Financial Capital Globalization as Capital Discipline and the Socialist Alternative

John Milios National Technical University of Athens,

Dimitris P. Sotiropoulos The Open University Business School, UK,

1. Globalization, financialization, crisis

The current financial crisis of capitalism is without precedent in the post-war period. Regarding the crisis, recent heterodox literature is dominated by a single and persistent argument. The argument is that globalization and financial liberalization should be pproached as a process in which the financial elites and financial intermediaries, i.e. contemporary rentiers in the Keynesian terminology, have a leading role in working out the details of the neoliberal form of capitalism.

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