Financialization

{{Short description|Term used in financial capital}} {{Use American English|date = March 2019}} {{Use mdy dates|date = March 2019}} [[File:NYUGDPFinancialShare.jpg|thumb|350px|right|Share in GDP of US financial sector from 1860 to 2008<ref>Thomas Philippon (Finance Department of the New York University Stern of Business at New York University). [https://web.archive.org/web/20141117103959/http://w4.stern.nyu.edu/blogs/sternonfinance/2008/11/the-future-of-the-financial-in.html The future of the financial industry].{{dead link|date=July 2024}} ''Stern on Finance'', November 6, 2008.{{self-published inline|date=July 2024}}</ref> ]]

'''Financialization''' (or '''financialisation''' in British English) is a term sometimes used to describe the development of financial capitalism during the period from 1980 to the present, in which debt-to-equity ratios increased and financial services accounted for an increasing share of national income relative to other sectors.

Financialization describes an economic process by which exchange is facilitated through the intermediation of financial instruments. Financialization may permit real goods, services, and risks to be readily exchangeable for currency and thus make it easier for people to rationalize their assets and income flows.

Financialization is tied to the transition from an industrial economy to a service economy in that financial services belong to the tertiary sector of the economy.

==Specific academic approaches== Various definitions, focusing on specific aspects and interpretations, have been used: * Greta Krippner of the University of Michigan writes that financialization refers to a "pattern of accumulation in which profit making occurs increasingly through financial channels rather than through trade and commodity production."<ref>{{cite journal |last1=Krippner |first1=G. R. |title=The financialization of the American economy |journal=Socio-Economic Review |date=May 2005 |volume=3 |issue=2 |pages=173–208 |doi=10.1093/SER/mwi008 }}</ref> In the introduction to the 2005 book ''Financialization and the World Economy'', editor Gerald A. Epstein wrote that some scholars have insisted on a much narrower use of the term: the ascendancy of shareholder value as a mode of corporate governance, or the growing dominance of capital market financial systems over bank-based financial systems. Pierre-Yves Gomez and Harry Korine, in their 2008 book ''Entrepreneurs and Democracy: A Political Theory of Corporate Governance'', have identified a long-term trend in the evolution of corporate governance of large corporations and have shown that financialization is one step in this process. * Thomas Marois, looking at the big emerging markets, defines "emerging finance capitalism" as the current phase of accumulation, characterized by "the fusion of the interests of domestic and foreign financial capital in the state apparatus as the institutionalized priorities and overarching social logic guiding the actions of state managers and government elites, often to the detriment of labor."<ref>{{cite book |last1=Marois |first1=Thomas |title=States, Banks and Crisis: Emerging Finance Capitalism in Mexico and Turkey |date=2012 |publisher=Edward Elgar Publishing |isbn=978-0-85793-858-9 }}{{pn|date=July 2024}}</ref> * According to Gerald A. Epstein, financialization refers to "the increasing importance of financial markets, financial motives, financial institutions, and financial elites in the operation of the economy and its governing institutions, both at the national and international levels."<ref>{{cite book |doi=10.4337/9781781008263 |chapter=Chapter 1: Introduction: Financialization and the World Economy |title=Financialization and the World Economy |date=2005 |last1=Epstein |first1=Gerald |isbn=978-1-84376-874-6 }}</ref> * Financialization may be defined as "the increasing dominance of the finance industry in the sum total of economic activity, of financial controllers in the management of corporations, of financial assets among total assets, of marketized securities and particularly equities among financial assets, of the stock market as a market for corporate control in determining corporate strategies, and of fluctuations in the stock market as a determinant of business cycles" (Dore 2002). * More popularly, however, financialization is understood to mean the vastly expanded role of financial motives, financial markets, financial actors, and financial institutions in the operation of domestic and international economies. * Sociological and political interpretations have also been made. In his 2006 book, ''American Theocracy: The Peril and Politics of Radical Religion, Oil, and Borrowed Money in the 21st Century'', American writer and commentator Kevin Phillips presents financialization as "a process whereby financial services, broadly construed, take over the dominant economic, cultural, and political role in a national economy" (268). Phillips considers that the financialization of the US economy follows the same pattern that marked the beginning of the decline of Habsburg Spain in the 16th century, the Dutch trading empire in the 18th century, and the British Empire in the 19th century (it is also worth pointing out that the true final step in each of these historical economies was collapse): ::... the leading economic powers have followed an evolutionary progression: first, agriculture, fishing, and the like, next commerce and industry, and finally, finance. Several historians have elaborated on this point. Brooks Adams contended that "as societies consolidate, they pass through a profound intellectual change. Energy ceases to vent through the imagination and takes the form of capital."{{cite quote|date=July 2024}}

