which finance capital could export its excessive surplus. The next version posited a neo-imperial world of monopoly … intermediation. The third script postulated a World System where surplus is imported from the dependent periphery into the financial … its own productive fuel and is now trying to financialize the rest of the world in order to use the system's external …

identification strategy in Uhlig (2005).The estimation results can be summarized as follows. First, the rate of return on investment …