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Financialisation as Monopoly Profit: The Case of US Banking
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Social and Economic Geography.
2018 (English)In: Antipode, ISSN 0066-4812, E-ISSN 1467-8330, Vol. 50, no 4, p. 864-890Article in journal (Refereed) Published
Abstract [en]

Different economic measures afford different ways of seeing processes of financialisation. In the prototypical case of the US economy, the most compelling evidence of post-1970s financialisation is found in corporate profits measures. This much has been clear for at least a decade. What remains much less clear, however, is the explanation for the long-term maintenance and amplification of extreme financial-sector profitability that financialisation in the United States has and continues to entail. With a specific focus on banking, this article turns to post-Marxian scholarship on profit rate trends to explain this phenomenon. It argues that limited and declining levels of competition within the US banking sector during recent decadesrooted in high levels of industry concentration, collusive behaviour, and substantial entry barriershave contributed to sustaining and boosting abnormal sectoral profitability. In doing so, the article theorises financialisation in the United States explicitly in terms of monopoly profit.

Place, publisher, year, edition, pages
John Wiley & Sons, 2018. Vol. 50, no 4, p. 864-890
Keywords [en]
financialisation, United States, profit, competition, monopoly, capitalism
National Category
Business Administration
Identifiers
URN: urn:nbn:se:uu:diva-364900DOI: 10.1111/anti.12383ISI: 000440899700003OAI: oai:DiVA.org:uu-364900DiVA, id: diva2:1262611
Available from: 2018-11-12 Created: 2018-11-12 Last updated: 2018-11-12Bibliographically approved

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Christophers, Brett

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