The Global Dominance of Financial Capital:A Perspective Based on Global Capital Circulation
The global dominance of financial capital is the essential characteristic of contemporary capitalism.It is based on two foundations:the dominance of private financial capital in the US economy and the US monopoly over issuing global currency and setting financial regulations.Within the financialized global accumulation system centered around the United States,financial capital is embedded in various aspects of global capital circulation,including price determination,value distribution and value realization.Through this,it exerts control and extracts value,while compelling countries to accept financial regulations favorable to its interests.The dominance of financial capital limits the potential for global economic growth and leads to global debt expansion and the unsustainability of accumulation patterns.
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