ABSTRACT
Recently, Robert Boyer analyzed the financialization phenomenon in recent decades and explained that it had culminated in a crisis involving financial institutions, wherein prices cease to function as the bearer of necessary information. In his words, “having intentionally concealed risks and distorted the integrality of the system of asset prices, the finance has itself engendered the crisis of its institution of the basis: that is, the market as the disseminator of pertinent information” (Boyer 2011: 71; Japanese version: 137). He then cites this Hayekian component of the crisis:
If we dare to utilize irony, we could assert this crisis as the triumph of Hayek’s conception of prices as the vector of information (Hayek 1945). Having them perverted constantly, the Wall Street itself collapses, as the organizational model and the unquestionable hegemonic power in the definition of economic priority of the United States.
(Boyer 2011: 115; Japanese version: 191)