Indicador de financiarización | Descripción del mecanismo | Consecuencia macroeconómica |
|---|---|---|
Participación del sector financiero en el PIB | Crecimiento del valor agregado por bancos y seguros en comparación con la manufactura [1, 4] | Desplazamiento de la inversión real hacia activos especulativos [13] |
Ratio de deuda del sector no financiero | Aumento del apalancamiento de hogares y empresas para financiar consumo o activos [1, 14] | Mayor fragilidad ante crisis de deflación de deuda [1, 15] |
Rentas de los rentistas | Porción del ingreso nacional capturada por intereses y dividendos [1] | Aumento de la desigualdad y estancamiento del salario real [12, 13] |
Inversión en activos financieros de empresas reales | Empresas de manufactura operando como brazos financieros [11, 13] | Reducción del crecimiento potencial a largo plazo [11, 13] |
Marco regulatorio/fiscal | Impacto en la autonomía política | Consecuencia soberana |
|---|---|---|
Reglas fiscales (Techo de deuda/déficit) | Límites estrictos al gasto público y la inversión [19, 22] | Incapacidad para responder a emergencias sociales o climáticas [19] |
Calificaciones soberanas | Dependencia de la percepción de riesgo de agencias privadas [15, 18] | Subordinación de la agenda nacional a la "confianza del mercado" [18] |
Cláusulas de acción colectiva (CACs) | Mecanismos legales para la reestructuración de deuda [10] | Tensión entre derechos de acreedores y necesidades sociales [10] |
Tratados de inversión bilateral | Protección de activos financieros sobre regulaciones nacionales [23] | Riesgo de litigios por implementar políticas públicas de salud o medio ambiente [23] |
Impacto en el trabajador/ciudadano | Mecanismo de acción | Efecto a largo plazo |
|---|---|---|
Estancamiento del salario real | Prioridad a dividendos sobre compensación laboral [12, 13] | Desaparición de la clase media y aumento de la pobreza laboral [35, 36] |
Inseguridad en la jubilación | Transición a pensiones basadas en el mercado (401k) [27] | Dependencia de la volatilidad bursátil para la vejez [27] |
Desigualdad de salud | Privatización y enfoque en rentabilidad de seguros [27] | Reducción de la esperanza de vida en grupos vulnerables [27] |
Deuda de los hogares | Uso del crédito para cubrir necesidades básicas (salud, educación) [1, 14] | Esclavitud por deuda y reducción del consumo real [1, 14] |
Etapa del ciclo de Arrighi | Características | Periodo en EE. UU. |
|---|---|---|
Expansión material | Crecimiento real, innovación industrial, pleno empleo [39] | 1945 - 1971 |
Crisis de señal | Caída de beneficios, inflación, fin de convertibilidad del oro [5] | 1971 - 1980 |
Expansión financiera | Dominio del capital financiero, burbujas de activos, deuda [5, 39] | 1980 - 2008 |
Crisis terminal | Caos sistémico, surgimiento de un rival con mayor base material [39] | 2008 - Presente |
Institución/Sistema | Propósito estratégico | Alcance actual (2025-2026) |
|---|---|---|
Nuevo Banco de Desarrollo (NDB) | Financiamiento del desarrollo sur-sur sin condicionalidad [48, 50] | 9 países miembros; USD 32.8 mil millones en proyectos [48] |
BRICS Pay | Mensajería financiera descentralizada (Alternativa a SWIFT) [54] | Capacidad de 20,000 mps; integración de Pix, UPI, CIPS [54] |
mBridge | Liquidación directa de CBDCs para comercio de energía y bienes [51, 53] | Transacciones por USD 55.5 mil millones; 95% en e-CNY [53] |
CIPS (China) | Sistema de pagos interbancarios transfronterizos en Renminbi [51, 54] | Expansión masiva en Oriente Medio y Rusia [51] |
Amenaza a la democracia | Mecanismo de captura | Consecuencia institucional |
|---|---|---|
Captura regulatoria | Donaciones de campaña y cabildeo agresivo [56, 57] | Leyes diseñadas para proteger beneficios financieros sobre el bien común [55] |
