Subject Since the 1980s, the economic growth of leading capitalist countries was driven by enormous expansion of financial capital accompanied by ongoing industrialization. In recent years, the financial capital has demonstrated new characteristics of a monopoly resulting from the integration of financial services and information services. To trace the rapid transformation of financial capital, it is important to scrutinize theoretical foundations of the global financialization process. Objectives The study aims at critical consideration of some aspects of the financial globalization phenomenon and the role of financial capital. Methods I apply methods of abstraction, analysis and synthesis, and scientific forecasting. Results The study reveals the essence of financialization as a manifestation of global transformation of economy, defines the effect of financialization on the economy and other spheres of public relations, assesses the implications, the role of modern financial capital as a concentrated manifestation of financial globalization. Conclusions The paper presents a broadside approach to defining the financialization. According to the definition, it is a global process that regulates international movement of capital, provides a possibility for legal entities and individuals regardless of their country of origin to perform financial transactions in financial markets, contributes to free movement of financial capital between States and financial centers.
Keywords: financialization, financial capital, financial globalization, information and communications technology, financial market
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