Financialization

• Autorzy: Tomasz Zieliński
• Języki publikacji: EN

Abstrakty

EN

Following the classical economics paradigm, finance should be subordinated to the real economy. The servile nature of finance makes them only a manifestation of the economic activity of enterprises and households taking place in the real sphere. In such a model, the financial sphere of the econ-omy should, on the one hand, be efficient enough not to limit activity in the real economy, and on the other, it should be cheap and invisible enough not to burden the real economy with its activities and not consume profits gen-erated in the real economy. However, the deterministic approach could be considered, in which finance becomes the cause and not the effect of eco-nomic processes. Instead of just a reflection of real processes, finance be-comes a tool, an instrument for achieving goals, including those that are not purely of a monetary nature. The deterministic approach contradicts the statement that the superior function of the financial system is to participate in the creation of a commonly accepted means of making transactions (money, purchasing power) and to facilitate its mobility between niefinalizowany economic entities. Financialization is one of the most important processes limiting the sustain-able development of economies. Despite the increasing significance of fi-nance in the market economy, the perception of that new phenomena is not unambiguous. Theoretical discussion over that idea oscillates between ac-ceptance of natural evolution of market economy by growing importance of financial sector on the one hand, and warnings of the destructive role of finance in economic, social and ethical aspects of sustainable development on the other. Frame schedule of the discussion over financialization should comprise of pursuing the answers for a few key questions: what are key drivers of financialization, what are its key symptoms, what is its impact on the real economy and finally how to cope with it. (original abstract)

Słowa kluczowe

EN

Finance; Financial sector; Economy; Economic growth; Economic inequality

PL

Finanse; Sektor finansowy; Gospodarka; Wzrost gospodarczy; Nierówności gospodarcze

• Czasopismo: Scientific Publications / University of Economics in Katowice
• Rocznik: 2022
• Tom: Economics of Sustainability
• Strony: 174--209

Twórcy

autor

Tomasz Zieliński

• University of Economics in Katowice, Poland

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