The impact of the variable financialization in the collapse of General Motors Corporation of 2008.
The term financialization has several definitions and it has been treated in different ways. I make an initial classification which suggests authors who present it as a category where the macroeconomic level predominates through public economic policies, out of which, among many others, John Bellamy Foster’s proposal stands out:
If in the 1970s “the old structure of the economy, consisting of a production system served by a modest financial adjunct” still remained—Sweezy observed in 1995—by the end of the 1980s this “had given way to a new structure in which a greatly expanded financial sector had achieved a high degree of independence and sat on top of the underlying production system.” Stagnation and enormous financial speculation emerged as symbiotic aspects of the same deep-seated, irreversible economic impasse. read more