Jean Cushen explores how the workplace outcomes associated with financialization render employees insecure and angry.<ref>{{cite journal |last1=Cushen |first1=Jean |title=Financialization in the workplace: Hegemonic narratives, performative interventions and the angry knowledge worker |journal=Accounting, Organizations and Society |date=May 2013 |volume=38 |issue=4 |pages=314–331 |doi=10.1016/j.aos.2013.06.001 |url=http://mural.maynoothuniversity.ie/11236/1/JCush_Workplace_2013.pdf }}</ref>

==Roots== In the American experience, increased financialization occurred concomitant with the rise of neoliberalism and the free-market doctrines of Milton Friedman and the Chicago School of Economics in the late twentieth century. Various academic economists of that period worked out ideological and theoretical rationalizations and analytical approaches to facilitate the increased deregulation of financial systems and banking.

In a 1998 article, Michael Hudson discussed previous economists who saw the problems that resulted from financialization.<ref>{{cite web | last = Hudson | first = Michael | author-link = Michael Hudson (economist) | title = Financial Capitalism v. Industrial Capitalism (Contribution to The Other Canon Conference on Production Capitalism vs. Financial Capitalism Oslo, September 3-4, 1998 ) | url = http://michael-hudson.com/1998/09/financial-capitalism-v-industrial-capitalism/ | date = September 1998 | access-date = March 12, 2009 }}{{self-published inline|date=July 2024}}</ref> Problems were identified by John A. Hobson (financialization enabled Britain's imperialism), Thorstein Veblen (it acts in opposition to rational engineers), Herbert Somerton Foxwell (Britain was not using finance for industry as well as Europe), and Rudolf Hilferding (Germany was surpassing Britain and the United States in banking that supports industry).

At the same 1998 conference in Oslo, Erik S. Reinert and Arno Mong Daastøl in "Production Capitalism vs. Financial Capitalism" provided an extensive bibliography on past writings, and prophetically asked<ref>{{cite report | last1 = Reinert | first1 = Erik S. | last2 = Daastøl | first2 = Arno Mong | author-link1 = Erik S. Reinert | title = Production Capitalism vs. Financial Capitalism – Symbiosis and Parasitism. An Evolutionary Perspective and Bibliography | url = http://technologygovernance.eu/files/main/2012032710291818.pdf | date = 2011 }} Working Papers in Technology Governance and Economic Dynamics no. 36. The Other Canon Foundation, Norway. Tallinn University of Technology, Tallinn.</ref> <blockquote>In the United States, probably more money has been made through the appreciation of real estate than in any other way. What are the long-term consequences if an increasing percentage of savings and wealth, as it now seems, is used to '''inflate the prices of already existing assets''' - real estate and stocks - instead of creating new production and innovation? </blockquote>

==Accelerated growth of the finance sector== The financial sector is a key industry in developed economies, in which it represents a sizable share of the GDP and an important source of employment. Financial services (banking, insurance, investment, etc.) have been for a long time a powerful sector of the economy in many economically developed countries. Those activities have also played a key role in facilitating economic globalization.

