<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2025000100075</article-id>
<article-id pub-id-type="doi">10.20430/ete.v92i365.2665</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Capital financiero versus capital industrial: un impacto peligroso (Sobre la degeneración del capital industrial)]]></article-title>
<article-title xml:lang="en"><![CDATA[Financial capital versus industrial capital: A dangerous impact (On the degeneration of industrial capital)]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Valenzuela Feijóo]]></surname>
<given-names><![CDATA[José]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,aff1  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2025</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2025</year>
</pub-date>
<volume>92</volume>
<numero>365</numero>
<fpage>75</fpage>
<lpage>107</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2025000100075&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2025000100075&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2025000100075&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Uno de los rasgos distintivos de la fase monopólica del capitalismo es la pugna cada vez mayor entre dos fracciones de la clase dominante: el capital industrial y el capital financiero. En este artículo se analiza cómo la hegemonía del segundo ha desplazado el papel dirigente y transformador del primero, en un proceso de subordinación y deformación de la lógica productiva de la valorización de capital en favor de la especulativa. A esto se le llama &#8220;degeneración del capital industrial&#8221;. Mediante el caso de los Estados Unidos y la crisis de 2008, se muestra que la especulación ha superado ya a la inversión productiva, así como las consecuencias negativas que esto ha tenido para la estabilidad y el crecimiento económico. El parasitismo y la decadencia extrema, que se expresan en la profundización de la desigualdad, la creciente dependencia de actividades improductivas y el debilitamiento de las capacidades productivas del capitalismo, sugieren que el sistema entra en una fase de descomposición, que puede ser terminal.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract One of the distinctive features of the monopolistic phase of capitalism is the growing struggle between two fractions of the ruling class: industrial capital and financial capital. This article analyzes how the hegemony of the latter has displaced the leading and transforming role of the former, in a process of subordination and deformation of the productive logic of capital valorization in favor of the speculative one. This is called the &#8220;degeneration of industrial capital&#8221;. Through the case of the United States and the 2008 crisis, it is shown that speculation has already overtaken productive investment, as well as the negative consequences this has had on economic stability and growth. Parasitism and extreme decadence, expressed in deepening inequality, growing dependence on unproductive activities, and the weakening of capitalism&#8217;s productive capacities, suggest that the system is entering a phase of decomposition, which may be terminal.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Capitalism]]></kwd>
<kwd lng="en"><![CDATA[class fractions]]></kwd>
<kwd lng="en"><![CDATA[United States]]></kwd>
<kwd lng="en"><![CDATA[capital]]></kwd>
<kwd lng="en"><![CDATA[industrial capital]]></kwd>
<kwd lng="en"><![CDATA[financialization]]></kwd>
<kwd lng="es"><![CDATA[capitalismo]]></kwd>
<kwd lng="es"><![CDATA[fracciones de clase]]></kwd>
<kwd lng="es"><![CDATA[Estados Unidos]]></kwd>
<kwd lng="es"><![CDATA[capital]]></kwd>
<kwd lng="es"><![CDATA[capital industrial]]></kwd>
<kwd lng="es"><![CDATA[financiarización]]></kwd>
</kwd-group>
</article-meta>
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