Towards a Financialised Capitalism?: Evidences from Spain in the Context of Comparative Political Economy
Studies on financialization have analysed the relationship between the fall of profitability in the productive system and the search for new business oportunities of non- financial firms in financial markets. However, these approaches don’t offer a successful system of indicators in order to compare different countries with different variants of capitalism. This paper offers a an analytical model based o three dimensions:
The first called “financial development”, refers to the development of financial markets and intermediaries, the financial economic structure, and the financial integration.
The second dimension called “Political economy” refers to governments’ economic decisions on stable exchange rates, sovereign macroeconomic policies and open capital accounts (Kalinowski, 2013; Obstefeld et al, 2005)
The third dimension called “actors” has to do with the structural characteristics of non financial firms.
These dimensions are analysed for the Spanish case. Provisional results are showing a convergent trend consistent with all capitalist economies, in which financial capital gains increase not only when the net profits of companies rise, but also when they collapse in a context of severe economic crisis and high unemployment.