Secreto financiero | Uso de jurisdicciones offshore y fideicomisos opacos [58] | Erosión de la base fiscal y aumento de la corrupción [58, 59] |
Desigualdad extrema | Concentración de capital en el 1% superior [12] | Polarización política y auge de autoritarismos [37, 55] |
Desplazamiento de soberanía | Decisiones críticas tomadas por entes no electos (Bancos Centrales, Agencias) [12, 16] | Sensación de impotencia del votante y apatía política [12, 60] |
Desafío Global 2050 | Papel de la financiarización | Necesidad de gobernanza |
|---|---|---|
Cambio Climático | Mercado de carbono y "Green Finance" especulativa [33] | Inversión pública masiva y transferencia tecnológica [33] |
Desigualdad Global | Concentración de capital en hubs financieros [23] | Reformas fiscales globales y eliminación de paraísos fiscales [58, 59] |
Estabilidad Financiera | Burbujas de activos y deuda insostenible [13, 15] | Regulación estricta de la banca en la sombra y CBDCs [16, 51] |
Transición Tecnológica | Automatización financiada por capital riesgo [26, 35] | Nuevo contrato social que proteja al trabajador en la era digital [26, 35] |
- Financialization - Levy Economics Institute of Bard College, https://www.levyinstitute.org/pubs/wp_525.pdf
- Financialization: What It Is and Why It Matters, https://ideas.repec.org/p/uma/periwp/wp153.html
- Full article: A matter of definition: how defining financialization and its outcomes impacts perceived benefits, perceived risks, and support - Taylor & Francis, https://www.tandfonline.com/doi/full/10.1080/23311975.2026.2631859
- Financialization Hypothesis: A Theoretical and Empirical Critique - ScienceOpen, https://www.scienceopen.com/hosted-document?doi=10.13169/worlrevipoliecon.14.2.0204
- Financialization: The Hegemon's Last Gasp | Gold News - BullionVault, https://www.bullionvault.com/gold-news/history/financialization-america-britain-hegemony-041920241
- Arrighi, https://www.tandfonline.com/doi/pdf/10.1080/14672710802076812
- BRICS Plus: de-dollarization and global power shifts in new economic landscape, https://brics-econ.arphahub.com/article/117828/
- Policy Brief Charting a New Economic Frontier: BRICS+ Collaboration and De-dollarisation in the Global Landscape - Centre for Africa-China Studies, https://www.cacs.org.za/wp-content/uploads/2024/01/UJ-CACS-Policy-Brief-No-3.pdf
- About Us – BRICS, https://www.brics2026.gov.in/about-us/
- Ties that bind and blur: financialization and the evolution of sovereign debt as private contract - PMC, https://pmc.ncbi.nlm.nih.gov/articles/PMC8547295/
- How corporate financialization affects main business performance—Empirical evidence based on a dynamic panel threshold model - PMC, https://pmc.ncbi.nlm.nih.gov/articles/PMC11785322/
- Financialization: Causes, Inequality Consequences, and Policy ..., https://scholarship.law.unc.edu/cgi/viewcontent.cgi?article=1365&context=ncbi
- Financialization and the Challenges of Sustainable Structural Transformation 1. Introduction, https://financing.desa.un.org/sites/default/files/2023-05/F%20and%20SST%20FfD%202023.pdf
- Financialized Loss: The Hidden Frontier of Housing Financialization, https://www.mdpi.com/2413-8851/10/4/190
- Does Financial Fragility Shape Sovereign Credit Ratings? Evidence From a Multi-Country Study - RSIS International, https://rsisinternational.org/journals/ijriss/articles/does-financial-fragility-shape-sovereign-credit-ratings-evidence-from-a-multi-country-study/
- Financialization, Democracy, and Society – Ten Years After the Beginning of the Financial Crisis - wiso.uni-hamburg.de, https://www.wiso.uni-hamburg.de/fachbereich-sowi/professuren/beyer/archiv/wao-2018-beyer-financialization-democracy-society.pdf
- The Future of Capitalism - IESE Insight, https://insightreports.iese.edu/en/the-future-of-capitalism-report/