===Early 20th century history in the United States=== As early as the beginning of the 20th Century, a small number of financial sector firms have controlled the lion's share of wealth and power of the financial sector. The notion of an American "financial oligarchy" was discussed as early as 1913. In an article entitled "Our Financial Oligarchy," Louis Brandeis, who in 1913 was appointed to the United States Supreme Court, wrote that, "We believe that no methods of regulation ever have been or can be devised to remove the menace inherent in private monopoly and overwhelming commercial power" that is vested in U.S. finance sector firms.{{sfn|Johnson|Kwak|2010|pp=28-29}} There were early investigations of the concentration of the economic power of the U.S. finance sector, such as the Pujo Committee of the U.S. House of Representatives, which in 1912 found that control of credit in America was concentrated in the hands of a small group of Wall Street firms that were using their positions to accumulate vast economic power.{{sfn|Johnson|Kwak|2010|p=28}} When in 1911 Standard Oil was broken up as an illegal monopoly by the U.S. government, the concentration of power in the U.S. financial sector was unaltered.{{sfn|Johnson|Kwak|2010|p=26}}

Key players of financial sector firms also had a seat at the table in devising the Central Bank of the United States. In November 1910, the five heads of the country's most powerful finance sector firms gathered for a secret meeting on Jekyll Island with U.S. Senator Nelson W. Aldrich and Assistant Secretary of the U.S. Treasury Department A. Piatt Andrew and laid the plans for the U.S. Federal Reserve System.{{sfn|Johnson|Kwak|2010|p=27}}

===Deregulation and accelerated growth=== In the 1970s, the financial sector comprised slightly more than 3% of total Gross Domestic Product (GDP) of the U.S. economy,{{sfn|Johnson|Kwak|2010|p=61}} while total financial assets of all investment banks (that is, securities broker-dealers) made up less than 2% of U.S. GDP.{{sfn|Johnson|Kwak|2010|p=63}} The period from the New Deal through the 1970s has been referred to as the era of "boring banking" because banks that took deposits and made loans to individuals were prohibited from engaging in investments involving creative financial engineering and investment banking.{{sfn|Johnson|Kwak|2010|pp=60–63}}

U.S. federal deregulation in the 1980s of many types of banking practices paved the way for the rapid growth in the size, profitability, and political power of the financial sector. Such financial sector practices included creating private mortgage-backed securities,{{sfn|Johnson|Kwak|2010|p=76}} and more speculative approaches to creating and trading derivatives based on new quantitative models of risk and value.{{sfn|Johnson|Kwak|2010|pp=78-81}} Wall Street ramped up pressure on the United States Congress for more deregulation, including for the repeal of Glass-Steagall, a New Deal law that, among other things, prohibits a bank that accepts deposits from functioning as an investment bank since the latter entails greater risks.{{sfn|Johnson|Kwak|2010|pp=82–83, 95}}

As a result of this rapid financialization, the financial sector scaled up vastly in the span of a few decades. In 1978, the financial sector comprised 3.5% of the American economy (that is, it made up 3.5% of U.S. GDP), but by 2007 it had reached 5.9%. Profits in the American financial sector in 2009 were six times higher on average than in 1980, compared with non-financial sector profits, which on average were just over twice what they were in 1980. Financial sector profits grew by 800%, adjusted for inflation, from 1980 to 2005. In comparison with the rest of the economy, U.S. nonfinancial sector profits grew by 250% during the same period. For context, financial sector profits from the 1930s until 1980 grew at the same rate as the rest of the American economy.{{sfn|Johnson|Kwak|2010|p=60}} thumb|Assets of sectors of the United States By way of illustration of the increased power of the financial sector over the economy, in 1978, commercial banks held $1.2 trillion (million million) in assets, which is equivalent to 53% of the GDP of the United States. By year's end 2007, commercial banks held $11.8 trillion in assets, which is equivalent to 84% of U.S. GDP. Investment banks (securities broker-dealers) held $33 billion (thousand million) in assets in 1978 (equivalent to 1.3% of U.S. GDP), but held $3.1 trillion in assets (equivalent to 22% U.S. GDP) in 2007. The securities that were so instrumental in triggering the 2008 financial crisis, asset-backed securities, including collateralized debt obligations (CDOs) were practically non-existent in 1978. By 2007, they comprised $4.5 trillion in assets, equivalent to 32% of the U.S. GDP.{{sfn|Johnson|Kwak|2010|p=59}}

