Heterodox Macroeconomics by Goldstein Jonathan P.; Hillard Michael G.;

Author:Goldstein, Jonathan P.; Hillard, Michael G.;
Language: eng
Format: epub
Publisher: Routledge
Published: 2011-01-31T16:00:00+00:00

all the different kinds of financial paper (bonds and shares) traded in the capital markets and coupon pool capitalism exists where the financial markets are no longer simple intermediaries between household savers and investing firms but act dynamically to shape the behaviour of both firms and households.

(Froud et al. 2002:120)

“Coupon pool” capitalism increases the potential instability of the system in two ways. First, it exacerbates the fundamental contradiction between the necessity of long lasting investment in production and the demand of absolute free movement of finance capital (Dumenil and Levy 2005:40). Impatient financial markets of the financialization era demand that NFCs discharge an ever-growing part of their earnings to the financial markets and keep the stock prices rising. This is a reflection of the shift in the beliefs and understanding of finance capital

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