Financialization and Macroeconomics: The Impact on Social Welfare in Advanced Economies

Cover
Half Title
Series Page
Title Page
Copyright Page
Dedication
Table of Contents
List of illustrations
Introduction
1 Post-Keynesian approaches
	The rise of finance in neoliberal era
	Financial investment vs real investment
	The shareholder revolution
	The role of mutual and pension funds
	The false myth of managerial capitalism
	Who managers really are and how they run corporations
	NFCs as main actors of their own financialisation
2 The French Regulation School and the Social Structures of Accumulation Approach
	Accumulation regimes and stages of capitalism development
	Modes of regulation and social structures of accumulation
	Finance-dominated capitalism
	Does a new accumulation regime really exist?
3 Classical Marxist approaches
	Finance capital
	Bukharin\'s and Lenin\'s \"Imperialism\"
	Monopoly capital according to the American neo-Marxists
	Financial oligarchies and rentiers
	Monopoly capital, corporate control and the evolution of large industrial holding companies
4 Interest-bearing capital vs industrial capital
	Money capital and productive capital
	The role of credit in capitalist production
	Fictitious capital and the promoter\'s profit
	Shadow banking and capitalist production
5 Financial rentiers and the revenant conflict between rent and profit
	The conflict between rent and profit in classical political economy
	Financial rent and accumulation of capital
	Financial rent and economic stagnation
6 Corporate saving glut and liquidity holding
	Hoarding and economic crises
	Liquidity holding and corporate saving
	Some views on corporate savings and liquidity holding around the Great Depression
	Some American views on corporate savings and cash holding in the 1940s
	Corporate savings during the Golden Age
	NFC savings around the financial crisis of 2007–2008
	The rise of NFC liquidity holdings
7 Financialisation of NFCs, globalisation and growth
	Investment choices and investment theories
	Financial investment and the term structure of interest rates
	The contribution of free movement of capital
	An interpretation model
8 Conclusion
Index