Le poids croissant de la finance dans les stratégies des sociétés transnationales

Conférence de Claude Serfati, Économiste, maître de conférences à l’Université de Versailles-Saint-Quentin-en-Yvelines et directeur du CEMOTEV (Centre d’Études sur la Mondialisation, les Conflits, les Territoires et les Vulnérabilités) Résumé du texte de la conférence While the current crisis evidenced the strong interrelations between production and finance, and gives a boost to ‘financialisation’ approach, there is an urgent need to reexplore the nature of large transnational corporations (TNCs). Issues to be explored include the reshaping of international trade and production, close interaction between nonfinancial TNCs and financial (bank and non‐bank) TNCs, the development of global networks, and the strength of relationships entertained by most of them with ‘their’ governments. A basic hypothesis of this paper which is focused on non‐financial TNCs, is that they cannot be only defined by the fact that they are bigger and more internationalised than others firms. In our view, they constitute a category of their own, based upon a centralisation of financial assets and a specific organisational structure (with the core role held by the holding company). TNCs, organised and structured as groups, are a locus for a global valorisation of capital, where productive and financial valorisation are closely intertwined. In the context of a global finance capital dominated macro‐economic regime of accumulation, financial logic takes on a preeminent role in TNCs’ strategy. Unfettered deregulation of financial markets and multiplication of financial innovations (products and institutions) gave a further boost to the transformation of TNCs, which can be defined as financial groups with industrial activities. (Voir le texte de la conférence dans le document joint)

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