La problemática conceptualización de la financiarización: diferenciando causas, consecuencias y la acción financiarizada de los actores económicos

Matilde  Massó; Mark  Davis; Nazaret  Abalde

doi:10.3989/ris.2020.78.4.m20.001

Autores/as

Matilde Massó Universidade da Coruña https://orcid.org/0000-0003-3163-7023
Mark Davis University of Leeds https://orcid.org/0000-0001-5886-4790
Nazaret Abalde Universidade da Coruna https://orcid.org/0000-0002-0097-6025

DOI:

https://doi.org/10.3989/ris.2020.78.4.m20.001

Palabras clave:

Procesos de valoración financiera, Financiarización, Relación capital-empleo, Mercantilización

Resumen

La financiarización es un proceso de cambio estructural e incompleto en las economías contemporáneas. El crecimiento del sistema financiero en las últimas décadas ha estado acompañado por una relación cada vez más compleja entre los actores socioeconómicos y los mercados financieros. En este artículo analizamos las causas y consecuencias de la financiarización con respecto a: la erosión de la relación capital-trabajo; el aumento de la desigualdad del ingreso laboral; y la comercialización de la vida cotidiana y los derechos sociales. Revisamos las principales conceptualizaciones de la financiarización en varios sitios de investigación correspondientes a los principales actores económicos, es decir: corporaciones no financieras; el estado y los individuos; y su compleja relación con los mercados financieros. Nuestro objetivo principal es evaluar las contribuciones y limitaciones de los estudios de financiarización en estos espacios de investigación.

Descargas

Los datos de descargas todavía no están disponibles.

Citas

Aalbers, M. 2008. "The Financialisation of Home and the Mortgage Market Crisis." Competition and Change 12(2): 148- 166.

Aalbers, M. 2017. "The Variegated Financialization of Housing." International Journal of Urban and Regional Research 41(1): 542-554. https://doi.org/10.1111/1468-2427.12522

Adkins, L. 2018. "Money: A Feminist Issue." Australian Feminist Studies 33(96): 167-171. https://doi.org/10.1080/08164649.2018.1517253

Alvarez, I. 2015. "Financialization, non-financial corporations and income inequality: the case of France." Socio-economic review 13: 449-475. https://doi.org/10.1093/ser/mwv007

Appelbaum, E.; R. Batt and I. Clark. 2013. "Implications of Financial Capitalism for Employment Relations Research: Evidence from Breach of Trust and Implicit Contracts in Private Equity Buyouts." British Journal of Industrial Relations 51(3): 498-518. https://doi.org/10.1111/bjir.12009

Appelbaum, E. and R. Batt. 2014. Private Equity at Work: When Wall Street Manages Main Street. New York: Russel Sage Foundation.

Arrighi G. 1999. El largo siglo XX. Madrid: Akal.

Arthur, K. N. A. 2017. "The emergence of financial innovation and its governance - a historical literature review." Journal of Innovation Management JIM 5(4): 48-73. https://doi.org/10.24840/2183-0606_005.004_0005

Barradas, R. 2017. "Financialisation and Real Investment in the European Union: Beneficial or Prejudicial Effects?" Review of Political Economy 29(3): 376-413. https://doi.org/10.1080/09538259.2017.1348574

Barradas, R. 2019. "Financialization and Neoliberalism and the Fall in the Labor Share: A Panel Data Econometric Analysis for the European Union Countries." Review of Radical Political Economics 51(3): 383-417. https://doi.org/10.1177/0486613418807286

Beck, U. 1992. The Risk Society: Towards a New Modernity. London: Sage.

Beckert, J. 2013. "Imagined Futures: Fictional Expectations in the Economy." Theory and Society 42: 219-240. https://doi.org/10.1007/s11186-013-9191-2

Beunza, D. 2019. Taking the Floor: Models, Morals, and Management in a Wall Street Trading Room. Princeton: Princeton University Press. https://doi.org/10.2307/j.ctvdf0jcs PMid:31374261

Carruthers, B. and A. Stinchcombe. 1999. "The Social Structure of Liquidity: Flexibility, Markets and States." Theory and Society 28: 353-382. https://doi.org/10.1023/A:1006903103304

Chiapello, E. 2015. "Financialisation of Valuation." Human Studies 38(1): 13-35. https://doi.org/10.1007/s10746-014-9337-x

Crotty, J. 2005. "The Neoliberal Paradox. The Impact of Destructive Product Market Competition and Modern Financial Markets on Non-financial Corporation Performance in the Neoliberal Era". Pp. 77-110 in Financialization and the World Economy. Cheltenham, UK: Edward Elgar.

