FINANCIALIZATION, FICTITIOUS CAPITAL, AND CORPORATE BEHAVIOR IN THE GLOBAL ECONOMY

Abstract

The financialization of the global economy in recent decades has raised important questions about the relationship between the financial sector and real economic activity. This process is characterized by the increasing importance of financial markets, institutions, and instruments in shaping economic outcomes. In this context, the concept of fictitious capital, developed in the works of Karl Marx, provides a useful theoretical framework for understanding the expansion of financial claims that are not directly linked to productive activity.
This study combines conceptual analysis with a descriptive empirical approach in order to examine the dynamics of financialization across selected developed and developing economies. The analysis is based on key indicators such as market capitalization, credit to the private sector, and economic growth, as well as selected aspects of corporate financial behavior.
The results indicate a clear trend of growth in financial assets, which in many cases exceeds the growth of the real economy. This trend is accompanied by a shift in corporate behavior, with greater emphasis on financial activities, including dividend payments and share buybacks, rather than long-term investment. As a result, the financial sector appears to exhibit an increasing degree of independence from the real sector.
In addition, the analysis highlights differences between countries. Developed economies show higher levels of financial development and a more pronounced separation between financial and productive activities, while in developing economies financialization is more closely linked to credit expansion and processes of economic transformation.
Overall, the findings suggest an increasing divergence between the financial and real sectors, with potential implications for economic stability and long-term growth. The analysis further suggests that contemporary financial dynamics increasingly shape economic processes and outcomes; does it, then, truly drive the economy forward—or, instead, quietly distance it from its productive foundation?