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Financialization is a term sometimes used in discussions of the financial capitalism that has developed over the decades between 1980 and 2010, in which financial leverage tended to override capital (equity), and financial markets tended to dominate over the traditional industrial economy and agricultural economics. Financialization describes an economic system or process that attempts to reduce all value that is exchanged (whether tangible or intangible, future or present promises, etc.) into a financial instrument. The intent of financialization is to be able to reduce any work product or service to an exchangeable financial instrument, like currency, and thus make it easier for people to trade these financial instruments. Workers, through a financial instrument such as a mortgage, may trade their promise of future work or wages for a home. The financialization of risk sharing is what makes possible all insurance. The financialization of a government's promises (e.g., US government bonds) is what makes possible all government deficit spending. Financialization also makes economic rents possible. ==Specific academic approaches== Various definitions, focusing on specific aspects and interpretations, have been used: * Greta Krippner of the University of Michigan writes that financialization refers to a "pattern of accumulation in which profit making occurs increasingly through financial channels rather than through trade and commodity production." In the introduction to the 2005 book ''Financialization and the World Economy'', editor Gerald A. Epstein wrote that some scholars have insisted on a much narrower use of the term: the ascendancy of shareholder value as a mode of corporate governance, or the growing dominance of capital market financial systems over bank-based financial systems. Pierre-Yves Gomez and Harry Korine, in their 2008 book ''Entrepreneurs and Democracy: A Political Theory of Corporate Governance'', have identified a long-term trend in the evolution of corporate governance of large corporations and have shown that financialization is one step in this process. *Gerald A. Epstein defined financialization in 2001:〔http://www.peri.umass.edu/fileadmin/pdf/financial/fin_Epstein.pdf〕 Financialization refers to the increasing importance of financial markets, financial *Michael Hudson described financialization as "a lapse back into the pre-industrial usury and rent economy of European feudalism" in a 2003 interview:〔http://www.counterpunch.org/2003/08/29/who-benefited-from-the-tech-bubble-an-interview-with-michael-hudson〕 "only debts grew exponentially, year after year, and they do so inexorably, even when–indeed, especially when–the economy slows down and its companies and people fall below break-even levels. As their debts grow, they siphon off the economic surplus for debt service (...) The problem is that the financial sector's receipts are not turned into fixed capital formation to increase output. They build up increasingly on the opposite side of the balance sheet, as new loans, that is, debts and new claims on society’s output and income. () are not able to invest in new physical capital equipment or buildings because they are obliged to use their operating revenue to pay their bankers and bondholders, as well as junk-bond holders. This is what I mean when I say that the economy is becoming financialized. Its aim is not to provide tangible capital formation or rising living standards, but to generate interest, financial fees for underwriting mergers and acquisitions, and capital gains that accrue mainly to insiders, headed by upper management and large financial institutions. The upshot is that the traditional business cycle has been overshadowed by a secular increase in debt. Instead of labor earning more, hourly earnings have declined in real terms. There has been a drop in net disposable income after paying taxes and withholding "forced saving" for social Security and medical insurance, pension-fund contributions and–most serious of all–debt service on credit cards, bank loans, mortgage loans, student loans, auto loans, home insurance premiums, life insurance, private medical insurance and other FIRE-sector charges. ... This diverts spending away from goods and services. * Thomas Marois, looking at the big emerging markets, defines "emerging finance capitalism" as the current phase of accumulation, characterized by "the fusion of the interests of domestic and foreign financial capital in the state apparatus as the institutionalized priorities and overarching social logic guiding the actions of state managers and government elites, often to the detriment of labor." * Financialization may be defined as "the increasing dominance of the finance industry in the sum total of economic activity, of financial controllers in the management of corporations, of financial assets among total assets, of marketised securities and particularly equities among financial assets, of the stock market as a market for corporate control in determining corporate strategies, and of fluctuations in the stock market as a determinant of business cycles" (Dore 2002). * More popularly, however, financialization is understood to mean the vastly expanded role of financial motives, financial markets, financial actors, and financial institutions in the operation of domestic and international economies. * Sociological and political interpretations have also been made. In his 2006 book, ''American Theocracy: The Peril and Politics of Radical Religion, Oil, and Borrowed Money in the 21st Century'', American writer and commentator Kevin Phillips presents financialization as "a process whereby financial services, broadly construed, take over the dominant economic, cultural, and political role in a national economy" (268). Phillips considers that the financialization of the US economy follows the same pattern that marked the beginning of the decline of Habsburg Spain in the 16th century, the Dutch trading empire in the 18th century, and the British Empire in the 19th century (it is also worth pointing out that the true final step in each of these historical economies was collapse): ::... the leading economic powers have followed an evolutionary progression: first, agriculture, fishing, and the like, next commerce and industry, and finally finance. Several historians have elaborated this point. Brooks Adams contended that "as societies consolidate, they pass through a profound intellectual change. Energy ceases to vent through the imagination and takes the form of capital." * Nassim Taleb discusses the role that mis-estimated financialization methods and processes can play in causing disaster. In his book ''The Black Swan'', Taleb points out how financialization can misrepresent reality and lead to large errors. With regard to the 2007-2009 financial crisis, it became clear that many mortgages did not accurately represent the risk to the lender or the promise of future income from the borrower. Credit default swap transactions initially overwhelmed the marketplace as many rushed to correct the error caused by the mis-financialization of borrowers' promises—that is, mortgages. In a 2001 work titled "Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets", Taleb foretold many of the errors in financialization that were being made at the time; those errors ultimately proved to be the major cause of the 2007–9 crisis. Taleb suggests that mis-financializations are the root causes of most systemic economic problems in modern economies. Jean Cushen explores how the workplace outcomes associated with financialization render employees insecure and angry.〔Cushen, J. (2013). Financialization in the workplace: Hegemonic narratives, performative interventions and the angry knowledge worker. Accounting, Organizations and Society, 38(4), 314-331.〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Financialization」の詳細全文を読む スポンサード リンク
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