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Financialization
Financialization (or financialisation in British English) is a term sometimes used to describe the development of financial capitalism during the period from 1980 to the present, in which debt-to-equity ratios increased, and financial services accounted for an increasing share of national income relative to other sectors. Financialization describes an economic process by which exchange is facilitated through the intermediation of financial instruments. Financialization may permit real goods, services, and risks to be readily exchangeable for currency, and thus make it easier for people to rationalize their assets and income flows. Financialization is tied to the transition from an industrial economy to a service economy, as financial services belong to the tertiary sector of the economy. Specific academic approaches Various definitions, focusing on specific aspects and interpretations, have been used: * Greta Krippner of the University of Michigan writes that financial ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shareholder Value
Shareholder value is a business term, sometimes phrased as shareholder value maximization. The term expresses the idea that the primary goal for a business is to increase the wealth of its shareholders (owners) by paying dividends and/or causing the company's stock price to increase. It became a prominent idea during the 1980s and 1990s, along with the management principle value-based management or managing for value. Definition The term ''shareholder value'', sometimes abbreviated to ''SV'', can be used to refer to: * The market capitalization of a company; * The view that the primary goal for a company is to increase the wealth of its shareholders (owners) by paying dividends and/or causing the stock price to increase (i.e. the Friedman doctrine introduced in 1970); * The more specific concept that planned actions by management and the returns to shareholders should outperform certain bench-marks such as the cost of capital concept. In essence, the idea that shareholders' money ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Capitalism
Finance capitalism or financial capitalism is the subordination of processes of production to the accumulation of money profits in a financial system. Financial capitalism is thus a form of capitalism where the intermediation of saving to investment becomes a dominant function in the economy, with wider implications for the political process and social evolution. The process of developing this kind of economy is called financialization. Characteristics Finance capitalism is characterized by a predominance of the pursuit of profit from the purchase and sale of, or investment in, currencies and financial products such as bonds, stocks, futures and other derivatives. It also includes the lending of money at interest; and is seen by Marxist analysts (from whom the term finance capitalism originally derived) as being exploitative by supplying income to non-laborers. Academic defenders of the economic concept of capitalism, such as Eugen von Böhm-Bawerk, see such profits as part ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kevin Phillips (political Commentator)
Kevin Price Phillips (November 30, 1940 – October 9, 2023) was an American writer and commentator on politics, economics, and history. He emerged as a Republican Party strategist who helped devise its Southern Strategy in the 1960s. Phillips became disaffected with the party by the 1990s, subsequently leaving it to become an independent and staunch critic of the Republicans. He was a regular contributor to the ''Los Angeles Times'', ''Harper's Magazine'', and National Public Radio, and was a political analyst on PBS's '' NOW with Bill Moyers''. Early life Phillips was born in Manhattan in 1940, and grew up in the Bronx, raised by a family of Irish, Scottish, and English descent. He was drawn to the Republican Party from an early age, supporting Dwight D. Eisenhower for president in 1952 and 1956. He attended the Bronx High School of Science before earning a bachelor's degree in political science from Colgate University and a juris doctor from Harvard Law School; he also ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
British Empire
The British Empire comprised the dominions, Crown colony, colonies, protectorates, League of Nations mandate, mandates, and other Dependent territory, territories ruled or administered by the United Kingdom and its predecessor states. It began with the English overseas possessions, overseas possessions and trading posts established by Kingdom of England, England in the late 16th and early 17th centuries, and colonisation attempts by Kingdom of Scotland, Scotland during the 17th century. At its height in the 19th and early 20th centuries, it became the List of largest empires, largest empire in history and, for a century, was the foremost global power. By 1913, the British Empire held sway over 412 million people, of the world population at the time, and by 1920, it covered , of the Earth's total land area. As a result, Westminster system, its constitutional, Common law, legal, English language, linguistic, and Culture of the United Kingdom, cultural legacy is widespread. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dutch Trading Empire
The Dutch colonial empire () comprised overseas territories and trading posts under some form of Dutch control from the early 17th to late 20th centuries, including those initially administered by Dutch chartered companies—primarily the Dutch East India Company (1602–1799) and Dutch West India Company (1621–1792)—and subsequently governed by the Dutch Republic (1581–1795) and modern Kingdom of the Netherlands (1815–1975). Following the ''de facto'' independence of the Dutch Republic from the Spanish Empire in the late 16th century, various trading companies known as ''voorcompagnie'' led maritime expeditions overseas in search of commercial opportunities. By 1600, Dutch traders and mariners had penetrated the lucrative Asian spice trade but lacked the capital or manpower to secure or expand their ventures; this prompted the States General in 1602 to consolidate several trading enterprises into the semi-state-owned Dutch East India Company (, VOC), which was gran ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Habsburg Spain
