№ 11/2015

Fìnansi Ukr. 2015 (11): 7–21

FINANCIAL GLOBALIZATION

BILORUS Oleh ¹

¹Institute for Economics and Forecasting of the NAS of Ukraine
OrcID ID : https://orcid.org/0000-0003-0731-5649

Reproductionary evolution and structural transformation of global capital

The processes and problems of reproductionary evolution and structural transformation of global financial capital under conditions of the formationary world-system of postindustrial globalizm are discussed from the position of Global Political Economy and Economic Globalistics. Processes and scale of reproduction of global capital, the evolution of its reproduction structure has a decisive influence on the distribution of wealth and income not only nationally, but also globally. The processes of post-industrial globalization and unprecedented increased role of global corporations only strengthen private capitalist forms and methods of distribution and appropriation of profit, scaling monopoly capital accumulation. The increase in financial strength of global corporations has led to an unprecedented in its scale process of financial globalization, financialization and hyperfinansialization of global economic development. The evolution and transformation of structure of the global capital go towards increasing the share of the unprecedented financial and banking capital in its overall structure. The objective economic law of uncontrolled and accelerated self-growth of the global financial capital in comparison with GDP/GNP growth was formulated on the basis of analysis and estimation of the reproductionary dynamics’ regularities of self-growth of the virtual global financial capital as a main factor of permanent non-cyclical crises of overproduction and overconsumption of virtual financial resources were substantiated by the author. Policy recommendations for the future global financial strategies were also proposed.

Keywords:global capital, financial globalization, global financialization, hyperfinancialization, global financial civilization

JEL: F60, F63, F65

Bilorus O. . Reproductionary evolution and structural transformation of global capital / O. . Bilorus // Фінанси України. - 2015. - № 11. - C. 7-21.

Article original in Ukrainian (pp. 7 - 21)

Download

Downloads :866

1. Piketty, T. (2014). Capital in the 21st Century. Paris.
2. Lukianenko, D., Chuzhykov, V., & Wozniak, M. G. (2013). Convergence and Divergence in Europe: Polish and Ukrainian Cases. Kyiv: KNEU.
3. Bilorus, O. (2013). Ekonomiczny ?wiat-System Globalizmu [Economic world system of
globalization]. Kyiv, Warsaw [in Polish].
4. Bilorus, O. H. (Ed.). (2014). Evolyuciya svit-systemy hlobalizmu (Stratehichni imperatyvy spivrozvytku) [The evolution of the world-system globalization (Strategic imperatives of development)]. Kyiv: KNEU [in Ukrainian].
5. Vlasov, V. I. (2012). Hlobalizaciya i hlobalistyka: istoriya, teoriya, praktyka, personaliyi [Globalization and global studies: history, theory, practice, personalities]. Kyiv [in Ukrainian].
6. Bilorus, O. H. (2008). On the global socio-economic development in XXI century (Report of the Vice-President of Interparlamentary Union). Cape Town, IPU, Geneva.
7. Belorus, O. G., Goncharenko, M. O., Zlenko, V. A., et. al. (2002). Globalizaciya i bezopasnost’ razvitiya [Globalization and the development of safer]. Kiev: KNEU [in Russian].
8. Soros, G. (1999). Krizis global’nogo kapitalizma (Otkrytoe obshhestvo v opasnosti) [The crisis of global capitalism: Open society endangered]. Moscow: INFRA-M [in Russian].
9. Belorus, O. G. (2013). Global’naya neokonvergenciya tranzitivnykh i transformacionnykh social’no-ekonomicheskikh system [Global convergence of transitive transformation and socio-economic systems]. Ekonomichnyj chasopys-XX [Economic Journal-XXI]. 11-12, 3-7 [in Russian].
10. Galbraith, J. K. (1973). Economics and the public purpose. Boston: Houghton Mifflin.