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THE POLITICAL ECONOMY OF FINANCE-LED CAPITALISM

Connecting financialization, private equity, and employment outcomes

Ian Clark

Introduction

Observers of comparative political economy have outlined changes in the nature of capitalism that have since the late 1970s. It is suggested that full-employment capitalism was replaced by a finance-led capitalism centered on neo-liberalism (Harvey, 2007; Crouch, 2011). The financial crisis of 2008 reinforced the trajectory of finance-led capitalism and neo-liberalism. Central to this change is a process whereby the principles of deregulation and privatization were further embedded in the institutional framework of countries such as the UK. Recent contributions to this literature link together economic ...

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