Rentierism and speculation in a finance-led capitalism: a post-Keynesian approach

This paper aims to discuss what is meant by rentierism and financial speculation and their relation with the level of production and financial stability, from a Post-Keynesiana approach. This discussion is also developed in the context of a globalized and financialized economy, focusing particularly on the corporate governance of capitalist companies (“maximization of shareholder value”). We show that, contrary to what was advocated by Keynes in his General Theory, who saw rentierism as a transitory phase, since the 1980s the development of rentier capitalism or of finance-led capitalism has been observed. In this context, one cannot speak of the euthanasia of rentier, but rather of the victory of rentier in the current phase of contemporary capitalism.

Key-words:
Rentism; Speculation; Keynes; Post-Keynesians.