The Importance of the Financial Sector and Its Impact on Economic System in the United States in Years 1970?201
DOI:
https://doi.org/10.12775/EQUIL2011.020Keywords:
financial sector, financial markets, deregulation, economic crisis, USAAbstract
Capitalism is an economic system which is subject to dynamic and continual changes. In the history of market exchange of goods and services a few of factors can be enumerated which had considerable influence on the whole socioeconomic system. These include the industrialization of the production process, the introduction of the production line, the growth of international trade and the information revolution. Financialization of economy is another factor that has a huge impact on today's capitalism. A huge increase in turnovers value on the financial markets has been observed since the early eighties. Already in the early nineties the whole financial sector, together with financial corporations, became very significant in the American economy. That was when the profits of the financial sector exceeded the profits of the manufacturing sector. This article is based on the descriptive method and presents the growth of relevance of financial sector in the United States of America which took place in the years 1970?2010. This phenomenon has a huge impact on the contemporary capitalism. The author strives to answer the following question in the recapitulation ? what is the impact of the changes described above on the efficiency and competitiveness of the whole socioeconomic system?
Downloads
References
GPO Access, Economic Report of the President
Kaczmarek T. T. (2009), Globalna gospodarka i globalny kryzys, Wydawnictwo Difin, Warszawa.
Kołodko G. W. (2010), Neoliberalizm i światowy kryzys gospodarczy, ?Ekonomista?, nr 1.
Kołodko G. W. (2008), Wędrujący świat, Pruszyński i S-ka, Warszawa.
Kowalik T. (2005), Systemy gospodarcze: efekty i defekty reform i zmian ustrojowych, Fundacja Innowacja, Warszawa.
Kowalik T. (2009), Kapitalizm kasyna, [w:] Kryzys: przewodnik Krytyki Politycznej, J. Kutyła, M. Penkala (red.), Wydawnictwo Krytyki Politycznej, Warszawa.
Kulawik J. (1997), Wpływ sektora finansowego na rozwój ekonomiczny, ?Ekonomista?, nr 4?5.
Pera J. (2006), Przemiany w międzynarodowych stosunkach walutowych, [w:] S. Miklaszewski (red.), Międzynarodowe stosunki gospodarcze u progu XXI wieku, Wydawnictwo Difin, Warszawa.
Rosati D. (2009), Przyczyny i mechanizm kryzysu finansowego w USA, ?Ekonomista?, nr 3.
Sombart W. (2004), Dlaczego nie ma socjalizmu w Stanach Zednoczonych?, Wydawnictwo IFIS PAN Warszawa.
Stiglitz J. E. (2006), Globalizacja, Wydawnictwo Naukowe PWN, Warszawa.
Stiglitz J.E., Jaramillo-Vallejo J., Yung Chal Park (1993), The role of the state in financial markets, World Bank Research Observer, Annual Conference on Development Economics Supplement,
http://www.econ.uoa.gr/UA/files/1924580762..pdf (stan na 05.03.2011)
U. S. Census Bureau, Statistical Abstract of United States
Żyżyński J. (2006), System finansowy a gospodarka realna: między służebnością a wyobcowaniem, ?Ekonomista?, nr 4.
Żyżyński J. (2009), Neoliberalizm jako strukturalna przyczyna kryzysu a poszukiwanie dróg naprawy, ?Ekonomista?, nr 2.
