On Financialisation of Capital
15/02/24
1] Globalisation of Monopoly Finance Capitalism
2] Financialisation of the Capitalist System
3] Impact of Financialisation Capitalism on a nation
4] Widening deficits while achieving Sustainable Development Goals
5] Geoeconomics challenges in the Madani Economic Model
6] Socialism efficiency economic model
The Madani Model of economic development is inviting entanglement of neo-imperialism in a collusion with monopoly-finance capitalism from the Global North at a time when the country’s rakyat² have to be lifted from rising tides of destruction of multipolarity in globalisation and a stagnated and less vibrant domestic economy.
The slowing down in the overall rate of global growth is an indicative resultant in the internationalisation of monopolistic transnational corporations (TNCs) and an emergence of the “capital accumulation process” or financialization capitalism.
Since the 1974-1975 recession, scouting for wider markets to sustain capitalism, a proliferation of corporations – with neoliberalism policies – begins setting up assembly lines across borders in different geographical locations inside developing countries – the Global South – where by 2010, more than half of all foreign direct investment (FDI) went to third world and transition economies. With this strategic positioning in place, and world production dominated by a relatively few transnational corporations (TNC) exercising considerable monopoly power over states and labour, the migration towards the international concentration of capital clearly reflected on the work of Lenin (Imperialism, the Highest Stage of Capitalism, New York: International Publishers, 1939) and, on the other hand, confirms Amin’s imperialism of generalized-monopoly capitalism and Emmanuel’s Theory of Exchange under Neo-Imperialism that initiated underdevelopment under monopoly-capitalism through sheer exploitation of natural resources and human labour.
The international concentration of capital invertibly gives birth to international monopoly-finance capital that ensues the emergence of financialization capitalism (see John Bellamy Foster, The Financialization of Accumulation, Monthly Review vol:62, issue 05 October 2010). Financialization capitalism becomes prominent because the TNCs are unable to find sufficient investment outlets for their huge economic surpluses from production, increasingly turn to speculation within the global financial sphere, (see John Bellamy Foster and Fred Magdoff, The Great Financial Crisis (New York: Monthly Review Press, 2009). Even households had become financialized, (see Costas Lapavitsas, The Era of Financialization, Part 3, TripleCrisis). During the Covid19 pandemic, there is a situational period when capitalism is as contiguous as the virus itself, and the dominance of financial monopoly-capitalism permeated throughout many a nation; consequently indebting our country and many others.
In this edition, we shall go through the various thematics in the financialisation capitalism process with a collection of essays by the Collective on Geoeconomics in STORM:
1] Globalisation of Monopoly Finance Capitalism
2] Financialisation of the Capitalist System
3] Impact of Financialisation Capitalism on a nation
4] Widening deficits while achieving Sustainable Development Goals
5] Geoeconomics challenges in the Madani Economic Model
6] Socialism efficiency economic model
Do peruse and browse through the scripts, and to acknowledge the alternative analyses therein.
in solidarity,
New Left Malaysia
Past Editions:
Global Monopoly Financial Capitalism
New Left Malaysia 