The \financialization\ of contemporay capitalism: a discussion of the theories of François Chesnais and David Harvey

Author(s)

Ilan Lapyda

• Document type: Master's Dissertation
• Press: São Paulo.
• Institution: Universidade de São Paulo (USP). Faculdade de Filosofia, Letras e Ciências Humanas (FFLCH/SBD)
• Defense date: 2011-08-17

Examining board members

Ricardo Musse; Ruy Gomes Braga Neto; Leda Maria Paulani

• Advisor: Ricardo Musse

Abstract

The dissertation seeks to understand the phenomenon of \"financialization\" under contemporary capitalism. A series of transformations started in the 1970s which began out the decline of the \"Fordist\" regime of accumulation and the possible emergence of a new phase of capitalism. Its key feature is a movement of \"financialization\", which results in part from changes in the financial sphere. Its distinctive aspects are the exponential increase in transactions, both in absolute terms and in comparison to productive activities; liberalization and deregulation of financial markets and activities around the world; the emergence of new actors and institutions related to finance. This process led to an increased importance of financial capital in the circuits of valorization. This new moment has not yet allowed to establish a theoretical consensus on the issue. For this reason, the dissertation focuses on the works of two Marxist thinkers, François Chesnais and David Harvey, seeking to establish similarities, differences and, above all, complementarities of their contributions. Choosing Chesnais is imposed due to the prominent role the subject occupies in his work. Harvey, in turn, prioritizes the discussion of relations between finance and other aspects of capitalism today. (AU)

• FAPESP's process: 09/02616-3 - "Financialization" of capitalism and its sociological implications
• Grantee: Ilan Lapyda
• Support Opportunities: Scholarships in Brazil - Master