Understanding Globalization, Financialization, Competition and Crisis
Chapter 4: If Financial Market Competition is Intense, Why are Financial Firm Profits so High?: Reflections on the Current “Golden Age” of Finance
Over the past quarter century progressive analysts have produced an impressive body of research on “financialization” — the effects of financial markets on nonfinancial corporations in particular and on national and global economic activity in general. By comparison, our collective understanding of why the financial sector has become so powerful and of what dynamic forces are driving present day financial processes is underdeveloped.
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