6. Anaemic Geographies of Productive Finance

  1. Brett Christophers

Published Online: 14 JAN 2013

DOI: 10.1002/9781118295496.ch6

Banking Across Boundaries: Placing Finance in Capitalism

Banking Across Boundaries: Placing Finance in Capitalism

How to Cite

Christophers, B. (2013) Anaemic Geographies of Productive Finance, in Banking Across Boundaries: Placing Finance in Capitalism, John Wiley & Sons, Ltd, Oxford. doi: 10.1002/9781118295496.ch6

Publication History

  1. Published Online: 14 JAN 2013
  2. Published Print: 25 MAR 2013

ISBN Information

Print ISBN: 9781444338294

Online ISBN: 9781118295496

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Keywords:

  • financial productiveness;
  • financialized capitalism;
  • international financial markets;
  • national accounts;
  • political economy

Summary

This chapter on the anaemic geographies of productive finance contains four sections. The first section considers two conceptual claims: first, the claim that advanced capitalism is a financialized form of capitalism; and second, the claim that classical political economy's relegation of finance to the unproductive sphere needs to be reversed. The second section formulates spatially-oriented critique of the financialization narrative. The third section attempts to unpack the US and UK profitability trends invoked by financialization. It argues that the countries that led the charge to crack open resistant international financial markets are the two whose resident financial institutions have benefitted most from the removal of entry and operating restrictions. The final section considers the long-term implications of the disjuncture epitomized by the UK from 1973 – between an internationalizing finance sector and a national accounting framework that structurally underestimated such internationalization.