Habsburg Spain refers to Spain and the Hispanic Monarchy (political entity), Hispanic Monarchy, also known as the Rex Catholicissimus, Catholic Monarchy, in the period from 1516 to 1700 when it was ruled by kings from the House of Habsburg. In this period the Spanish Empire was at the zenith of its influence and power. During this period, Spain held many territories, including American continental holdings and the Spanish West Indies, West Indies; European territories like the Habsburg Netherlands, Low Countries, Council of Italy, Italian territories, Iberian Union, Portugal and parts of County of Burgundy, France; and the Captaincy General of the Philippines, Philippines and other possessions in Southeast Asia. The period of Spanish history has also been referred to as the "Age of Discovery, Age of Expansion". The Habsburg name was not always used by the family members, who often emphasized their more prestigious princely titles. The dynasty was long known as the "House of Austr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Peril And Politics Of Radical Religion, Oil, And Borrowed Money In The 21st Century
''The'' is a grammatical article in English, denoting nouns that are already or about to be mentioned, under discussion, implied or otherwise presumed familiar to listeners, readers, or speakers. It is the definite article in English. ''The'' is the most frequently used word in the English language; studies and analyses of texts have found it to account for seven percent of all printed English-language words. It is derived from gendered articles in Old English which combined in Middle English and now has a single form used with nouns of any gender. The word can be used with both singular and plural nouns, and with a noun that starts with any letter. This is different from many other languages, which have different forms of the definite article for different genders or numbers. Pronunciation In most dialects, "the" is pronounced as (with the voiced dental fricative followed by a schwa) when followed by a consonant sound, and as (homophone of the archaic pronoun ''thee' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Institution
A financial institution, sometimes called a banking institution, is a business entity that provides service as an intermediary for different types of financial monetary transactions. Broadly speaking, there are three major types of financial institution: # Depository institution – deposit (finance), deposit-taking institution that accepts and manages deposits and makes loans, including bank, building society, credit union, trust company, and mortgage broker; # Contractual institution – insurance company and pension fund # Investment institution – investment banking, investment bank, underwriter, and other different types of financial entities managing investments. Financial institutions can be distinguished broadly into two categories according to ownership structure: * commercial bank * cooperative banking, cooperative bank Some experts see a trend toward homogenisation of financial institutions, meaning a tendency to invest in similar areas and have similar business str ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Socially Necessary Labour Time
Socially necessary labour time in Marx's critique of political economy is what regulates the exchange value of commodities in trade. In short, socially necessary labour time refers to the average quantity of labour time that must be performed under currently prevailing conditions to produce a commodity. Unlike individual labour hours in the classical labour theory of value formulated by Adam Smith and David Ricardo, Marx's exchange value is conceived as a proportion (or 'aliquot part') of society's labour-time. Marx did not define this concept in computationally rigorous terms, allowing for flexibility in using it in specific instances to relate average levels of labour productivity to social needs manifesting themselves as monetarily effective market demand for commodities. Mathematically formalizing the relationship between socially necessary labour and commodity value is difficult, due to incessantly shifting social, physical or technical circumstances affecting the labour p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exchange Value
In political economy and especially Marxian economics, exchange value () refers to one of the four major attributes of a commodity, i.e., an item or service produced for, and sold on the market, the other three attributes being use value, economic value, and price. Thus, a commodity has the following: * a value, represented by the socially necessary labour time to produce it (Note: the first link is to a non-Marxian definition of value); * a use value (or utility); * an exchange value, which is the proportion at which a commodity can be exchanged for other entities; * a price (an actual selling price, or an imputed ideal price). These four concepts have a very long history in human thought, from Aristotle to David Ricardo, and became more clearly distinguished as the development of commercial trade progressed but have largely disappeared as four distinct concepts in modern economics. This entry focuses on Karl Marx's summation of the results of economic thought about exchan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fictitious Capital
Fictitious capital (German: ''fiktives Kapital'') is a concept used by Karl Marx in his critique of political economy. It is introduced in chapter 25 of the third volume of Capital. Fictitious capital contrasts with what Marx calls "real capital", which is capital actually invested in physical means of production and workers, and "money capital", which is actual funds being held. The market value of fictitious capital assets (such as stocks and securities) varies according to the expected return or yield of those assets in the future, which Marx felt was only indirectly related to the growth of real production. Effectively, fictitious capital represents "accumulated claims, legal titles, to future production" and more specifically claims to the income generated by that production. *Fictitious capital could be defined as a ''capitalisation on property ownership''. Such ownership is real and legally enforced, as are the profits made from it, but the capital involved is fictitious; ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
