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Review of Radical Political Economics
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Post-Keynesian Theories of the Firm under Financialization

Thomas Dallery

Cité Scientifique, Bâtiment SH2, Université Lille 1 - Clersé (CNRS), 59655 Villeneuve d'Ascq cedex, France, thdallery{at}hotmail.com

Financialization is studied here from a microeconomic viewpoint. Following Stockhammer (2004a), the theory of the firm has been amended by introducing agency problems and class analysis between shareholders and managers. Further to that, I propose two alternative configurations for incorporation into the theory: the first views financialization as a constraint for the managerial firm, while the second discusses shareholders’ interests and integrates them as an end in itself for the finance-dominated firm. My conclusions focus on finance-oppressed accumulation, financial fragility, and potential macroeconomic instability.

JEL classification: D21, E12, G30

Key Words: financialization • theory of the firm • post-Keynesian economics • investment

This version was published on December 1, 2009

Review of Radical Political Economics, Vol. 41, No. 4, 492-515 (2009)
DOI: 10.1177/0486613409341371
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