Financialization of the economy: evil or good? (ეკონომიკის ფინანსებიზაცია: ბოროტება თუ სიკეთე?)

Abstract

Financialization of the economy is the most important regularity of the modern economic system. It is due to the qualitative changes in the technical-technological foundations of the economy, which brought to the fore the special importance of the financial parameters of the economic system. Financialization is typical for the economies of both global and post-industrial countries. It is a complex and multifaceted process that causes a number of problems. Among them, the strengthening of the "financial fragility" (H. Minsky) of the capitalist economy and the increased danger of acute financial crises arising from it should be noted. In the modern scientific literature, opinions have appeared that ignore the negative aspects of the financialization of the economy and consider it only in a positive context. Among them, the "New Quantitative Theory" (MMT) is particularly noteworthy, which is considered the theoretical-methodological basis for the creation of the "New Financial Reality". The main postulates of the mentioned theory are critically evaluated in the paper. Special attention is focused on the threat of inflation strengthening, taking into account the economic consequences of the “Corona Crisis” and the Russia-Ukraine war.