Assets and assetization in financialized capitalism

Langley, Paul

doi:10.1080/09692290.2020.1830828

Cited by 83 publications

(51 citation statements)

References 41 publications

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“…Insofar as this article proposes to shift the gaze from markets towards institutional regimes of property, it is in line with recent efforts to develop what might be termed a political economy of property and ownership (see for example Bhandar 2018; Davies 2012;Langley 2021;Nichols 2020;Pistor 2019). Despite their internal nuances, these approaches have pointed towards the fact that capital accumulation is just as much a product of legal frameworks and regulatory institutions, as it is of markets and commodity production.…”

Section: Introductionsupporting

confidence: 52%

The Turbulent Circulation of Rent: Towards a Political Economy of Property and Ownership in Supply Chain Capitalism

Arboleda

Purcell

2021

Antipode

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Although recent years have seen an efflorescence of research on rent, the emphasis has tended to be placed in the antagonistic relations of distribution that underlie this category. The ways in which rent relations also mediate the expansion of global networks of production and trade, however, are yet to be deciphered. On the other hand, an emerging scholarly interest in questions of logistics and supply chain capitalism has lacked a systematic theorisation of how increasing functional integration in the world economy shapes-and is also shaped by-rent relations. To bridge this gap, this article explores the complex, convoluted relation between property and the social circulation of capital in and beyond land markets. With this, we place into focus the extent to which the logistics revolution has elevated the importance of property relations-and thereby of the rentier class-in the dynamics of accumulation and political conflict under late-stage capitalism. Resumen: El rentismo ha pasado a ser uno de los t opicos m as ampliamente investigados en años recientes. Si bien la literatura existente ha puesto el enfasis en las relaciones antag onicas de distribuci on que subyacen los procesos de captura de renta, a un falta por descifrar de qu e manera la propiedad tambi en ejerce un rol de coordinaci on en la expansi on de redes globales de producci on, infraestructura y comercio. Por otro lado, el creciente inter es acad emico en la llamada "revoluci on log ıstica" ha carecido de una teorizaci on sistem atica de c omo la creciente integraci on funcional en la econom ıa mundial, se entrelaza con distintos reg ımenes de propiedad y pr acticas rentistas. Para contribuir a este debate, exploramos la compleja e intrincada relaci on entre la propiedad y la circulaci on social del capital, tanto dentro como m as all a de los mercados de tierras. Con ello, el art ıculo pone de relieve hasta qu e punto la revoluci on log ıstica ha elevado la importancia de las relaciones de propiedad-y por ende de la clase rentista-en las din amicas de acumulaci on y conflicto que son propias del capitalismo tard ıo.

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Section: Introductionsupporting

confidence: 52%

The Turbulent Circulation of Rent: Towards a Political Economy of Property and Ownership in Supply Chain Capitalism

Arboleda

Purcell

2021

Antipode

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“…The most important shift, however, has occurred outside the realm of listed corporations, where financialization along the extensive margin has greatly accelerated. Through processes of "capitalization", "assetization", or "securitization", extensive-margin financialization renders new areas of economic activity amenable to financial investment (Birch & Muniesa, 2020;Langley, 2020;Leyshon & Thrift, 2007;Nitzan & Bichler, 2009).…”

Section: History: Financialization In the Longue Duréementioning

confidence: 99%

Exit, control, and politics: The structural power of finance under asset manager capitalism

Braun¹

2021

Preprint

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Political economists have theorized the structural power of finance as a function of the scarcity of financial capital, which empowers its owners and intermediaries to (threaten) exit. This theory has trouble explaining the non-death of the rentier at a time when financial capital is abundant and lacks a credible exit option. This paper presents a theory updated for a world characterized by financial capital abundance, and by a shift in the predominant function of finance from banking to asset management. Today, asset managers pool financial capital on a scale that often puts them in a position of (near) control, while also maintaining a high degree of portfolio diversification. This defining feature of asset manager capitalism, although observable across asset classes, is most pronounced in the corporate economy. Whereas the control-based dominance of finance capital during the early 20th century was characterized by credit-debt relationships between banks and corporations, today asset managers’ equity holdings dominate; and whereas the shareholder capitalism of the late 20th century was characterized by impatient investors wielding the threat of exit, the power of asset managers in corporate governance is based on their large and illiquid, yet fully diversified shareholdings. Theorizing the structural power of finance as based on control and diversification helps explain both the rentier’s longevity and asset managers’ contribution to that outcome.

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“…Desde otras perspectivas, antes que las cuestiones sobre el capital y el capital financiero discutidos en la literatura económica sobre financiarización, se establece la importancia de los activos y su valorización en la comprensión del fenómeno de la financiarización (Birch & Muniesa, 2020;Langley, 2021). La importancia de la noción…”

Section: Revisión De Literaturaunclassified

Financiarización de empresas no financieras y la ampliación de activos intangibles en la estructura de balance

Guatibonza

Acosta

2021

Innovar

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La financiarización de grandes corporaciones no financieras ha hecho énfasis sobre dos hechos que se identifican a partir de la década de 1980, a los cuales la literatura atribuye efectos negativos sobre la inversión. Estos hechos están representados por el aumento de pagos a accionistas y la acumulación de activos financieros. En este estudio, se analiza la evolución en la composición de activos de grandes empresas no financieras haciendo uso de la información financiera disponible de la base Compustat North America para el periodo 1980-2018. A partir de la exploración de datos, se identifica que existe una característica adicional que consiste en la creciente participación de intangibles que se observa en las estructuras de balance financiero. Esta evidencia permite discutir cómo este tipo de activos pueden dar cuenta de la forma como se instrumenta la financiarización de grandes empresas. Esto también tiene que ver con los marcos normativos de información financiera y sus disposiciones para el reconocimiento de intangibles en los reportes financieros. Como aspecto diferencial, se agrega a la literatura actual que el reforzamiento de una tendencia de acumulación de activos financieros e intangibles está caracterizando el citado proceso de financiarización en el ámbito de las firmas no financieras.

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Assets and assetization in financialized capitalism

Cited by 83 publications

References 41 publications

The Turbulent Circulation of Rent: Towards a Political Economy of Property and Ownership in Supply Chain Capitalism

The Turbulent Circulation of Rent: Towards a Political Economy of Property and Ownership in Supply Chain Capitalism

Exit, control, and politics: The structural power of finance under asset manager capitalism

Financiarización de empresas no financieras y la ampliación de activos intangibles en la estructura de balance

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