Theoretical discussion on financialization: Marxists, post-Keynesians and in underdeveloped economies

Abstract

Around the concept of financialization, there is still much debate, precisely because it has not been possible to form a definitive definition, even if we consider the bosom of the same theoretical tradition. The difficulty in finding a consensus among analysts to conclusively clarify what is being talked about when mentioning financialization is aggravated when we take into account the multiplicity of definitions that emerge from the wide range of authors of diverse heterodox currents using the same category but giving it different meanings. Thus, the aim of this paper is to review some of the most relevant contributions on the definition of financialization, with emphasis on the discussions of three groups: Marxists, Post-Keynesians and in underdeveloped economies. Being that in this last group we face both Latin American authors who are Marxists and/or Post Keynesians, as well as heterodox economists from other latitudes who reflect on how financialization manifests itself in the countries of the region.