Since the 1980s, the financial sector and its role have increased significantly. This development is often referred to as financialization. Authors working in the heterodox tradition have raised the question whether the changing role of finance manifests a new era in the history of capitalism. The present article first provides some general discussion on the term financialization and presents some stylized facts which highlight the rise of finance. Then, it proceeds by briefly reviewing the main arguments in the Marxian framework that proposedly lead to crisis. Next, two schools of thought in the Marxian tradition are reviewed which consider financialization as the latest stage of capitalism. They highlight the contradictions imposed by financialization that disrupt the growth process and also stress the fragilities imposed by the new growth regime. The two approaches introduced here are the Social Structure of Accumulation Theory and Monthly Review School. The subsequent part proceeds with the Post-Keynesian theory, first introducing potential destabilizing factors before discussing financialization and the finance-led growth regime. The last section provides a comparative summary. While the basic narrative in all approaches considered here is quite similar, major differences stem from the relationship between neoliberalism and financialization and, moreover, from the question of whether financialization can be considered cause or effect. 2016 Level: advanced Financialization and the crises of capitalism Petra Dühnhaupt Institute for International Political Economy Berlin This article examines the spread of financialization in Germany before the financial crisis. It provides an up-to date overview on the literature on financialization and reviews which of the phenomena typically associated with financialization have emerged in Germany. In particular, the article aims to clarify how the prevailing institutional structure and its changes had contributed to or had countervailed the spread of financialization and how it had shaped the specific German variant of financialization. For this end, it combines the rich literature on Germany's institutional structure with the more macroeconomic oriented literature on financializaton. With the combination of those different perspectives the article sheds light on the reasons for the spread of financialization and the specific forms it has taken in Germany. 2019 Level: beginner Financialization made in Germany: A review Daniel Detzer Institute for International Political Economy Berlin Professor Jennifer Clapp explains the dynamics of financialization of land and agricultural commodities in Subsaharan Africa. She points to the historical roots of accelerated land speculation and their connection to financial institutions, both generating and reinforcing the process of financialization of African land. Besides talking about roots and dynamics of speculation with land on financial markets, she puts the perspective of scholarly investigation onto the investor's side in discussing guidelines of responsible investment and regulation in the front instead of focussing on the receiving countries. 2013 Level: beginner Land and Financialization: Role of International Financial Actors in Land Deals in Africa Jennifer Clapp The North-South Institute Economist and politician Costas Lapavitsas: presents differing theoretical definitions of financialization, namely from Marxist and Post-Keynesian thinkers and compares their approaches. By presenting pattern and features of the economic and financial crisis, he interprets the latter as a crisis of financialization. Lapavitsas emphasizes his arguments by presenting data from the U.S. and Germany on the transformation of business, banks and households. 2015 Level: beginner The Financialisation of Capitalism Costas Lapavitsas Netzwerk Plurale Ökonomik Financialization is one of the most innovative concepts to emerge in the field of political economy during the last three decades, although there is no agreement on what exactly it is. Profiting Without Producing by Costas Lapavitsas puts forth a distinctive view defining financialization in terms of the fundamental conduct of non-financial enterprises, banks and households. 2014 Level: advanced Profiting Without Producing Costas Lapavitsas Verso Books In this teaching pack, we take a look at satellite crop monitoring and how it is used for both real and financial economic activities. By looking at commodity futures, we give students a sense of what financialization can mean. In the active exercise students learn to discuss these matters and reflect upon them. 2022 Level: beginner Space & Agriculture Economy Studies Economy Studies The 2007–08 credit crisis and the long recession that followed brutally exposed the economic and social costs of financialization. Understanding what lay behind these events, the rise of “fictitious capital” and its opaque logic, is crucial to grasping the social and political conditions under which we live. Yet, for most people, the operations of the financial system remain shrouded in mystery. 2017 Level: advanced Fictitious Capital Cedric Durand Verso Özlem Onaran analyses the current problems of secular stagnation from a global perspective. At the core of global economic problems is insufficient demand caused by falling wage shares, because most individual countries, and the world as a whole are “wage-led”. Hence a strategy for global growth is to aim at increasing wages and thus the wage share, and the abandonment of policies focusing purely on national competitiveness. Financialization has broken the link between corporate profitability and investment. Reregulation of finance and higher public investment is required in order to crowd in private investment, in this way, reversing the declining trend of potential output growth. 2015 Level: advanced Current Problems of Secular Stagnation from a Global Perspective Özlem Onaran IMK The concept of financialisation has undergone a similar career as ‘globalisation’, ‘neoliberalism’ or even ‘capitalism’, in the course of which it changed from the explanandum to the explanans; the process of financialisation is taken for granted, while the concrete historical and empirical causal conditions of its realisation and perpetuation are being moved into the background. 2023 Level: expert A holistic theory of financialisation Samuel Decker Exploring Economics This module examines current socio-political issues through the lens of pluralism, that is pluralism of theory, pluralism of method and interdisciplinary pluralism 2020 Level: beginner Pluralist Economic Analysis Sophia Kuehnlenz Manchester Metropolitan University The course will teach students to analyze the goals, implementation, and outcomes of economic policy. 2018 Level: advanced Advanced Economic Policy 2 Alyssa Schneebaum Vienna University of Economics and Business The recent financial meltdown and the resulting global recession have rekindled debates regarding the nature of contemporary capitalism. 2013 Level: advanced A Political Economy of Contemporary Capitalism and its Crisis Sotiropoulos, Dimitris P.; Milios, John; Lapatsioras, Spyros Routledge The workshop introduces into the field of critical political economy and tries to identify the role of finacial markets in capitalism, the reason for financial crises and the relevance of Marx in regard to these topics. 2018 Level: beginner Marxian Political Economy Jannis Eicker and Anil Shah 2. Summer Academy for Pluralist Economics The Covid-19 pandemic has laid bare the deep structural rifts in modern capitalist economies. It has exposed and exacerbated the long-lasting systemic inequalities in income, wealth, healthcare, housing, and other aspects of economic success across a variety of dimensions including class, gender, race, regions, and nations. This workshop explores the causes of economic inequality in contemporary capitalist economies and its consequences for the economy and society in the post-pandemic reality, as well as what steps can be taken to alleviate economic inequality in the future. Drawing from a variety of theoretical and interdisciplinary insights, the workshop encourages you to reflect on your personal experiences of inequality and aims to challenge the way in which the issue is typically approached in economics. 2022 Level: beginner Inequality in the Post-pandemic Era Hanna Szymborska Summer Academy 2022 for Pluralist Economics Marxian Political Economy focuses on the exploitation of labour by capital. The economy is not conceived as consisting of neutral transactions for exchange and cooperation, but instead as having developed historically out of asymmetric distributions of power, ideology and social conflicts. Marxian Political Economy     The chapter by the Centre for Economy Studies introduces interdisciplinary economic subdisciplines and their importance for economics education. 2021 Level: beginner Interdisciplinary Economics Sam de Muijnck and Joris Tieleman Economy Studies The effects of the 2020 pandemic on the Latin-American region: a thorough before-after analysis. 2020 Level: beginner COVID-19 and Economic Development in Latin America SOAS Open Economics Forum, SOAS Economics Department, Tobias Franz SOAS University of London This edited volume explores how dependency theories can be adapted and applied to understand limits and possibilities for development in Latin America and Europe It explores core periphery relations across different sets of countries specific mechanisms of dependency as well as the role of race and gender in dependency analysis … 2021 Level: advanced Dependent Capitalisms in Contemporary Latin America and Europe Aldo Madariaga, Stefano Palestini Springer Nature