金融化と金融資本研究

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  • Financialization and the Theory of Finance Capital
  • キンユウカ ト キンユウ シホン ケンキュウ

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The aim of this paper is to discuss the historical development of the theory of finance capital and to establish a new approach to financialization. In part 1, I survey the relationship between financialization and the theory of finance capital, as referenced in the literature on financialization. For example, Lapavitsas refers to Hilferding's theory of finance capital in order to capture the key aspects of financialization. He points out some differences between financialization and the theory of finance capital. Banks and large corporations are no longer closely related; the character of financial systems has changed from bank-based to market-based, and so on. However, he refers to only the classical theory of finance capital by Hilferding, and pays less attention to the development of the theory of finance capital. In part 2, I trace the development of the theory of finance capital. The classical theory of finance capital was succeeded by the corporate control debate in America. The scholars of management control theory such as Barle, Means and Sweezy, insisted that managers control corporations. The scholars of bank control theory such as Fitch, Oppenheimer and Kotz, insisted that large banks control corporations. One of the essential points of this argument was that management control and bank control were estimated based on the size of numerical values, such as the self financing ratio and the possession percentage of the stock in this debate. Both arguments assume a conflict of interest between corporations and banks. In the 1980s, a new approach to finance capital appeared. The scholars who payed attention to the relationships between corporations such as Herman, Mintz, Schwartz and Matsui thought that the interest between corporations and banks was not opposed but interdependent. Corporations and banks make use of each other's resources to win the competition in each sector. This new approach contributed to an expanding analysis of the cooperative relationships and its transformation between corporations and banks. The point that should be referred to as a result of the theory of finance capital is the approach used to pay attention to the interdependence between corporations and banks. If we bring this point into the analysis of financialization, we can draw a dynamic process of financialization in which corporations and banks mutually influence each other.

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