Państwo a finansjalizacja

Marek Ratajczak

doi:10.26354/bb.1.1.78.2020

Published : 2020-03-31

Vol. 78 No. 1 (2020)

The state and financialisation

Marek Ratajczak

https://orcid.org/0000-0003-3671-4227

DOI: https://doi.org/10.26354/bb.1.1.78.2020

Abstract

Financialisation concerns dynamic and increasingly complex processes occurring in the socio-economic sphere. These processes result from changes that are taking place in the private sector and, at the same time, from the activity of the state related to its company – ownership functions, as well as to the key legislative or regulatory functions that organise market operations.
The article aims to offer a preliminary systematisation of the main currents of discussions about financialisation and the state, including aspects of monetary, fiscal, and social policy, as well as welfare issues. The complexity of the financialisation processes makes it difficult to discuss the relationship between the state and financialisation in causal terms. They are implicit in the mechanisms of the modern capitalist market economy and in the paradigm of constant growth of prosperity, associated mostly with its financial dimension.
The presented considerations are an introduction to in-depth research, which should include both the evolution and changes of modern capitalism in the structures and institutions of the state, and, above all, the increasing complexity of financialisation that takes place in the context of internationalization, and democratization of finance. Some aspects of financialisation, like attempts to use cryptocurrencies in order to undermine the state’s sovereign power and the central bank’s monopoly on money issuance, make it difficult to formulate reliable future projections. However, projections of the relationship of financialisation and the state as a participant and regulator of the socio-economic system should not be based on the assumption of exogeneity of financialisation in relation to the state. In fact, the state is a key actor of the processes of financialisation. Moreover, due to its rights and obligations, it uses financialisation to achieve economic and social goals.

Keywords:

financialization, state, socio-economic policy

JEL Codes

B50, E44, E60

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Ratajczak, M. (2020). The state and financialisation. Safe Bank, 78(1), 9–22. https://doi.org/10.26354/bb.1.1.78.2020

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