Davies, W. 2016. The Limits of Neoliberalism: Authority, Sovereignty and the Logic of Competition. London: Sage.

Davis L. 2016. "Identifying the financialization of the nonfinancial corporation in the U.S. economy: A decomposition of firm-level balance sheets." Journal of Post Keynesian economics 39: 115-141. https://doi.org/10.1080/01603477.2015.1116370

Davis, L. 2017a. "Financialization and the non-financial corporation: an investigation of firm-level investment behavior in the United States." Metroeconomica. International Review of Economics 69(1): 1-38. https://doi.org/10.1111/meca.12179

Davis, L. 2017b. "Financialization and investment: A survey of the empirical literature." Journal of Economic Surveys 31(5):1332-1358. https://doi.org/10.1111/joes.12242

Davis, M. 2011a. "Bauman's Compass: Navigating the current interregnum." Acta Sociologica 54(2): 183-194. https://doi.org/10.1177/0001699311402229

Davis M. (2011b) "From Individualism to Interdependence: A Basis for Shared Social Responsibility." Pp. 103-114 in Trends in Social Cohesion, vol. 23. Strasbourg: Council of Europe Publishing.

Davis, M. and T. Braunholtz-Speight. 2016. "Financial innovation today: Towards economic resilience." University of Leeds/Friends Provident Foundation.

Davis, M. and L. Cartwright. 2019a. "Deferred Lives? Money, Debt, and the Financialized Futures of Young Temporary Workers." Pp. 91-118 in The Sociology of Debt, edited by M. Featherstone. Bristol: Policy Press. https://doi.org/10.1332/policypress/9781447339526.003.0005

Davis, M. and L. Cartwright. 2019b. "Financing for Society: Assessing the Suitability of Crowdfunding for the Public Sector." University of Leeds/DCMS.

Demir, F. 2007. "The Rise of Rentier Capitalism and the Financialization of Real Sectors in Developing Countries." Review of Radical Political Economics 39(3): 351-359. https://doi.org/10.1177/0486613407305283

Demir, F. 2009. "Capital Market Imperfections and Financialization of Real Sectors in Emerging Markets: Private Investment and Cash Flow Relationship Revisited." World Development 37(5): 953-964. https://doi.org/10.1016/j.worlddev.2008.09.003

Dore, R. 2008. "Financialization of the global economy." Industrial and Corporate Change 17(6): 1097-1112. https://doi.org/10.1093/icc/dtn041

Duménil, G. and D. Lévy. 2014. La crisis del neoliberalismo. Madrid: Lengua de Trapo.

Edmiston, D. (2020) Welfare, Inequality and Social Citizenship: Deprivation and Affluence in Austerity Britain. Bristol: Policy Press.

Elias, N. 1991. The Society of Individuals. Oxford: Basil Blackwell.

Engelen E. 2003. "The Logic of Funding European Pension Restructuring and the Dangers of Financialisation." Environment and Planning A: Economy and Space 35(8): 1357-1372. https://doi.org/10.1068/a35307

Engelen, E. 2008. "The Case for Financialisation." Competition & Change, 12(2): 111-119.

Engelen, E.; R. Fernandez and R. Hendrikse. 2014. "How Finance Penetrates its Other: A Cautionary Tale on the Financialization of a Dutch University." Antipode 46(4): 1072-1091. https://doi.org/10.1111/anti.12086

Epstein, G. 2005. "Introduction: Financialization and the World Economy". Pp. 1-16 in Financialization and the World Economy. Cheltenham, UK: Edward Elgar.

Erturk, I.; J. Froud; S. Johal; A. Leaver and K. Williams. eds. 2008. Financialization at Work. Oxford: Routledge.

Farnsworth, K. 2012. Social versus Corporate Welfare: Competing Needs and Interests within the Welfare State. London: Palgrave. https://doi.org/10.1057/9780230361539

Folkman, P.; J. Froud; S. Johal and K. Williams. 2008. "Intermediaries (or another group of agents?)". Pp. 150-162 in Financialization at Work. Oxford: Routledge.

Frame, W. S. and L. J. White. 2004. "Empirical Studies of Financial Innovation: Lots of Talk, Little Action?" Journal of Economic Literature 42(1): 116-144. https://doi.org/10.1257/.42.1.116

Froud, J.; S. Johal, S.; A. Leaver and K. Williams. 2006. Financialization and Strategy: Narrative and Numbers. London: Routledge. https://doi.org/10.4324/9780203414941 PMCid:PMC1918052

Giddens, A. 2002. Runaway World: How Globalization is Reshaping Our Lives. London: Routledge.

