Финансиалиация усиливает неравенство и заводит экономику в тупик
Modern capitalists multiply their income and wealth largely due to revaluation of the financial assets, which often has no roots in the real sector of the economy. The assets’ market price may exceed the corresponding liabilities of their issuers. Such excessive part of the assets’ value is not secu...
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ftmpra:oai::101063 2023-05-15T18:47:41+02:00 Финансиалиация усиливает неравенство и заводит экономику в тупик Yashin, Pete 2020-06-12 application/pdf https://mpra.ub.uni-muenchen.de/101063/ https://mpra.ub.uni-muenchen.de/101063/1/MPRA_paper_101063.pdf en ru eng rus https://mpra.ub.uni-muenchen.de/101063/1/MPRA_paper_101063.pdf Yashin, Pete (2020): Финансиалиация усиливает неравенство и заводит экономику в тупик. E00 - General G01 - Financial Crises MPRA Paper NonPeerReviewed 2020 ftmpra 2023-04-09T05:00:58Z Modern capitalists multiply their income and wealth largely due to revaluation of the financial assets, which often has no roots in the real sector of the economy. The assets’ market price may exceed the corresponding liabilities of their issuers. Such excessive part of the assets’ value is not secured by anything; it forms an unsecured component of their owners’ wealth. This unsecured component is one of the main reasons for the observed wealth-to-income growth. We have shown that the increase in unsecured wealth necessarily increases inequality. So, the large wealth-to-income ratio indicates inequality strengthening. The rising inequality leads to the impoverishment of the poorest households and inhibition of economic growth. This is facilitated by an imbalance between the total savings and investment which unsecured income causes. A part of the capitalists' huge savings is absorbed by the unsecured growth in the financial assets’ value and do not materialize as capital investments. In fine, the consequence of financialization is the growth of unsecured income and wealth, which entail the rising inequality due to the outstripping growth of the largest fortunes. This causes an imbalance in economic growth and drives the economy into a dead end. Report Тупик Munich Personal RePEc Archive (MPRA - Ludwig-Maximilians-University Munich) |
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Munich Personal RePEc Archive (MPRA - Ludwig-Maximilians-University Munich) |
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language |
English Russian |
topic |
E00 - General G01 - Financial Crises |
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E00 - General G01 - Financial Crises Yashin, Pete Финансиалиация усиливает неравенство и заводит экономику в тупик |
topic_facet |
E00 - General G01 - Financial Crises |
description |
Modern capitalists multiply their income and wealth largely due to revaluation of the financial assets, which often has no roots in the real sector of the economy. The assets’ market price may exceed the corresponding liabilities of their issuers. Such excessive part of the assets’ value is not secured by anything; it forms an unsecured component of their owners’ wealth. This unsecured component is one of the main reasons for the observed wealth-to-income growth. We have shown that the increase in unsecured wealth necessarily increases inequality. So, the large wealth-to-income ratio indicates inequality strengthening. The rising inequality leads to the impoverishment of the poorest households and inhibition of economic growth. This is facilitated by an imbalance between the total savings and investment which unsecured income causes. A part of the capitalists' huge savings is absorbed by the unsecured growth in the financial assets’ value and do not materialize as capital investments. In fine, the consequence of financialization is the growth of unsecured income and wealth, which entail the rising inequality due to the outstripping growth of the largest fortunes. This causes an imbalance in economic growth and drives the economy into a dead end. |
format |
Report |
author |
Yashin, Pete |
author_facet |
Yashin, Pete |
author_sort |
Yashin, Pete |
title |
Финансиалиация усиливает неравенство и заводит экономику в тупик |
title_short |
Финансиалиация усиливает неравенство и заводит экономику в тупик |
title_full |
Финансиалиация усиливает неравенство и заводит экономику в тупик |
title_fullStr |
Финансиалиация усиливает неравенство и заводит экономику в тупик |
title_full_unstemmed |
Финансиалиация усиливает неравенство и заводит экономику в тупик |
title_sort |
финансиалиация усиливает неравенство и заводит экономику в тупик |
publishDate |
2020 |
url |
https://mpra.ub.uni-muenchen.de/101063/ https://mpra.ub.uni-muenchen.de/101063/1/MPRA_paper_101063.pdf |
genre |
Тупик |
genre_facet |
Тупик |
op_relation |
https://mpra.ub.uni-muenchen.de/101063/1/MPRA_paper_101063.pdf Yashin, Pete (2020): Финансиалиация усиливает неравенство и заводит экономику в тупик. |
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