"We explore the consequences of increased financial investment by non-financial firms, finding consistent evidence that financialization in the non-finance sector reduced economic growth in that sector. Employing an expanded conceptualization of value added which identifies internal (capital, labour) and external (creditors, government, charities) stakeholders with claims on the value generated in production and exchange, we find that the declining value added produced by financialization was born most strikingly by labour and the state, while increasing value was channelled to corporate debt and equity holders. Corporate charities also had a net gain associated with increased financial investments by the non-financial firms."

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