The Latest Incarnation of Capitalism

Financialization isn’t a perversion of an otherwise well-functioning system. It’s just capitalism’s latest survival mech

Philosophers and economists have decried the parasitical effect of finance on productive economic activity. Plato opens his Republicwith an exchange challenging the idea that one should always repay one’s debts. Adam Smith argued for attacks on landlords’ entrenched privileges, while Keynes called for the “euthanasia of the rentier.” This narrative is still prominent today. Indeed, many modern economists argue that we are entering an era of “rentier capitalism,” in which financial capitalists thrive at the expense of good, productive industrialists. anism.

Saiba mais https://www.jacobinmag.com/2018/09/financialization-capitalism-debt-globalization-crisis