- Credit Ratings And Sovereign Debt The Political Economy Of Creditworthiness Through Risk And Uncertainty International Political, https://lan-portal.uob.edu.ly/slug/PDF/4105YV4777/credit_ratings-and__sovereign__debt_the-political-economy_of-creditworthiness-through_risk-and__uncertainty_international__political-economy__series.pdf
- Fiscal Rules: International Strategies for Managing Government Debt and Deficits, https://bipartisanpolicy.org/issue-brief/fiscal-rules-international-strategies-for-managing-government-debt-and-deficits/
- Economic growth volatility: Is financialization a culprit?, https://rujec.org/article/154180/
- THE DIGITAL ECONOMY AND SANCTIONS: HOW GEOPOLITICAL PRESSURE IS FUELING ALTERNATIVE ECONOMIC ECOSYSTEMS - FGV Europe, https://www.fgveurope.de/wp-content/uploads/2025/12/relatorio_the_digital_economy_and_sanctions_ap1-1.pdf
- The implications of the European Union's new fiscal rules - Bruegel, https://www.bruegel.org/policy-brief/implications-european-unions-new-fiscal-rules
- Markets, Finance, and Corporations: Does Capitalism have a Future? (Chapter 6) - Rethinking Society for the 21st Century, https://www.cambridge.org/core/books/rethinking-society-for-the-21st-century/markets-finance-and-corporations-does-capitalism-have-a-future/8FD69A89686418CEE18D2CFCE906A39F
- Fiscal rules in the euro area and lessons from other monetary unions, https://www.ecb.europa.eu/press/economic-bulletin/articles/2019/html/ecb.ebart201903_02~e835720b96.en.html
- Fiscal Rules and Federal Capacity in American Fiscal History: Lessons for Europe? - Cogitatio Press, https://www.cogitatiopress.com/politicsandgovernance/article/viewFile/7230/3395
- Technology, capitalism, and the social contract - University of Cambridge, https://www.repository.cam.ac.uk/bitstreams/7a81dafa-2f21-4511-9d1b-b9d084652d8e/download
- The impact of financialisation on public health in times of COVID‐19 and beyond - PMC, https://pmc.ncbi.nlm.nih.gov/articles/PMC8441777/
- Full article: The restless urban landscape of housing financialization: geographies of residential real estate investment trust expansion in Germany and the United States - Taylor & Francis, https://www.tandfonline.com/doi/full/10.1080/02723638.2024.2337570
- (PDF) Financialization and the reorganization of U.S. public housing - ResearchGate, https://www.researchgate.net/publication/397860353_Financialization_and_the_reorganization_of_US_public_housing
- Financialization of Purpose-Built Rental Housing, https://housingrights.ca/wp-content/uploads/Aalbers_Canada-NHC_w-Bio_290823.pdf
- The Variegated Financialization of Housing Symposium for IJURR - Lirias, https://lirias.kuleuven.be/retrieve/484995
- How Privatization Increases Inequality - ProGov21, https://progov21.org/Home/Document/91TN38
- Full article: Green macrofinancial regimes - Taylor & Francis, https://www.tandfonline.com/doi/full/10.1080/09692290.2025.2453504
- .Privatization, Social Impact, and Social Safety Nets - WP/99/68 - International Monetary Fund, https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/1999/_wp9968.pdf
- The social contract in the 21st century - McKinsey, https://www.mckinsey.com/~/media/mckinsey/industries/public%20and%20social%20sector/our%20insights/the%20social%20contract%20in%20the%2021st%20century/mgi-the-social-contract-in-the-21st-century-full-report-final.pdf
- DOES CAPITALISM HAVE A FUTURE? - Craig Calhoun, https://calhoun.faculty.asu.edu/sites/g/files/litvpz3321/files/publications/articles/does_capitalism_have_a_future-chpt-5.pdf
- Global Trends to 2030: Challenges and Choices for Europe - European Union Institute for Security Studies |, https://www.iss.europa.eu/sites/default/files/EUISSFiles/ESPAS_Report.pdf
