ORCID Profile
0000-0001-6136-1166
Current Organisation
Edith Cowan University
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Publisher: Elsevier BV
Date: 2020
DOI: 10.2139/SSRN.3725215
Publisher: Informa UK Limited
Date: 02-08-2022
Publisher: Queensland University of Technology
Date: 14-11-2017
Abstract: Not applicable
Publisher: Informa UK Limited
Date: 14-07-2019
Publisher: Springer Science and Business Media LLC
Date: 25-03-2021
Publisher: Elsevier BV
Date: 2020
DOI: 10.2139/SSRN.3711813
Publisher: Elsevier BV
Date: 2020
DOI: 10.2139/SSRN.3702132
Publisher: Springer Nature Switzerland
Date: 2023
DOI: 10.1007/17280_2023_4
Publisher: SAGE Publications
Date: 05-07-2021
DOI: 10.1177/04866134211018867
Abstract: Financialization describes the turn to speculative asset trading that has become increasingly central to economic life in recent decades. Critics argue this has occurred at the expense of the “real economy,” referring to production and trade. Critics further argue that finance’s normal role is to serve the needs of the productive sector. Financialization, which erts capital from production to speculation, is viewed as a deviant form of capitalist development. Drawing on original institutionalist insights, this article argues that such a juxtaposition of the so-called real economy versus deviant financialization is misleading. Financial speculation is a logical outcome of capitalism’s actual real economy—capital accumulation. Firms within a capitalist economy must continually engage profit-seeking practices, which in turn produces psychological habituation in agents. The latter makes profit-seeking, not production-seeking, the psychological foundation of capitalist agency, such that all legal profit-making activity is an instance of capitalism’s real economy. Prioritizing productive investment is a desired economy, an outcome that requires regulatory intervention. This paper proposes that credit guidance is a regulatory solution to financialization, one that can increase economic welfare. JEL Classification: O38, D91, H11, P10
Publisher: Elsevier BV
Date: 2021
DOI: 10.2139/SSRN.3873029
Publisher: Informa UK Limited
Date: 02-07-2020
Publisher: Elsevier BV
Date: 2020
DOI: 10.2139/SSRN.3672848
No related grants have been discovered for Naoise McDonagh.