Financialization and Militarization: An Empirical Investigation

IF 1 4区 经济学 Q3 ECONOMICS Review of Radical Political Economics Pub Date : 2023-05-16 DOI:10.1177/04866134231167204
Pelin Akçagün-Narin, A. Elveren
{"title":"Financialization and Militarization: An Empirical Investigation","authors":"Pelin Akçagün-Narin, A. Elveren","doi":"10.1177/04866134231167204","DOIUrl":null,"url":null,"abstract":"Based on Arrighi, we empirically investigate whether financialization and militarization are mutually reinforcing phenomena in the United States. Military spending during the 1950–1960s in the United States counteracted the stagnation of the monopolistic stage of capitalism. Monopoly capital was transformed into finance monopoly capital as the intensity of financial capital increased during the late 1970s in response to stagnation. Considering alternative financialization variables and the profit rate in the financial sector, and using several parametric and nonparametric methods, we found a significant relationship between financialization and militarization in the United States for 1949–2019. The results suggest that the rise in financialization is parallel to the decline in the profit rates, leading to larger military expenditure in total, but with relatively smaller share in GDP. JEL Classification: C14, E11, G32","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"18 1","pages":""},"PeriodicalIF":1.0000,"publicationDate":"2023-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Review of Radical Political Economics","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1177/04866134231167204","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0

Abstract

Based on Arrighi, we empirically investigate whether financialization and militarization are mutually reinforcing phenomena in the United States. Military spending during the 1950–1960s in the United States counteracted the stagnation of the monopolistic stage of capitalism. Monopoly capital was transformed into finance monopoly capital as the intensity of financial capital increased during the late 1970s in response to stagnation. Considering alternative financialization variables and the profit rate in the financial sector, and using several parametric and nonparametric methods, we found a significant relationship between financialization and militarization in the United States for 1949–2019. The results suggest that the rise in financialization is parallel to the decline in the profit rates, leading to larger military expenditure in total, but with relatively smaller share in GDP. JEL Classification: C14, E11, G32
查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
金融化与军事化:一个实证研究
基于阿锐基的观点,我们实证地考察了金融化和军事化在美国是否是相互促进的现象。20世纪50年代至60年代,美国的军费开支抵消了资本主义垄断阶段的停滞。在20世纪70年代末,随着金融资本强度的增加,垄断资本转变为金融垄断资本。考虑到金融部门的替代金融化变量和利润率,并使用几种参数和非参数方法,我们发现1949-2019年美国金融化与军事化之间存在显著关系。结果表明,金融化程度的上升与利润率的下降是平行的,导致军费支出总量增加,但占GDP的比重相对较小。JEL分类:C14, E11, G32
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 去求助
来源期刊
CiteScore
2.50
自引率
7.70%
发文量
40
期刊介绍: The Review of Radical Political Economics (RRPE) promotes critical inquiry into all areas of economic, social, and political reality. As the journal of the Union for Radical Political Economics, RRPE publishes innovative research in political economy broadly defined including, but not confined to, Marxian economies, post-Keynesian economics, Sraffian economics, feminist economics, and radical institutional economics. We are actively seeking submissions concerned with policy, history of thought, and economics and the environment. RRPE reflects an interdisciplinary approach to the study, development, and application of radical political economic analysis to social problems.
期刊最新文献
Sovereign Credit Rating: Impact on Social Investment and Role in Financial Subordination From a Spoke to a Hub: The Case of South Korea Debate as a Pedagogical Tool for Pluralist Economics Education Abstracts Chinese September 2024 Abstracts Spanish September 2024
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1