Digitization or Financialization: Has Contemporary Capitalism Entered a New Phase?

Focusing on the latest stage of development of contemporary capitalism, academics have proposed “Digital Capitalism” and “Financial Capitalism”, but neither of these views can fully summarise the new features of contemporary capitalist mode of production. This paper argues that the “Digital-Financial” capital of contemporary capitalism are formed by combining digital productive forces and monopoly financial capital, and presents two types of “digitisation of financial capital” and “financialization of digital industry”. The former repairs the capitalist mode of production, and the latter pushes it to achieve a new leap. The new types of profitability means derived from “Digital-Financial” capital have promoted a new round of international expansion in capitalist countries. while The latest features of contemporary capitalism show that “Digital-Financial” capitalism is the latest stage in the transition period from state monopoly capitalism to international monopoly capitalism in the context of the information revolution.