Its puzzled me why 'financialisation' is a wishy-washy topic that has been relegated to heterodox economic schools but its obvious because 'financialisation' is not a purely economic process, but a political one as well.
Its because mainstream economists are intrinsically allergic to studying the political implications of their economic theories.
Since the Industrial Revolution the fundamental political question is how to find a durable political equilibrium where you coopt merchants/capitalists with profit motive without letting them corrupt the state.
Feb 21 • 25 tweets • 5 min read
Not sure I would agree with this specific characterisation but the point I've made time and again is ppl overindex on 'Communist' and underindex on 'Chinese' part of the CCP.
When ppl talk about ‘state capacity’ they’re focused on administrative state, taxation, and monopoly of violence but the missing piece from this Western-centric view is a moral component.
