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Effects of financialization on the structure of production and nonfinancial private enterprises: the case of Mexico

This article analyzes the social relations of production under conditions of financialization, emphasizing the changes taking place in the productive sector and the enterprises leading this process. The central theme of the analysis is that maximization of shareholder value has downsized and redistributed the production process, creating global supply chains and increasing financial activities in nonfinancial private firms that are independent of the financial process of production. The process of financialization has modified the relationship between developed and developing economies. The former have specialized in financial services, while the latter have deepened their industrialization process in high-technology manufacturing sectors, creating winner and loser economies.