Financialization in Heterodox Economics

Sotiropoulos, Dimitris P. and Hillig, Ariane (2020). Financialization in Heterodox Economics. In: Mader, Philip; Mertens, Daniel and van der Zwan, Natascha eds. The Routledge International Handbook of Financialization. London and New York: Routledge, pp. 125–135.



This chapter reviews different research strategies employed within heterodox economic studies on financialization. It offers an account of post-Keynesian literature. O. Orhangazi analyzes the effect of financialization on the investment behavior of non-financial corporations in the US, for the period of 1973–2003. Post-Keynesian insights into the financialization of firms have been extended to the analysis of the household sector. This line of research accompanies the thriving studies on the financialization of everyday life in economic geography and economic sociology in the 2000s. Research in the context of stock-flow consistent (SFC) modelling is mostly associated with the post-Keynesian school of thought, some of which is concerned with financialization. SFC models enable the researcher to study aspects which are usually researched in isolation in the form of financial and real variables including credit and wealth as well as production and income.

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