===Welfare state and financialization=== Beyond regulatory changes, the underlying structure of welfare states has been found to significantly influence patterns of financialization.<ref name="Comelli2026">{{cite journal |last1=Comelli |first1=Martino |last2=Skyrman |first2=Viktor |date=2026 |title=Welfare Composition and the Institutional Wealth of Nations: The Relationship Between Welfare State, Institutional Investors and Market Capitalization |journal=Sociology Compass |volume=20 |issue=1 |article-number=e70157 |doi=10.1111/soc4.70157}}</ref> Research examining OECD countries suggests this relationship depends on the functional composition of social spending rather than aggregate welfare generosity. Certain welfare programs promote financialization by creating investable assets, while others reduce household dependence on financial markets.

Generous pay-as-you-go public pension systems crowd out private pension savings, as workers expecting public retirement benefits save less privately.<ref>{{cite journal |last=Feldstein |first=Martin |date=1974 |title=Social Security, Induced Retirement, and Aggregate Capital Accumulation |journal=Journal of Political Economy |volume=82 |issue=5 |pages=905–926 |doi=10.1086/260246}}</ref><ref>{{cite journal |last=Scharfstein |first=David S. |date=2018 |title=Presidential Address: Pension Policy and the Financial System |journal=Journal of Finance |volume=73 |issue=4 |pages=1463–1512 |doi=10.1111/jofi.12710}}</ref> Family benefits and sickness insurance providing direct income support similarly reduce household engagement with financial markets.<ref name="Comelli2026"/>

In contrast, housing policy including subsidies and mortgage interest deductions promotes financialization by stabilizing property values and rental income streams.<ref>{{cite journal |last1=Schwartz |first1=Herman |last2=Seabrooke |first2=Leonard |date=2008 |title=Varieties of Residential Capitalism in the International Political Economy: Old Welfare States and the New Politics of Housing |journal=Comparative European Politics |volume=6 |issue=3 |pages=237–261 |doi=10.1057/cep.2008.10}}</ref> Healthcare spending in systems relying on private insurance generates revenue streams that become tradeable assets, contributing to an "asset economy" where wealth inequality increasingly reflects asset ownership rather than income disparities.<ref name="Comelli2026"/><ref>{{cite book |last1=Adkins |first1=Lisa |last2=Cooper |first2=Melinda |last3=Konings |first3=Martijn |date=2020 |title=The Asset Economy: Property Ownership and the New Logic of Inequality |publisher=Polity}}</ref>

==The development of leverage and financial derivatives== One of the most notable features of financialization has been the development of overleverage (more borrowed capital and less own capital) and, as a related tool, financial derivatives: financial instruments, the price or value of which is derived from the price or value of another, underlying financial instrument. Those instruments, whose initial purpose was hedging and risk management, have become widely traded financial assets in their own right. The most common types of derivatives are futures contracts, swaps, and options. In the early 1990s, a number of central banks around the world began to survey the amount of derivative market activity and report the results to the Bank for International Settlements.<ref>{{Cite web |title=OTC derivatives statistics - data {{!}} BIS Data Portal |url=https://data.bis.org/topics/OTC_DER/data?sort=LAST_UPDATED-ASC |access-date=2025-02-15 |website=data.bis.org}}</ref>

