ABSTRACT
As a background of the theme, several developments in the current economic scenario that seem paradoxical in conventional economic theories are highlighted. These are the paradoxes of declining growth and productivity reflecting on the service sector growth paradox and Solow paradox, stagnating real sector and jobless growth, declining household savings and rising indebtedness, accumulation of corporate wealth, financial instability and increasing frequency of financial crisis, and, finally, the financial growth through financialisation as reflected in growing financial markets and emergence of complex financial commodities, rising rentier incomes, and emergence of a global corporate web. The series of paradoxical developments that seems to be perennial and unexplainable by conventional economic theories gives a hint of some underlying characteristic of this epoch that has fostered these paradoxical developments, and yet has been overlooked so far. This brings into focus a radical development in this landscape – the evolution of a financial economy revolving around continuous accumulation of financial capital.
