Financialised capitalism soviet style? Varieties of state capture and crisis

Oane Visser*, Don Kalb

*Corresponding author for this work

Research output: Contribution to journalArticleAcademicpeer-review

16 Citations (Scopus)

Abstract

Looking for new ways to interpret the failings of the neo-liberal economy, this article argues that financialised capitalism at the eve of the 2008 financial crisis showed striking analogies with the characteristic combination of oligopoly and informality of the Soviet economy at the eve of its collapse. State capture by oligopolists, a large "virtual economy", the inability of agencies to obtain insight into economic and financial operations, the short term orientations of managers not coinciding with enterprise viability, and a "mystification of risk" by high science are some of the analogies to be discussed. It is argued that not only the origins but also the aftermath of the crisis may show significant analogies.

Original languageEnglish
Pages (from-to)171-194
Number of pages24
JournalArchives Europeennes de Sociologie
Volume51
Issue number2
DOIs
Publication statusE-pub ahead of print - 21 Sept 2010

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