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The word Financialisation once again dominated many sessions. Readers of this blog will know that I am very sceptical about whether this concept adds much to our understanding of modern capitalist trends; indeed it may even confuse on many issues. Does it simply mean that the financial sector has grown in importance quantitatively in the structure of capitalism in the 21st century; or does it mean much more; that capitalism has entered a fundamentally new stage in the capitalist mode of production? Those who push financialisation seem to be in the latter camp: finance is where we must look for the key faultlines in capital and not in capital overall. If so, I disagree. But whatever it is, ‘financialisation’ seems to dominate the research of many radical scholars.
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