The number and types of financial derivatives have grown enormously. In November 2007, commenting on the 2008 financial crisis and the subprime mortgage crisis, Doug Noland's ''Credit Bubble Bulletin'', on Asia Times Online, noted, <blockquote> The scale of the Credit "insurance" problem is astounding. According to the Bank of International Settlements, the OTC market for Credit default swaps (CDS) jumped from $4.7 TN at the end of 2004 to $22.6 TN to end 2006. From the International Swaps and Derivatives Association we know that the total notional volume of credit derivatives jumped about 30% during the first half to $45.5 TN. And from the Comptroller of the Currency, total U.S. commercial bank Credit derivative positions ballooned from $492bn to begin 2003 to $11.8 TN as of this past June....[https://www.occ.gov/publications-and-resources/publications/quarterly-report-on-bank-trading-and-derivatives-activities/files/q1-2003-derivatives-quarterly.html] </blockquote>

A major unknown regarding derivatives is the actual amount of cash behind a transaction. A derivatives contract with a notional value of millions of dollars may actually only cost a few thousand dollars. For example, an interest rate swap might be based on exchanging the interest payments on $100 million in US Treasury bonds at a fixed interest of 4.5%, for the floating interest rate of $100 million in credit card receivables. This contract would involve at least $4.5 million in interest payments, though the notional value may be reported as $100 million. However, the actual "cost" of the swap contract would be some small fraction of the minimal $4.5 million in interest payments. The difficulty of determining exactly how much this swap contract is worth, when accounted for on a financial institution's books, is typical of the worries of many experts and regulators over the explosive growth of these types of instruments.{{fact|date=July 2024}}

Contrary to common belief in the United States, the largest financial center for derivatives (and for foreign exchange) is London. According to [https://web.archive.org/web/20080123203038/http://www.marketwatch.com/news/story/global-financing-race-new-york/story.aspx?guid=%7B5967C688-8AEB-4279-9704-F5CF3B45C653%7D&print=true&dist=printTop MarketWatch on December 7, 2006],{{dead link|date=July 2024}} <blockquote> The global foreign exchange market, easily the largest financial market, is dominated by London. More than half of the trades in the derivatives market are handled in London, which straddles the time zones between Asia and the U.S. And the trading rooms in the Square Mile, as the City of London financial district is known, are responsible for almost three-quarters of the trades in the secondary fixed-income markets.{{cite quote|date=July 2024}} </blockquote>

==Effects on the economy== During the 2008 financial crisis, several economists and others began to argue that financial services had become too large a sector of the US economy, with no real benefit to society accruing from the activities of increased financialization.<ref>Megan McCardle. [https://www.theatlantic.com/doc/200905/imf-advice The Quiet Coup]. ''The Atlantic Monthly'', May 2009</ref>

In February 2009, white-collar criminologist and former senior financial regulator William K. Black listed the ways in which the financial sector harms the real economy. Black wrote, "The financial sector functions as the sharp canines that the predator state uses to rend the nation. In addition to siphoning off capital for its own benefit, the finance sector misallocates the remaining capital in ways that harm the real economy in order to reward already-rich financial elites harming the nation."<ref>{{cite news |last1=Black |first1=William K. |title=How the Servant Became a Predator: Finance's Five Fatal Flaws |url=https://www.huffpost.com/entry/how-the-servant-became-a_b_318010 |work=HuffPost |date=18 March 2010 }}</ref>

Emerging countries have also tried to develop their financial sector, as an engine of economic development. A typical aspect is the growth of microfinance or microcredit, as part of financial inclusion.<ref>{{cite book |doi=10.1093/oxfordhb/9780199914050.013.38 |chapter=Microfinance and Financial Inclusion |title=The Oxford Handbook of the Social Science of Poverty |date=2017 |last1=Mader |first1=Philip |pages=843–865 |isbn=978-0-19-991405-0 }}</ref>

Bruce Bartlett summarized several studies in a 2013 article indicating that financialization has adversely affected economic growth and contributes to income inequality and wage stagnation for the middle class.<ref>{{cite news |last1=Bartlett |first1=Bruce |title='Financialization' as a Cause of Economic Malaise |url=https://archive.nytimes.com/economix.blogs.nytimes.com/2013/06/11/financialization-as-a-cause-of-economic-malaise/ |work=Economix Blog |date=11 June 2013 }}</ref>

