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Financialisation And Capitalist Accumulation: Structural Accounts Of The Crisis Of 2007-9

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Executive Summary

The crisis of 2007-9 resulted from a financial bubble marked by weak production, expanding bank assets, and growing household indebtedness. For these reasons the crisis casts light on the financialisation of capitalist economies. The literature on financialisation generally links weak production with booming finance; according to some, causation runs from weak production to booming finance, while for others it runs in the opposite direction. This paper argues that there is no direct causation between booming finance and weak production.

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