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finance capitalism : ウィキペディア英語版 | finance capitalism
Finance capitalism or financial capitalism is the subordination of processes of production to the accumulation of money profits in a financial system.〔"Capitalism" by John Scott and Gordon Marshall in ''A Dictionary of Sociology'' Oxford University Press 2005. Oxford Reference Online. Oxford University Press〕 Financial capitalism is thus a form of capitalism where the intermediation of saving to investment becomes a dominant function in the economy, with wider implications for the political process and social evolution:〔( Simon Johnson, "The Quiet Coup", May 2009, The Atlantic. )〕 since the late 20th century it has become the predominant force in the global economy,〔R. Munck, ''Globalization and Labour'' (2011) p. 77-8〕 whether in neoliberal or other form.〔Charles R. Morris, ''The Trillion Dollar Meltdown'' (2008) p. 156〕 ==Characteristics==
Finance capitalism is characterized by a predominance of the pursuit of profit from the purchase and sale of, or investment in, currencies and financial products such as bonds, stocks, futures and other derivatives. It also includes the lending of money at interest; and is seen by Marxist analysts (from whom the term finance capitalism originally derived) as being exploitative by supplying income to non-laborers.〔("The Contradiction of Capitalism in the Search for Democracy" ), ''Latin American Perspectives'', Vol. 24, No. 3, Ecuador, Part 1: Politics and Rural Issues (May, 1997), pp. 116-122〕 Academic defenders of the economic concept of capitalism, such as Eugen von Böhm-Bawerk, see such profits as part of the roundabout process by which it grows and hedges against inevitable risks.〔F. Boldizzoni, ''Means and Ends: The Idea of Capital in the West 1500-1970'', Palgrave Macmillan 2008, pp. 128-32〕 In financial capitalism, financial intermediaries become large concerns, ranging from banks to investment firms. Where deposit banks attract savings and lend out money, while investment banks obtain funds on the interbank market to re-lend for investment purposes, investment firms, by comparison, act on behalf of other concerns, by selling their equities or securities to investors, for investment purposes.〔( J. Bradford De Long & Carlos D. Ramirez, "Understanding America’s Hesitant Steps Toward Financial Capitalism", 1996, UC Berkeley )〕
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