Gospel, H.; A. Pendleton; S. Vitols and P. Wilke. 2011. "New Investment Funds, Restructuring, and Labor Outcomes: A European Perspective." Corporate Governance: An International Review 19 (3): 276-289. https://doi.org/10.1111/j.1467-8683.2011.00848.x

Gospel, H.; A. Pendelton; S. Vitols and P. Wilke. eds. 2014. Financialization, New Investment Funds, and Labour: An International Comparison. Oxford: Oxford University Press. https://doi.org/10.1093/acprof:oso/9780199653584.001.0001

Gramsci A. 1971. Selections from the Prison Notebooks. London: Lawrence and Wishart.

Green, C. 1993. "From 'tax state' to 'debt state.'" Journal of Evolutionary Economics 3: 23-42. https://doi.org/10.1007/BF01199987

Hacking, I. 1990. The Taming of chance. New York: Cambridge University Press. https://doi.org/10.1017/CBO9780511819766

Hager, S.B. 2016. Public Debt, Inequality, and Power: The Making of a Modern Debt State. California: University of California Press. https://doi.org/10.1525/luminos.14

Hall, P. and D. Soskice. 2006. "A propósito de los capitalismos contemporáneos: Variedades de capitalismo: Algunos aspectos fundamentales." Desarrollo Económico 45(180): 573-590. https://doi.org/10.2307/3655881

Harvey, D. 2007. Breve historia del neoliberalismo. Madrid: Akal.

Hein, E. and T. Van Treeck. 2010. "Financialisation and Rising Shareholder Power in Kaleckian/Post-Kaleckian Models of Distribution and Growth." Review of Political Economy 22(2): 205-233. https://doi.org/10.1080/09538251003665628

Ireland, P. 2008. "Whose Company is it Anyway?" Pp. 134-150 in Financialization at Work. Key Texts and Commentary. London: Routledge.

Jensen, M. 2008. "Making Internal Control System Work." Pp. 93-109 in Financialization at Work: Key Texts and Commentary. London: Routledge.

Karwowski, E. and M. Centurion-Vicencio. 2018. "Financialising the state: recent developments in fiscal and monetary policy." HAL archives ouvertes: ffhalshs-01713028f. https://halshs.archives-ouvertes.fr/halshs-01713028/ document (Accessed January 2019)

Karwowski, E. 2019. "Towards (de-)financialisation: the role of the state." Cambridge Journal of Economics 43(4): 1001-1027. https://doi.org/10.1093/cje/bez023

Keynes, J. M. [1936] 1973. The general theory of employment, interest and money. Cambridge: The Royal Economy Society.

Khraisha, T. and K. Arthur. 2018. "Can we have a general theory of financial innovation processes? A conceptual review." Financial Innovation 4: 2-27. https://doi.org/10.1186/s40854-018-0088-y

Kohler, K.; A. Guschanski and E. Stockhammer. 2018. "Distributional Effects of Financialisation." KZfSS Kölner Zeitschrift für Soziologie und Sozialpsychologie 70: 37-63. https://doi.org/10.1007/s11577-018-0537-7

Konings, M. 2018. "How finance is governed: reconnecting cultural and political economy." Distinktion 19(2): 135-151. https://doi.org/10.1080/1600910X.2018.1430045

Krippner, G. 2005. "The Financialization of the American economy." Socio-Economic Review 3(2): 173-208. https://doi.org/10.1093/SER/mwi008

Krippner, G. 2011. Capitalizing on Crisis. The Political Origins of the Rise of Finance. Cambridge, Massachusetts: Harvard University Press. https://doi.org/10.2307/j.ctvjk2x23

Langley, P. 2016. "Crowdfunding in the United Kingdom: A Cultural Economy." Economic Geography 92(3): 301-321. https://doi.org/10.1080/00130095.2015.1133233

Lapavitsas, C. 2009. "Financialised capitalism: crisis and financial expropriation." Historical Materialism 17(2): 114-148. https://doi.org/10.1163/156920609X436153

Lash, S. and B. Dragos. 2016. "An Interview with Philip Mirowski." Theory, Culture & Society 33(6): 123-140. https://doi.org/10.1177/0263276415623063

Lazonick, W. and M. O'Sullivan. 2000. "Maximizing shareholder value: a new ideology for corporate governance." Economy and Society 29(1): 13-35. https://doi.org/10.1080/030851400360541

Lazzarato, M. 2011. The Making of Indebted Man. Amsterdam: Semiotext(e).

Lazzarato, M. 2015. Governed by Debt. Amsterdam: Semiotext(e).

