The term financialization refers to a historic and fundamental transformation of contemporary capitalism and the dominant role of the financial sector. It conveys the penetration of finance into every corner of our life, in search for opportunities to make a profit. Financialization transforms our way of life, our way of thinking and our personality. Financialized capitalism creates increasing inequality and brings more harm than good. It provides basic goods like housing, health care, food, and education only for those who can pay for it.
Finance has become decoupled from production to become an independent power, an autocrat over the real economy (Robert W. Cox. 1992. Global Perestroika)
Financialization Explained in Three Minutes by Costas LapavitsasThe fate of homeowners and of individual pension beneficiaries and workers is increasingly tied to the fate of financial markets due to the financialization of mortgages and of pension funds. Financialization rewrites the rules of capital accumulation.
By C.J. Polychroniou, Truthout | Interview
January 26, 2014
The Financialization of Life
Costas Lapavitsas speaks to an audience at The Real News, October 31, 2014
(Click to download transcript with links to the videos, PDF)
Profiting Without Producing: How Finance Exploits Us All
A lecture by Costas Lapavitsas