Developing Countries In The Era Of Financialisation: From Deficit Accumulation To Reserve Accumulation

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Executive Summary

This paper examines the effects of financialisation on developing countries by considering international capital flows and reserve accumulation. Analytical focus lies on the international financial transactions of developing countries since 2000, especially in relation to the US economy. The paper shows that international capital flows have grown substantially, while at the same time developing countries have accumulated huge international reserves. The outcome has been net flows of capital from developing to developed countries. These phenomena are analyzed within a Marxist framework that stresses the role of world money as well as the tendency of capitalist finance toward crisis.

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