Abstract

●We are caught in a "loop" of destruction.
Despite the lessons learned from the global financial crisis, finance continues to expand, robbing the real economy of its resources.

- Why are large corporations with surplus cash increasing their debt?
- What does the expansion of M&A as a financial activity mean?
- Why is Big Tech also entering the financial industry?
- Why do major financial institutions remain thriving?

This book explores the structural changes in capitalism through the unknown framework of "financialization."

●What does the pursuit of greater and faster profits bring?
"Financialization" refers to the increasing role of financial motives and actors in domestic and international economic activity. Financialization is a long-term trend in capitalism, and the emergence of recent social issues can be seen as a side effect of financialization. This book explains why non-financial companies inevitably become financialized and why the financialization ecosystem is maintained.

A financialization-centered approach is effective in avoiding repeated major financial crises and bailouts and in assessing the future of capitalism.

Author’s Information

Associate Professor in the Faculty of Economics, Chuo University

Completed his doctoral studies in Economic Theory and Economic Statistics at the Graduate School of Economics, Hitotsubashi University in 2008. In the same year, he became an Associate Professor in the Department of Economics, Faculty of Humanities, Shizuoka University, and a Visiting Researcher at the School of Oriental and African Studies, University of London, for one year from 2015. He became an Associate Professor in the Department of Economics, Faculty of Economics, Komazawa University in 2017 and a Professor in the same department in 2018, and has been in his current position since 2024. He holds a PhD in Economics. His major works include Financialization: Financialization and Financial Institution Behavior (Sakurai Shoten) and co-translated books such as What's Wrong with MMT? - The Possibility of Progressive Macroeconomic Policy (by Epstein, Toyo Keizai Inc.).