THE GLOBAL STRUGGLE OF FINANCIALISED CAPITALISM

Abstract

This paper argues that the last global crisis is the reflection of the financialization process which has been derived from the falling profit rates in the world economies following a long expansion period of capitalism after the Second World War. We see the financialization as a new capitalist accumulation process. Financialization also enlarges the global imbalances. In a financialized world, it is misleading to see it feasible to finance the deficit forever. Hence, sustainability of the present international financial system is uncertain.