Finance is necessary but not sufficient to capitalist accumulation

Evidence

For all the chaos it causes and all the massive abnormalities and volatilities it induces in the global economy, finance is an essential ingredient of capitalist accumulation. But it is only one ingredient. — Max Haiven, Cultures of Financialization, 488

Categorization

• APHORISMS: A compact reminder that finance is an ingredient, not the whole of capitalism — worth returning to when tempted to overstate finance’s causal monopoly.
• XREF: connects to: Finance manages rather than creates value under capitalism. — Max Haiven, Cultures of Financialization, 98; Finance is an essential fix for capital’s overproduction tendency, not mere elite skulduggery — Max Haiven, Cultures of Financialization, 101; Socially responsible investing cannot fully escape the financialized regime. — Natascha van der Zwan, Making Sense of Financialization, 82