Financialization #2

Orhangazi's book gives three approaches of explaining financialization.
1. The long-waves approach is a historicist one. According to it, each long cycle of capitalism consists of two segments: an increase in material production followed by a crisis due to over-accumulation and a financial expansion cycle.
2. The neoliberal approach stresses how the neoliberal philosophy -- strong private property rights, free markets, and free trade -- structures governmental institutions and regulation, which in turn help shape the business environment. It encourages shorter time horizons with greater attention to the interests of investors and creditors. Palley, the author of Financialization and very critical of neoliberalism,  is not mentioned.
3. The governance approach focuses on the changing relationship between financial markets and non-financial corporations. It has this in common with #2, but focuses more on the particular interests of investors, creditors, and managers.

I find the the third the most convincing, but even it doesn't include any of the empirical factors I gave in my Amazon review of Palley's book.

The first two approaches are favored by Marxists and /or Post-Keynesians.

The second approach used a new term to me -- coupon pool capitalism, described as follows. Capital is often seen as merely an intermediary between savings of household and production firms. Coupon pool capitalism says capital is not limited to an intermediary role. It also regulates the behavior of firms and households.