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Financialism: A (Very) Brief HistoryLawrence E. MitchellCase Western Reserve University - School of Law August 9, 2010 Creighton Law Review, Vol. 43, p. 323, 2010 THE EMBEDDED FIRM, Peer Zumbansen and Cynthia Williams, eds., Cambridge University Press, Forthcoming GWU Legal Studies Research Paper Abstract: This essay describes various financial, economic, and legal developments in the United States from 1952 until 2007 and argues that they suggest a transformation of the American economic system from capitalism to one I term "financialism." Financialism is a system in which the real economy plays a secondary role to the financial economy, in the process stripping future real economic profits for present consumption. While it bears similarities to the process often identified in the economic literature as "financialization," it differs both in historical scope and in its suggestion that financialism differs fundamentally from capitalism.
Number of Pages in PDF File: 15 Keywords: Financial Crisis, Capitalism, Securities, Finance, Investment Banking, Commercial Banking, Banking, Executive Compensation, Shareholders, Stock, Stock Market, Proprietary Trading Accepted Paper SeriesDate posted: August 9, 2010Suggested CitationContact Information
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