We argue that a new form of finance capital has been consolidated in the United States since the 2008 crisis—defined as a fusion of financial and industrial capital. In this regime, financiers have become more entrenched in the governance of nonfinancial corporations while, reciprocally, industrial firm managers have increasingly become financiers. Indeed, this fusion has taken place on two interconnected levels: (1) within the nonfinancial corporation itself, and (2) between the nonfinancial corporation and the financial sector. Internal diversification and internationalization over the postwar era led to the reorganization of the industrial corporation as a financial group, managing not concrete production processes, but portfolios of financial assets. This was reinforced by the increasing power of outside investors over the neoliberal period. However, new forms of financial organization that emerged after 2008 produced tighter and more direct linkages between external financiers and the nonfinancial corporation, constituting the new finance capital.

我们认为，自2008年危机以来，美国已经合并了一种新形式的金融资本，即金融和工业资本的融合。在这种制度下，金融家对非金融公司的治理更加根深蒂固，与此相反，工业公司的管理者也越来越多地成为金融家。实际上，这种融合发生在两个相互关联的层次上：（1）非金融公司本身内部，以及（2）非金融公司与金融部门之间。战后时期的内部多元化和国际化导致了工业公司的重组，使其成为一个金融集团，而不是管理具体的生产过程，而是管理金融资产的投资组合。在新自由主义时期，外部投资者的力量日益增强，这一点得到了加强。