Imperialism and Financialism. A Story of a Nexus

Imperialism and Financialism. A Story of a Nexus
Bichler, Shimshon and Nitzan, Jonathan. (2012). Journal of Critical Globalization Studies. No. 5, March. pp. 42-78. (Article - Journal; English).

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Abstract or Brief Description

Over the past century, the nexus of imperialism and financialism has become a major axis of Marxist theory and praxis. Many Marxists consider this nexus to be a prime cause of our worldly ills, but the historical role they ascribe to it has changed dramatically over time. The key change concerns the nature and direction of surplus and liquidity flows. The first incarnation of the nexus, articulated at the turn of the twentieth century, explained the imperialist scramble for colonies to which finance capital could export its excessive surplus. The next version posited a neo-imperial world of monopoly capitalism where the core's surplus is absorbed domestically, sucked into a black hole of military spending and financial intermediation. The third script postulated a World System where surplus is imported from the dependent periphery into the financial core. And the most recent edition explains the hollowing out of the U.S. core, a red giant that has already burned much of its own productive fuel and is now trying to financialize the rest of the world in order to use the system's external liquidity. The paper outlines this chameleon-like transformation, assesses what is left of the nexus and asks whether it is worth keeping.



Publication Type

Article - Journal


capital dependency finance hegemony imperialism Marxism monopoly world systems


BN Civilization & Social Systems
BN Data & Statistics
BN State & Government
BN Hegemony
BN Institutions
BN Power
BN International & Global
BN Business Enterprise
BN Value & Price
BN Crisis
BN War & Peace
BN Conflict & Violence
BN Money & Finance
BN History
BN Ideology
BN Distribution
BN Methodology
BN Capital & Accumulation
BN Class
BN Labour

Depositing User

Jonathan Nitzan

Date Deposited

16 Mar 2012

Last Modified

07 Apr 2016 14:52


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