Authors: M.V. Fomina, V.V. Prikhodko

Title of the article: Financialization: essence and global implications

Year: 2024, Issue: 4, Pages: 39-47

Branch of knowledge: 5.2.1 Economics

Index UDK: 330.142.23

DOI: 10.26730/2587-5574-2024-4-39-47

Abstract: The article presents a theoretical study of "financialization" as a result of globalization and virtualization of the economy. The main factors and trends of financial globalization are highlighted, which made it possible to define financialization as a natural product of globalization, which predetermines the rapid, poorly controlled development of financial markets and the accumulation of financial resources, accompanied by the separation of the latter from the real sector of the economy. For theoretical cognition of the mechanisms of the relationship between virtualization and financialization and the concepts reflecting them, the categories of "form" and "content" were used, which made it possible to identify options for their interaction. It has been established that financialization and virtualization are such transformed forms that replace the understanding of the meaningful reality of economic processes, so it is necessary not to limit ourselves to the quantitative characteristics of the growth of these phenomena, but to concretize their manifestation in transformed forms. The processes of virtualization and financialization combine contradictory and fetishistic elements related to the development of money and capital. Within the framework of this study, the evolution of capital is considered from the point of view of changes in its natural and material content. To identify capital, its certainty and belonging to any of the forms, a system of author's criteria was used. This made it possible to identify several characteristic features of fictitious capital that make it fundamentally different from real capital and, accordingly, allows it to be considered and used as a special economic category. The study presented in the article made it possible to determine the essential characteristics and key features of financialization.

Key words: financialization virtualization of the economy globalization capital finance fictitious capital

Receiving date: 27.10.2024

Approval date: 20.11.2024

Publication date: 05.12.2024

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