I have a new article forthcoming in Development and Change, on the political economy of financialization, coauthored with Arjun Jayadev and Enno Schroeder.
A chief role of finance in a capitalist system is to allocate financial capital efficiently and effectively. Finance is supposed to impose discipline on economics.
Joseph Schumpter called bankers "the ephors of capitalism." The five ephor of ancient Sparta were magistrates that held power over the monarchical aspect Spartan government, which was a combination of monarchy, oligarchy and democracy.
JW Mason
New Article on Financialization
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