===Cause of financial crises=== On 15 February 2010, Adair Turner, the head of Britain's Financial Services Authority, said financialization was correlated with the 2008 financial crisis. In a speech before the Reserve Bank of India, Turner said that the 1997 Asian financial crisis was similar to the 2008 financial crisis in that "both were rooted in, or at least followed after, sustained increases in the relative importance of financial activity relative to real non-financial economic activity, an increasing 'financialisation' of the economy."<ref>Reserve Bank of India. [https://www.rbi.org.in/scripts/BS_SpeechesView.aspx?Id=475 "After the Crises: Assessing the Costs and Benefits of Financial Liberalisation"]. Speech delivered by Lord Adair Turner, Chairman, Financial Services Authority, United Kingdom, at the Fourteenth C. D. Deshmukh Memorial Lecture on February 15, 2010 at Mumbai.</ref>

==Effects on political system== Some, such as former International Monetary Fund chief economist Simon Johnson, have argued that the increased power and influence of the financial services sector had fundamentally transformed American politics, endangering representative democracy itself through undue influence on the political system and regulatory capture by the financial oligarchy.<ref>Megan McCardle. [https://www.theatlantic.com/doc/200905/imf-advice The Quiet Coup]. ''The Atlantic Monthly'', May 2009</ref>

In the 1990s vast monetary resources flowing to a few "megabanks," enabled the financial oligarchy to achieve greater political power in the United States. Wall Street firms largely succeeded in getting the American political system and regulators to accept the ideology of financial deregulation and the legalization of more novel financial instruments.{{sfn|Johnson|Kwak|2010|p=89}} Political power was achieved through contributions to political campaigns, financial industry lobbying, and a revolving door that positioned financial industry leaders in key politically appointed policy making and regulatory roles and that rewarded sympathetic senior government officials with high-paying Wall Street jobs after their government service.{{sfn|Johnson|Kwak|2010|p=90}} The financial sector was the leading contributor to political campaigns since at least the 1990s, contributing more than $150 million in 2006. (This far exceeded the second largest political contributing industry, the healthcare industry, which contributed $100 million in 2006.) From 1990 to 2006, the securities and investment industry increased its political contributions six-fold, from an annual $12 to $72 million. The financial sector contributed $1.7 billion to political campaigns from 1998 to 2006, and spent an additional $3.4 billion on political lobbying, according to one estimate.{{sfn|Johnson|Kwak|2010|p=91}}{{Vague|reason=what estimate?|date=November 2024}}

Policy makers such as Chairman of the Federal Reserve Alan Greenspan called for self-regulation.{{fact|date=July 2024}}

==Notes== {{Reflist|2}}

==Sources== * {{cite book |last1=Johnson |first1=Simon |last2=Kwak |first2=James |title=13 Bankers: The Wall Street Takeover and the Next Financial Meltdown |date=2010 |publisher=Knopf Doubleday Publishing Group |isbn=978-0-307-37922-1 |title-link=13 Bankers }}

