Finanzkrise, Finanzialisierung und Vergleichende Kapitalismusforschung
In: Zeitschrift für internationale Beziehungen: ZIB, Band 16, Heft 1, S. 123-139
ISSN: 0946-7165
The article explains the emergence & the consequences of the crisis by drawing on established theories of International Political Economy. It uses the "Financialization" -- concept for an inter-temporal study & the "Comparative Capitalism" research program for an inter-national perspective. In an inter-temporal perspective, the contribution demonstrates that both the emergence & the extent of the crisis are impossible to understand without taking due notice of the fundamental processes of company & household financialization during the last three decades. Financialization is defined as a process whereby the share of the financial sector within profits & household income permanently increases, to the detriment of the share of the production sector. In an inter-national perspective, the article explains the more severe repercussions of the crisis within Anglo-Saxon economies by pointing towards the more important role of financial markets within these liberal economies, whereas the classical "Hausbanken" within coordinated economies have been more moderately affected. Adapted from the source document.