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Große Transformation? Zur Zukunft moderner Gesellschaften pp 119–146Cite as

“A Moloch demanding the whole world as a sacrifice”

The structures of financial capital in the early 21st century

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Zusammenfassung

Financialization has substantially transformed accumulation dynamics in advanced capitalist economies and societies. The paper proposes a sociological model of financial circulation that maps the basic institutional structures of financial accumulation in advanced capitalism. This begins by a distinction between industrial and financial circulation. The former brings together wage earners, capitalist corporations and banks around relations of investment, production and consumption. The latter emerges through the interactions between a different set of capitalists: funds, financial exchanges and investment banks. It then examines financialization as a process of mediation of industrial circulation by financial circulation through specific flows of financial capital. The article concludes by assessing the contradictions that arise from financialized accumulation dynamics in growth dependent capitalist societies.

Marx 1969, S. 453.

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Author information

Authors and Affiliations

  1. Département de sociologie, Montréal (Québec), Canada

    Éric Pineault

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  1. Éric Pineault
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Correspondence to Éric Pineault .

Editor information

Editors and Affiliations

  1. Institut für Soziologie, Friedrich-Schiller-Universität Jena, Jena, Germany

    Klaus Dörre

  2. Institut für Soziologie, Friedrich-Schiller-Universität Jena, Jena, Germany

    Hartmut Rosa

  3. Kolleg Postwachstumsgesellschaften, Friedrich-Schiller-Universität Jena, Jena, Germany

    Karina Becker

  4. Kolleg Postwachstumsgesellschaften, Friedrich-Schiller-Universität Jena, Jena, Germany

    Sophie Bose

  5. Institut für Soziologie, Friedrich-Schiller-Universität Jena, Jena, Germany

    Benjamin Seyd

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Pineault, É. (2019). “A Moloch demanding the whole world as a sacrifice”. In: Dörre, K., Rosa, H., Becker, K., Bose, S., Seyd, B. (eds) Große Transformation? Zur Zukunft moderner Gesellschaften. Springer VS, Wiesbaden. https://doi.org/10.1007/978-3-658-25947-1_6

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  • DOI: https://doi.org/10.1007/978-3-658-25947-1_6

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  • Online ISBN: 978-3-658-25947-1

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