==Further reading== * {{cite conference |last1=Baker |first1=A |title=IPE, Corporate Governance and the New Politics of Financialisation: Issues Raised by Sarbanes-Oxley |conference=British International Studies Association Annual Conference |date=2005 }} * {{cite report |last1=Hein |first1=Eckhard |last2=Dodig |first2=Nina |last3=Budyldina |first3=Natalia |title=Financial, economic and social systems: French Regulation School, Social Structures of Accumulation and Post-Keynesian approaches compared |date=2014 |hdl=10419/92910 |hdl-access=free }} * {{cite journal |last=Lavoie |first=Marc |author-link=Marc Lavoie |title=Financialization, neo-liberalism, and securitization |journal=Journal of Post Keynesian Economics |volume=35 |issue=2 |pages=215–233 |date=2012 |doi=10.2753/pke0160-3477350203 |jstor=23469991 |s2cid=153927517 }} * {{cite book |last1=Martin |first1=Randy |title=Financialization Of Daily Life |date=2002 |publisher=Temple University Press |isbn=978-1-4399-0597-5 }} * {{cite book |last1=Orhangazi |first1=È |title=Financialization and the US Economy |date=2008 |publisher=Edward Elgar Publishing |isbn=978-1-84844-016-6 }} * {{cite journal |last1=Orhangazi |first1=O. |title=Financialisation and capital accumulation in the non-financial corporate sector:: A theoretical and empirical investigation on the US economy: 1973-2003 |journal=Cambridge Journal of Economics |date=9 April 2008 |volume=32 |issue=6 |pages=863–886 |doi=10.1093/cje/ben009 }} * {{cite book |last1=Gomez |first1=Pierre-Yves |last2=Korine |first2=Harry |title=Entrepreneurs and Democracy: A Political Theory of Corporate Governance |date=2008 |publisher=Cambridge University Press |isbn=978-0-521-85638-6 }} * {{cite book |doi=10.4337/9781781001226.00028 |chapter=Finance, finance capital and financialization |title=The Elgar Companion to Marxist Economics |date=2012 |last1=Marois |first1=Thomas |isbn=978-1-78100-122-6 }}

