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Financialised Capitalism: Crisis And Financial Expropriation

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Executive Summary

The current crisis is an outcome of the financialisation of contemporary capitalism. It arose in the USA because of the enormous expansion of mortgage lending, including to the poorest layers of the working class. It became general because of the trading of debt by financial institutions. These phenomena are integral to financialisation. During the last three decades large enterprises have turned to open markets to obtain finance, forcing banks to seek alternative sources of profit. One avenue has been provision of financial services to individual workers. This trend has been facilitated by the retreat of public provision from housing, pensions, education, and so on.

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