The Return of 'Financialized' Liberal Capitalism

Banking Systems in the Crisis - The Faces of Liberal Capitalism, Forthcoming

22 Pages Posted: 2 May 2012  

Suzanne J. Konzelmann

University of London - Birkbeck College - Faculty of Social Sciences, School of Management and Organizational Psychology; University of Cambridge - Faculty of Social and Political Sciences

Marc Fovargue-Davies

University of London - The London Centre for Corporate Governance & Ethics

Frank Wilkinson

affiliation not provided to SSRN

Date Written: March 1, 2012

Abstract

Liberalized global financial markets are nothing new. A review of the history of financial markets reveals much about their tendency to liberalize and globalize, their inherent instability and their surprising persistence, despite recurring crises. However, it is also important to recognize that all markets are socially and politically constructed; they are not the natural phenomenon that liberal economists seem to suppose. The appearance of markets, their scope, operation and regulation – and even their all too frequent failure and need of rescue – have inevitably social and political dimensions, influenced by national culture, politics, pragmatism and force majeure. The political dimension of markets and the way they operate plays a significant role in determining which – and the way by which – economic and social ideas inform policy.

Keywords: Varieties of Capitalism, Financialization, Neo-liberalization

JEL Classification: E02, N10, N20, P16

Suggested Citation

Konzelmann, Suzanne J. and Fovargue-Davies, Marc and Wilkinson, Frank, The Return of 'Financialized' Liberal Capitalism (March 1, 2012). Banking Systems in the Crisis - The Faces of Liberal Capitalism, Forthcoming. Available at SSRN: https://ssrn.com/abstract=2049434

Suzanne J. Konzelmann (Contact Author)

University of London - Birkbeck College - Faculty of Social Sciences, School of Management and Organizational Psychology ( email )

Malet Street
Bloomsbury
London, WC1E 7HX
United Kingdom
+44 (0) 207 631 6799 (Phone)

HOME PAGE: http://www.bbk.ac.uk/management/our-staff/academics/konzelmann

University of Cambridge - Faculty of Social and Political Sciences ( email )

ESRC Centre for Business Research
Cambridge, CB2 1TN
United Kingdom
+44 1223 337733 (Phone)

Marc Fovargue-Davies

University of London - The London Centre for Corporate Governance & Ethics ( email )

Malet Street Bloomsbury
WC1E 7HX
London, WC1E 7HX
United Kingdom

Frank Wilkinson

affiliation not provided to SSRN

No Address Available

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