关键词: 从属性金融化, 全球生产网络, 资本全球循环, 金融化资本积累

Abstract: The rapid development of globalization has led to the formation of a capitalled global production network and the global circulation of capital, forming a global industrial, technological and value chain in which core countries dominate peripheral countriesThe implementation of the “dual longarm outsourcing” strategy has brought these lessdeveloped countries into the production system under the control of core countries, which has also stimulated the unhealthy development of financial markets and strengthened the dominance of core countries in the global production network and global financial marketThe global expansion and financial leverage of monetary capital, loan capital and virtual capital have promoted the accumulation and circulation of capital on a global scale, and further strengthened the industrial and financial control of the core countries over peripheral countriesWhile incorporating the peripheral countries into the global production network and global circulation, they become subordinated to the core country in terms of the financialization of capital accumulationSubordinate financialization and the accumulation of financialized capital not only create obstacles to the economic development of developing countries, but also encourage financial speculation that involves high risk in these countriesIn particular, the combination of subordinate financialization and the proactive form of financialization may lead to excessive financialization, resulting in financial crisesThe financial development in China should prevent the occurrence of subordinate financialization, avoid repeating the mistakes of some developing countries, and adopt a sound financial development strategy to continuously strengthen the finance sector to serve the real economy

Key words: subordinate financialization, global production network, global circulation of capital, capital accumulation