Bringing subordinated financialisation down to earth: the political ecology of finance-dominated capitalism
从政治生态学视角分析次级金融化如何通过全球环境变迁发生，揭示金融积累依赖于货币、生产和环境关系的等级制，并指出核心与外围的结构失衡需改革国际货币金融体系。
Abstract This paper explores how subordinated financialisation occurs through uneven environmental transformations on a global scale, thereby revealing a political ecology of finance-dominated capitalism. Rather than depicting financialisation as a detachment of profits and power from the ‘real’ economy, this paper argues that financial accumulation arises from co-dependent and hierarchical monetary, productive and environmental relations. In particular, we outline how Peripheral subordination is connected to the reorganisation of global value production (‘offshoring’) and the intensification and expansion of capital to new frontiers of resource extraction (‘commodity frontiers’). These patterns form a ‘financialisation-offshoring-commodity frontier’ nexus, a self-reinforcing institutional arrangement that guarantees new possibilities for capital accumulation within the Core of the world-system, while accentuating the Periphery’s vulnerability to financial instability, uneven development and ecological degradation. This suggests that addressing Core–Periphery structural imbalances and systemic ecological risks requires a major overhaul of the international monetary and financial system, in a way that may nevertheless limit capital accumulation and GDP growth in Core economies.