File(s) under permanent embargo
Financialization and the stewardship of workers' capital in Australia
chapter
posted on 2023-05-24, 05:42 authored by Mees, BFinancialization is a term used in academic discourse to criticize and describe the influence of financial markets (and marketization) in the political economy. As van der Zwan (2014: 99) puts it, "Studies of financialization interrogate how an increasingly autonomous realm of global finance has altered the underlying logics of the industrial economy and the inner workings of democratic society." As such, financialization has come to be associated with the "shareholder value" or agency model of corporate governance, the growing dominance of capital markets, the increasing political and economic power of a particular class grouping (the rentier class), and the explosion of financial trading with a myriad of new financial instruments, or, for Krippner (2005: 14), a "pattern of accumulation in which profit making occurs increasingly through financial channels rather than through trade and commodity production."
History
Publication title
The Contradictions of Pension Fund CapitalismEditors
K Skerrett, C Roberts, J Weststar, and S ArcherPagination
55-78ISBN
978-0-913447-14-7Department/School
TSBEPublisher
Labor and Employment Relations AssociationPlace of publication
ChampaignExtent
11Rights statement
Copyright 2017 Labor and Employment Relations AssociationRepository Status
- Restricted