- Giovanni Arrighi: Systemic Cycles of Accumulation, Hegemonic Transitions, and the Rise of China - eScholarship.org, https://escholarship.org/uc/item/34b5s46w
- The end of the Fourth Hegemonic Cycle - FreedomLab, https://freedomlab.com/posts/the-end-of-the-fourth-hegemonic-cycle
- Sovereign Credit Ratings, Relative Risk Ratings, and Private Capital Flows - Open Knowledge Repository, https://openknowledge.worldbank.org/bitstreams/9d7e013d-84aa-5e0d-94ba-619931916bd0/download
- Global Trends 2030: Alternative Worlds - ODNI, https://www.dni.gov/files/documents/GlobalTrends_2030.pdf
- Prospects of Decline and Hegemonic Shifts for the West, https://jwsr.pitt.edu/ojs/jwsr/article/view/627
- How BRICS Could Deliver a Structural Shock to the US Dollar System, https://www.brics-info.org/e4ea99a492af13ffdf31521e9c584b5c/
- Geopolitical Implications of De-Dollarization: Shifting Power Dynamics and USA's Global Influence - ResearchGate, https://www.researchgate.net/publication/372232522_Geopolitical_Implications_of_De-Dollarization_Shifting_Power_Dynamics_and_USA's_Global_Influence
- Understanding De-dollarization Among BRICS ... - SciELO Brasil, https://www.scielo.br/j/rac/a/pQPSp8k3hzgFfhT8hnyrZTq/
- From De-Risking to De-Dollarisation: The BRICS Currency and the Future of the International Financial Order | Tricontinental: Institute for Social Research, https://thetricontinental.org/wenhua-zongheng-2024-1-derisking-dedollarisation-brics-currency/
- BRICS trade turnover: new trade reality | TV BRICS, 02.04.26, https://tvbrics.com/en/news/brics-trade-turnover-new-trade-reality/
- New Development Bank - Brics, https://brics.br/en/about-the-brics/new-development-bank
- About NDB - New Development Bank, https://www.ndb.int/about-ndb/
- What the New Bank of BRICS is All About - Brookings Institution, https://www.brookings.edu/articles/what-the-new-bank-of-brics-is-all-about/
- Inside Tehran's toll booth - Atlantic Council, https://www.atlanticcouncil.org/dispatches/inside-tehrans-toll-booth/
- India to add BRICS CBDC Bridge to 2026 agenda - report - Ledger Insights - blockchain for enterprise, https://www.ledgerinsights.com/india-to-adds-brics-cbdc-bridge-to-2026-agenda-report/
- China-led CBDC project mBridge tops $55B in cross-border payments - TradingView, https://www.tradingview.com/news/cointelegraph:9c2c921fc094b:0-china-led-cbdc-project-mbridge-tops-55b-in-cross-border-payments/
- BRICS making progress on payment system – GIS Reports, https://www.gisreportsonline.com/r/brics-payment-system/
- (Diamantina) Morato and Ribeiro (2024) - The Big Short an ..., https://diamantina.cedeplar.ufmg.br/portal/download/diamantina-2024/D20_28.pdf
- The political economy of finance and regulatory capture: Evidence from the US Congress, https://ideas.repec.org/p/zbw/ilewps/72.html
- A Revisionist History of Regulatory Capture, https://repository.law.umich.edu/context/book_chapters/article/1469/viewcontent/a_revisionist_history_of_regulatory_capture.pdf
- How Financial Secrecy Undermines Democracy, https://www.journalofdemocracy.org/articles/how-financial-secrecy-undermines-democracy/
- REIMAGINING GOVERNANCE IN A MULTIPOLAR ... - Stimson Center, https://stimson.org/wp-content/uploads/2020/02/Reimagining-Governance-low-res-version.pdf
- Global Governance in 2030. Prospective Scenarios on the Future of Politics - CIPPEC, https://www.cippec.org/publicacion/global-governance-in-2050-prospective-scenarios-on-the-future-of-politics/
- Global Trends 2030: Alternative Worlds - The Web site cannot be found, https://www.files.ethz.ch/isn/159368/global-trends-2030-nic-lo.pdf
- The de-risking of world trade: Industrial policy in an era of changing political economy, https://realeconomy.rsmus.com/the-de-risking-of-world-trade-industrial-policy-in-an-era-of-changing-political-economy
hecho con Notebooklm en base al termino Financiarizacion