Lemoine, B. 2013. "Les dealers de la dette souveraine: politiques des transactionsen-tre banques et État dans la grande distribution des emprunts français." Sociétés Contemporaines 92: 59-88. https://doi.org/10.3917/soco.092.0059

MacKenzie, D. 2009. Material Markets. How Economic Agents are Constructed. Oxford: Oxford University Press.

MacKenzie, D.; D. Beunza; Y. Millo and J. P. Pardo-Guerra. 2012. "Drilling through the Allegheny Mountains: Liquidity, materiality and high-frequency trading." Journal of Cultural Economy 5(3): 279-296. https://doi.org/10.1080/17530350.2012.674963

Mader, P.; D. Mertens and N. van der Zwan. eds. 2020. The Routledge International Handbook of Financialization. London: Routledge. https://doi.org/10.4324/9781315142876

Martin, R. 2002. Financialization of daily life. Philadelphia: Temple University Press.

Martin, R.; M. Rafferty and D. Bryan. 2008. "Financialization, Risk and Labour." Competition & Change 12(2): 120- 132. https://doi.org/10.1179/102452908X314849

Massó, M. 2016. "The effects of government debt market financialization: the case of Spain." Competition & Change 20(3): 166-186. https://doi.org/10.1177/1024529416636191

Massó, M. and M. Pérez-Yruela. 2017. "La financiarización en España: ¿la emergencia de un nuevo modelo de acumulación?" Revista Española de Investigaciones Sociológicas 157: 103-122.

Mazzucato, M. 2014. The Green Entrepreneurial State. New York: Anthem Press. https://doi.org/10.2139/ssrn.2744602

Minsky, H. 1986. Stabilizing an Unstable Economy. New York: McGraw Hill.

Mirowski, P. 2013. Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown. London: Verso.

Mulligan, J. 2016. "Insurance Accounts: The Cultural Logics of Health Care Financing." Medical Anthropology Quarterly 30(1): 37-61. https://doi.org/10.1111/maq.12157 PMid:25331937

Orhangazi, O. 2008. "Financialisation and capital accumulation in the non-financial corporate sector: A theoretical and empirical investigation on the US economy: 1973- 2003." Cambridge Journal of Economics 32(6): 863- 886. https://doi.org/10.1093/cje/ben009

Pistor, K. 2019. The Code of Capital: How the Law Creates Wealth and Inequality. Princeton: Princeton University Press. https://doi.org/10.1515/9780691189437 PMid:31030237 PMCid:PMC6689294

Rosemary, B. and E. Appelbaum. 2013. "The Impact of Financialization on Management and Employment Outcomes." Upjohn Institute Working Paper 13-191. Upjohn Institute for Employment Research. Kalamazoo, Mich.

Sandel, M. 2013. What Money Can't Buy: The Moral Limits of Markets. London: Penguin.

Stäheli, U. 2013. Spectacular Speculation: Thrills, the Economy, and Popular Discourse. Stanford: Stanford University Press. https://doi.org/10.1515/9780804788250 PMCid:PMC3628677

Standing, G. 2009. Work after globalization: building occupational citizenship. Cheltenham, UK Northampton, Massachusetts: Edward Elgar.

Standing, G. 2011 The Precariat. London: Bloomsbury Academic.

Stockhammer E. 2004. "Financialisation and the slowdown of accumulation." Cambridge Journal of Economics 28(5): 719-741. https://doi.org/10.1093/cje/beh032

Streeck, W. 2015. The Rise of the European Consolidation State. MPIfG Discussion Paper 15/1. Max Planck Institute for the Study of Societies. Cologne.

Tridico, P. and R. Pariboni. 2018. "Inequality, financialization, and economic decline". Journal of Post Keynesian Economics 41(2), 236-259. https://doi.org/10.1080/01603477.2017.1338966

Van der Zwan, N. 2014. "Making Sense of Financialization." Socio-Economic Review 12: 99-129. https://doi.org/10.1093/ser/mwt020

Weber, M. [1904] 1949. The Methodology of The Social Sciences. New York: Free Press.

Wherry, F.F. 2011. The Culture of Markets. Cambridge: Polity.

Wilke, P.; S. Vitols; J. Haves; H. Gospel and E. Voss. 2009. "The Impacts of Private Equity Investors, Hedge Funds and Sovereign Wealth Funds on Industrial Restructuring in Europe as Illustrated by Case Studies." Report to European Commission: Employment, Social Affairs and Equal Opportunities. Brussels.

Williams, K. 2000. "From Shareholder Value to Present Day Capitalism." Economy and Society 29(1): 1-12. https://doi.org/10.1080/030851400360532