THE INSTITUTIONAL CONTEXT OF FINANCIALIZATION (Wzrost znaczenia dochodow z operacji finansowych w korporacjach nie-finansowych (financialization) - kontekst instytucjonalny)

The paper focuses on changing pattern of accumulation in the leading corporate organizations. The observation refers to the increased profit-making through financial channels by these agents, especially those from non-financial sectors, as well as to their increased vulnerability to developments in financial markets. It is argued, that the identification of such a behaviour, called here the financialization, offers an inspiring perspective on a nature of contemporary economy. The analytical approach draws from institutional economics. Accordingly, the points on institutional interlocking at three layers of analysis are made: between the financialization and new institutional arrangements in the corporate domain; between a shift in corporate governance and changing social coalitions and values in the domain of state; between the changing institutional framework and economic policies. It is found out that the outcomes result in ideational systems, such as the shareholder view in corporate governance, managerial capitalism, neo-liberal policies, which seem to be adequate to the complex contemporary meaning of globalization. Due to global value chains, the finanzialization of the American and European corporations has its consequences for the developing South. The referred patterns and problems are also transferred to other peripheral economies, new member states of the EU included.