The role of the State on the origin of financialization from the Marxist y Minskyan perspectives:
a comparative analysis
Keywords:
financialization, State, neoliberalism, money manager capitalismAbstract
The process of financialization has been extensively studied. Its effects on various aspects of economic, political, and social life, including the relationship with the state, have been analyzed. This paper studies the role played by the State in the origin of the financialization process. The article proposes a comparative analysis of the way in which the role of the state in the rise of financialization has been interpreted in both Marxist and Minskyan theory. It is argued that since the Minskyan theory considers that the institutional framework that regulates the economy can be established externally by the State, it is not capable of explaining the transformations in the state caused by the process of financialization. It is concluded that to achieve a better understanding of the financialization of the State, the Marxist theory that includes a historical perspective is more adequate.
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