Język Polski
English
Published
:
2014-06-30
Objectives of Economic Activity vs. Financialization of the Economy - the Theoretical Background to the Crisis of the Capitalist Market Based Economy
Maciej Miszewski
Abstract
This paper addresses the issue of financialization observed in the global economy as a specific symptom of the general crisis affecting the capitalist market based economy. The author re-states some tenets fundamental to economics, such as that which defines the satisfaction of people's needs as the primary goal of economic activity. The reader is also reminded that the original role of the financial sector was to divert surplus funds to real economic processes. Next, the paper points out some of the inherent deficiencies of the so called "mainstream" economics, resulting, e.g. in implicit acquiescence in the consequences of market monopolization and - just as important and related to the former - industrial concentration, or in the failure of regulatory bodies to distinguish between entities involved in market competition and those that are regarded as institutions of public trust. After all, the failure implies that these two types of bodies enjoy the same rights to be able to reduce the risk of their operations.(original abstract)Keywords:
International corporation, Economic growth, Financial sectorDetails
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Authors
Citation rules
Miszewski, M. (2014). Objectives of Economic Activity vs. Financialization of the Economy - the Theoretical Background to the Crisis of the Capitalist Market Based Economy. Zeszyty Naukowe Wyższej Szkoły Bankowej W Poznaniu, 54(3). Retrieved from https://journals.wsb.poznan.pl/index.php/znwsb/article/view/1120