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The Evolution of the Financial system in the Modern Capitalist Economy : A Critique of 'Finance-led Capitalism'
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현대 자본주의 경제에서 금융시스템의 진화 : 금융주도 자본주의론 비판

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Type
Academic journal
Author
Yoon, Jonghee (경희대학교)
Journal
Korean Critical Sociological Association ECONOMY AND SOCIETY WN.115 KCI Excellent Accredited Journal
Published
2017.9
Pages
72 - 102 (31page)

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The Evolution of the Financial system in the Modern Capitalist Economy : A Critique of 'Finance-led Capitalism'
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The financial sector has grown since 1980s. Post-Keynesian economists define this as ‘finance-led capitalism’. According to them, ‘finance’ and industry are opposed to each other in terms of interest rates, dividends and so on. Once the New Deal-Keynesian financial regulations have been eased since the 1980s, the ‘finance’ has made a series of ‘financial innovations’ to maximize profits. As a result, ‘financialization’ arises on the sacrifice of industry and instability inherent in finance deepens. It peaked in the global financial crisis of 2007~2009. This view, however, seems to have come from a superficial recognition of the relationship between ‘finance’ and industry. This study splits ‘finace’ into ‘rentier’ and ‘financial firm’, and analyzes the relationship between ‘finance’ and industry. It will argue that the class-based antagonization between them is fictitious. On the basis of this, it will propose that financial sector has evolved in accordance with the changes in the accumulation of industrial capital, not its own development law. In addition, it will be argued that ‘financialization’ is not a result of the speculative nature of finance, but an expression of the structural crisis in the real economy which is caused by a fall in the rate of profit.
#금융주도 자본주의 #금융화 #증권화 #그림자은행 #finance-led capitalism #financialization #securitization #shadow banking

Contents

1. 문제제기
2. 금융과 산업의 관계: 계급적 대립인가, 기능적 차이인가?
3. 금융화와 금융시스템의 변형: 대안적 설명
4. 결론
참고문헌
Abstract

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