Finance capitalism

Finance capitalism

Finance capitalism is a term in Marxian political economics defined as the subordination of processes of production to the accumulation of money profits in a financial system. ["Capitalism" by John Scott and Gordon Marshall in "A Dictionary of Sociology" Oxford University Press 2005. Oxford Reference Online. Oxford University Press] It is characterized by the pursuit of profit from the purchase and sale of, or investment in, currencies and financial products such as bonds, stocks, futures and other derivatives. It also includes the lending of capital at interest. Finance capitalism is seen by Marxists as being exploitative by supplying income to non-laborers. [ [http://links.jstor.org/sici?sici=0094-582X(199705)24%3A3%3C116%3ATCOCIT%3E2.0.CO%3B2-R "The Contradiction of Capitalism in the Search for Democracy"] , "Latin American Perspectives", Vol. 24, No. 3, Ecuador, Part 1: Politics and Rural Issues (May, 1997), pp. 116-122]

Finance capitalism is seen by Marxists as a dialectical outgrowth of industrial capitalism, and part of the process by which the whole capitalist phase of history comes to an end. In the tradition of Thorstein Veblen, it is contrasted with industrial capitalism, where profit is made from the manufacture of goods.

Fascists were vocal in their opposition to finance capitalism. [Frank Bealey & others. Elements of Political Science. Edinburgh University Press, 1999, p. 202] Academic defenders of the economic concept of capitalism, such as Eugen von Böhm-Bawerk, see profits as part of the roundabout process by which it grows and hedges against inevitable risks.

ee also

*Causes of World War I
*Corporatism
*Economics of fascism
*Joint Stock Companies Act 1844
*Limited Liability Act 1855
*New Imperialism

External links

* [http://www.econlib.org/LIBRARY/YPDBooks/Hobson/hbsnImp.html Imperialism: A Study (John Hobson)]
* [http://www.marxists.org/archive/bukharin/works/1917/imperial/index.htm Imperialism and World Economy (Nikolai Bukharin)]
* [http://www.fordham.edu/halsall/mod/1916lenin-imperialism.html Imperialism: The Highest Stage of Capitalism (Vladimir Lenin)]

References


Wikimedia Foundation. 2010.

Игры ⚽ Нужно решить контрольную?

Look at other dictionaries:

  • finance capitalism — noun : a stage of capitalism in which economic and political domination is exercised by financial institutions or financiers rather than by industrial capitalists …   Useful english dictionary

  • Capitalism — Liberal market economy redirects here. For the ideology behind this economic system, see Economic liberalism. Free enterprise redirects here. For the 1999 film, see Free Enterprise (film). For other uses, see Capitalism (disambiguation). Part of… …   Wikipedia

  • capitalism — Synonyms and related words: capitalistic system, finance capitalism, free competition, free economy, free enterprise, free trade, free enterprise economy, free enterprise system, individualism, isolationism, laissez aller, laissez faire, laissez… …   Moby Thesaurus

  • Capitalism in the nineteenth century — Capitalism arose in western Europe during the industrial revolution. During the 19th century, capitalism allowed great increases in productivity, whilst triggering great social changes. The Industrial Revolution Towards the end of the 18th… …   Wikipedia

  • capitalism — A system of wage labour and commodity production for sale, exchange, and profit, rather than for the immediate need of the producers. Plentiful examples of capitalism in the pre modern era exist but, typically, capitalist exchanges were… …   Dictionary of sociology

  • Capitalism —    A term rarely used by Karl Marx and not at all until 1877 (Marx favored the adjective “capitalist”), “capitalism” refers to a mode of production characterized by commodity production and the private ownership of capital or the means of… …   Historical dictionary of Marxism

  • Finance de l'ombre — La finance de l ombre (shadow financial system en anglais) désigne une série d acteurs financiers peu ou pas réglementés[Par qui ?] tels les hedge funds, firmes de capital investissement, banques d affaires, agences de notation, spéculateurs sur… …   Wikipédia en Français

  • Periodizations of capitalism — A periodization of capitalism seeks to distinguish stages of development that help understanding of features of capitalism through time. The most well known periodizations that have been proposed distinguish these stages as:#Early or… …   Wikipedia

  • History of capitalism — The history of capitalism dates back to early forms of merchant capitalism practiced in the Middle East and Western Europe during the Middle Ages, though many economic historians consider the Netherlands as the first thoroughly capitalist country …   Wikipedia

  • Anti-capitalism — describes a wide variety of movements, ideas, and attitudes which oppose capitalism. Anti capitalists, in the strict sense of the word, are those who wish to completely replace capitalism with another system; however, there are also ideas which… …   Wikipedia

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”