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Finance capitalism
From Wikipedia, the free encyclopedia
Finance capitalism is a term from Marxian political economics defined as the subordination of processes of production to the accumulation of money profits in a financial system.[1] 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. [2]
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[3] 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.
- Imperialism: A Study (John Hobson)
- Imperialism and World Economy (Nikolai Bukharin)
- Imperialism: The Highest Stage of Capitalism (Vladimir Lenin)
- ^ "Capitalism" by John Scott and Gordon Marshall in A Dictionary of Sociology Oxford University Press 2005. Oxford Reference Online. Oxford University Press
- ^ "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
- ^ Frank Bealey & others. Elements of Political Science. Edinburgh University Press, 1999, p. 202