The paper deals with financialization as a process of converting financial capital into fictive and virtual capital, and its separation from the real, productive sphere. It points to the enormous growth of the financial sector during the last decades of the 20th and the beginning of the 21st...

The paper considers MMM, one of the world’s most famous financial pyramids, that worked during the last decade of the 20th century. The author shows that financial pyramids were not the result of the transition process. They have been a regular fenomenon in the most developed economies (The...