3The financialization of American nonfinancial business
Olivier Butzbach
Introduction
The literature on financialization lays much emphasis on the increasing reliance of nonfinancial firms on financial revenue as symptom of the transformation of the Chandlerian, Fordist business corporation into vehicles for value extraction to the benefit of rentier investors. This view seems to be confirmed by a significant number of empirical studies. However, it has also been criticized for overlooking problems of measurement and misidentification. This chapter revisits these issues by drawing on a variety of aggregate data sources and broadening the focus to consider both the income structure and balance-sheet structure of ...
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