Fictitious accumulation, speculation and financial instability

(Part II: A prime on Financialization based on Contemporary Literature)

Abstract

The aim of this text is to analyze contemporary interpretations about financialization aiming to build a particular approach on the subject, continuing the previous text, Carneiro (2019), in which it was discussed from the conception of classical authors. The reflection on contemporary literature will adopt as paradigm the theoretical principles proposed by Marx. Keynes and Minsky, associated with the concepts of fictitious accumulation, speculation and financial instability. With this perspective, it is intended not only to establish a continuity between the previous and the present essay, but also to examine the literature in the light of a definite theoretical point of view, aiming to build some analytical principles to understand contemporary financialization. The approach will consider the more general elements characteristic of this stage, such as fictitious or speculative accumulation and, as they manifest at the level of economic agents - financial intermediaries, companies and families - and how the latter reinforce the general characteristics of this phase of capitalist development.