신자유주의적 금융화와 자본축적 구조 변화

A Study on the Structural Change of Capital Accumulation System by Neoliberal Financialization in U.S.A

This paper aims to review the structural change of capital accumulation system by financialization through the case of U.S. capitalism since 1980. The era since 1980s has witnessed the emerging new phenomena commonly called ‘financialization.’ The financial crisis and the preceding bubble in US economy have also cast a light on the social economic transformation. Financial institutions have become adept at profit‐to-making through mediating transactions in open financial markets, that is, the combination of financial expropriation and investment banking system. Marked-to-market leverage is strongly procyclical in the lender-trader model. The financial sector has also become capable of extracting profit directly out of wages and salaries, a process called financial expropriation. Despite the recent increment of academic literature analyzing it, most of it seems to be suffering from the conventional dichotomy of ‘monetary and real spheres.’ Alternative theory of capital and its accumulation has suggested by the discounted ‘present value of expected future earnings’ financialization will generate, that is, market capitalization. Based on this view of ‘financialization,’ various changes happening in both finacial and real sector in contemporary capitalism are tried to be interconnected in terms of causality.