==External links== * {{Cite journal | last = Blackburn | first = Robin | author-link = Robin Blackburn | title = Subprime crisis | journal = New Left Review | volume = 50 | publisher = New Left Review | date = March–April 2008 | url = https://newleftreview.org/II/50/robin-blackburn-the-subprime-crisis }} * {{cite book | last = Bresser-Pereira | first = Luiz Carlos | author-link = Luiz Carlos Bresser-Pereira | title = The global financial crisis and a new capitalism? (paper 592) | url = http://www.levyinstitute.org/pubs/wp_592.pdf | publisher = Levy Economics Institute | date = May 2010 }} * {{cite journal |last1=Cushen |first1=Jean |title=Financialization in the workplace: Hegemonic narratives, performative interventions and the angry knowledge worker |journal=Accounting, Organizations and Society |date=May 2013 |volume=38 |issue=4 |pages=314–331 |doi=10.1016/j.aos.2013.06.001 |url=http://mural.maynoothuniversity.ie/11236/1/JCush_Workplace_2013.pdf }} * {{cite book | last = Epstein | first = Gerald A. | chapter = Introduction: Financialization and the World Economy | editor-last = Epstein | editor-first = Gerald A. | title = Financialization and the world economy | pages = 3–16 | publisher = Edward Elgar Pub | location = Cheltenham, U.K. Northampton, Massachusetts | year = 2005 | isbn = 978-1-84542-965-2 | chapter-url = https://www.peri.umass.edu/media/k2/attachments/chapter1.pdf | archive-date = February 24, 2017 | access-date = February 24, 2017 | archive-url = https://web.archive.org/web/20170224212402/https://www.peri.umass.edu/media/k2/attachments/chapter1.pdf }} * {{cite journal |last1=Foster |first1=John Bellamy |title=Monopoly-Finance Capital |journal=Monthly Review |date=December 2006 |volume=58 |issue=7 |page=1 |doi=10.14452/MR-058-07-2006-11_1 }} * {{cite journal |last1=Foster |first1=John Bellamy |title=The Financialization of Capitalism |journal=Monthly Review |date=April 2007 |volume=58 |issue=11 |page=1 |doi=10.14452/MR-058-11-2007-04_1 }} * {{cite journal |last1=Foster |first1=John Bellamy |title=The Financialization of Capital and the Crisis |journal=Monthly Review |date=April 2008 |volume=59 |issue=11 |page=1 |doi=10.14452/MR-059-11-2008-04_1 }} * {{Cite journal | last = Krippner | first = Greta R. | s2cid = 53957580 | title = The financialization of the American economy | journal = Socio-Economic Review | volume = 3 | issue = 2 | pages = 173–208 | publisher = Oxford Journals | doi = 10.1093/SER/mwi008 | date = May 2005 }} * {{Cite episode |title=Bill Moyers talks with John Bogle |url= https://www.pbs.org/moyers/journal/09282007/watch.html|series=Bill Moyers Journal |series-link=Bill Moyers Journal |first1= Bill (host) |last1=Moyers |first2= John (guest) |last2=Bogle | author-link1 = Bill Moyers | author-link2 = John Bogle |network=PBS|date=September 28, 2007 }} ::John Bogle, founder and retired CEO of The Vanguard Group of mutual funds, discusses how the financial system has overwhelmed the productive system, on ''Bill Moyers Journal'' * {{cite book | last = Orhangazi | first = Özgür | title = Financialization and capital accumulation in the non-financial corporate sector: a theoretical and empirical investigation of the U.S. economy: 1973-2003 | url = https://www.peri.umass.edu/media/k2/attachments/WP149.pdf | publisher = Political Economy Research Institute (PERI) | date = October 2007 | archive-date = February 24, 2017 | access-date = February 24, 2017 | archive-url = https://web.archive.org/web/20170224212553/https://www.peri.umass.edu/media/k2/attachments/WP149.pdf }} Working paper no. 149. * {{cite book | last = Orhangazi | first = Özgür | title = Financialization and the US economy | publisher = Edward Elgar | location = Cheltenham, UK Northampton, Massachusetts | year = 2008 | isbn = 978-1-84844-016-6 }} [https://books.google.com/books?id=_IBAWevInNIC Preview.] * {{cite book | last = Palley | first = Thomas I. | author-link = Thomas Palley | title = Financialization: what it is and why it matters (paper 525) | url = http://www.levyinstitute.org/pubs/wp_525.pdf | publisher = Levy Economics Institute | date = November 2007 }} * {{cite web | last = Scholte | first = Jan Aart | title = ''World Financial Crisis and Civil Society: Implications for Global Democracy'' (lecture) | date = June 5, 2013 | url = http://ondemand-mp3.dradio.de/file/dradio/2013/10/17/dradiowissen_wie_das_geld_unser_leben_20131017_b952a0b9.mp3 }} :: [https://web.archive.org/web/20131019124936/http://www.dradiowissen.de/finanzmaerkte-wie-das-geld-unser-leben-bestimmt.88.de.html?dram:article_id=265284 DRadio Wissen Hörsaal] (introduction in German, lecture in English) * {{cite book | last1 = Thomson | first1 = Frances | last2 = Dutta | first2 = Sahil | title = Financialisation: A Primer | url = https://www.tni.org/en/publication/financialisation-a-primer | publisher = Transnational Institute | date = January 2016 }} * {{cite journal |last1=Tori |first1=Daniele |last2=Onaran |first2=Özlem |title=The effects of financialization on investment: evidence from firm-level data for the UK |journal=Cambridge Journal of Economics |date=18 August 2018 |volume=42 |issue=5 |pages=1393–1416 |doi=10.1093/cje/bex085 }} * {{cite journal |last1=Tori |first1=Daniele |last2=Onaran |first2=Özlem |title=Financialization, financial development and investment. Evidence from European non-financial corporations |journal=Socio-Economic Review |date=December 2020 |volume=18 |issue=3 |pages=681–718 |doi=10.1093/ser/mwy044 |url=http://gala.gre.ac.uk/id/eprint/22196/5/22196%20ONARAN_Financialisation_Financial_Development_and_Investment_2018.pdf }} * {{cite news | last = Vasudevan | first = Ramaa | title = Financialization: A Primer | url = http://www.dollarsandsense.org/archives/2008/1108vasudevan.html | work = Dollars & Sense magazine | date = November–December 2008 }}

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