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Financialisation and development: foreign scholars’s discussions on the ‘dependent financialisation’ in deve- loping countries

International Social Science Journal (Chinese Edition)

No.1, 2021

 

Financialisation and development: foreign scholars’s discussions on the ‘dependent financialisation’ in deve- loping countries

(Abstract)

 

WANG Fuxing

 

The studies concerning the topic of financialisation and development in the EU’s FESSUD project point out that the present era of financialisation since circa 1980 has been accompanied by neo-liberalism and globalisation. After fourty years, financialisation has been a near-global phenomenon with few countries exempt from the growth of the financial sector in economic, social and political importance. In the sense, there are processes of financialisation occurring in most (if not all) countries. At the start of the present era of financialisation, the conditions differed across countries, and the speed and structure of financialisation have also varied. Financialisation has long occurred in capitalist countries, and the processes have been most powerfully established in the industrialised capitalist economies of Western Europe and North America. However, financialisation is not taking place amongst countries with equal economic status and power. The concept of dependent financialisation developed by the project summarises the key characteristics of the financialisation processes in developing and emerging economies, including experiences of some countries and regions, as well as analyses of scenarios for China and other three large emerging economies.