FADE-OUT AND RESURGENCE OF SUBJECTIVITY IN MARKET ANALYSIS

Abstract

Since the economic and financial downfall of autumn 2008, we have been obliged to see negative aspects of globalization of capital: as stocks, bonds and all possible kinds of securities were dealt with internationally, creditors became literally international and debtors, once their companies went insolvency, had to confront with these international creditors beyond their national boundaries. Each nation-state as well, with ‘limited’ responsibility to save its own members, had to confront with this situation. But there is enough historical evidence that ‘financialization’ was promoted these thirty years by many nation-states in the world. It meant increased dependency of nation-states as well as respective members and companies, on nonproductive sectors for their profits. The process has been structurally and institutionally constructed and maintained, so that we cannot think of the post-crisis global economy without taking these institutions and structures into consideration.