury(theothertwowerethegrowthofmonopolypowerandstagnation).2Thosefamiliarwitheconomictheorywillrealizethatthephrasewasmeanttobepar-adoxical.Alltraditionsofeconomics,tovaryingdegrees,havesoughttoseparateoutanalyticallythero
3、leoffinancefromthe“realeconomy.”Accumulationisconceivedasrealcapitalformation,whichincreasesoveralleconomicoutput,asopposedtotheappreciationoffinancialassets,whichincreaseswealthclaimsbutnotoutput.Inhighlightingthefinancializationofaccumulation,Sweezywasthereforepointingtowhatcanberegardedas“the
4、enigmaofcapital”inourtime.3Tobesure,financehasalwaysplayedacentral,evenindispensable,roleincapitalaccumulation.JosephSchumpeterreferredtothecreationofcreditadhocasoneofthedefiningtraitsofcapitalism.“Themoneymar-ket,”headded,“isalways…theheadquartersofthecapitalistsystem.”4Yetsomethingfundamental
5、haschangedinthenatureofcapitalismintheclosingdecadesofthetwentiethcentury.Accumulation—realcapitalformationintherealmofgoodsandservices—hasbecomeincreasinglysubordinatetofinance.Keynes’swell-knownfearthatspeculationwouldcometodominateoverproductionseemstohavefinallymaterialized.WhenSweezymadehis
6、observationwithrespecttothefinancializa-tionofcapitalaccumulationmorethanadecadeago,itdrewverylittleattention.Buttoday,followingthegreatestfinancialandeconomiccrisisThisarticleisarevisedandextendedversionofakeynoteaddressdeliveredattheFifteenthNationalConferenceonEconomicsoftheBrazilianPolitical
7、EconomySociety(SEP),FederalUniversityofMaranhão,SãoLuis,June3,2010.TheauthorwouldliketothankFredMagdoffforhisassistance.12MONTHlyREVIEW/OcTOBER2010chart1.NetPrivateBorrowingandNetPrivateFixedInvestment1975-2009(incurrentDoll
