New Actors in a Financialised Economy and the Remaking of Capitalism
New Actors in a Financialised Economy and the Remaking of Capitalism
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金融化经济中的新角色与资本主义的重塑
DOI:
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发表时间:
2007
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影响因子:
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通讯作者:
K. Williams
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文献类型:
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作者:
J. Froud;A. Leaver;K. Williams
The term capitalism comes with a great deal of anachronistic, non-reflexive, non-deconstructed baggage. The ‘c word’ evokes the idea of a reified system with an immanent inner principle so that capitalism is a system unified for Marxists by the imperatives of extracting surplus value or unified for political economists by the institutional forms of mobilising capital and labour for production. Such notions imply a singularity behind multiple expression and held the promise that capitalism can reach structural stability as, for example, in a Marxist regime of accumulation or an institutional configuration such as a national model with economic performance correlates. Thus, the Regulationists have for a generation waited for the restoration of coherence. This perhaps misses the point about capitalism and more especially about present-day capitalism, which we might call 20/ 21 capitalism to distinguish it from the range of historical predecessors. The distinguishing general feature of capitalism is its mobility and resourcefulness because, as the historian Fernand Braudel observed, capitalism is often sick but never dies. In the present day, this mobility in 20/21 capitalism works through processes of redistribution and relocation which are powerful, variably articulated and often misunderstood or undisclosed, as we can see if we consider the role of finance and financialisation. If our object is the remaking of 20/21 capitalism, it is hard to avoid the supposition that finance is an important driver of its mobility and resourcefulness as we survey the whole period since the 1970s and the breakdown of BrettonWoods. Let us begin by summarising three inescapably obvious and already familiar developments. First, financial liberalisation and deregulation, combined with digital technology and falling costs of information, led to a huge expansion of scale and scope New Political Economy, Vol. 12, No. 3, September 2007