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School of Business and Management

Financialised capitalism and the subordination of emerging capitalist economies.

When: Thursday, March 9, 2023, 5:00 PM - 6:30 PM
Where: Bancroft 1.08, Mile End

Speaker: Jeff Powell, University of Greenwich

Jeff Powell is a Senior Lecturer in Economics at the University of Greenwich. He is a member of the Institute of Political Economy, Governance, Finance and Accountability (PEGFA) and the Greenwich Political Economy Research Centre (GPERC), as well as a founding member of Reteaching Economics. 

The variegated experiences of financialisation in Emerging Capitalist Economies (ECEs) require a theory of global structural transformation in which these appearances can be located. Such a transformation can be found in the substantive advancement of the internationalisation of the circuits of capital, marking the passage into a new stage of financialised capitalism. In this new stage, finance has taken the concrete form of a US dollar market-based system, while production is carried out through global production networks. The confluence of these new realities has impacted both the size and the nature of the transfer of value from subordinate regions. An increasing share of this transferred value is captured by finance, both as reward for services rendered and as opportunities for expropriation have proliferated. In financialised capitalism, ECEs are cast in a subordinate position in relation to the extraction, realisation, and ‘storage’ of value, and the agency of their public and private agents is severely constrained.

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