The Fed's Role in Financialization

Radika Desai makes a historical case around this question in NLR. She argues that the Fed is deeply complicit in both the long-term disinvestment in manufacturing on the one hand and propping up asset inflation on the other. So I think it's obviously true that the Federal Reserve has embraced most of the phenomena that we would describe as financialization but there are also these sort of broader reasons for why they've done so.