The word “financialization” accurately captures a prominent aspect of contemporary capitalism: Over the last few decades, the lucrative financial sector has grown exponentially, to the point of dominating economies in the US and around the world.

In this episode of Smart Talk, Andrew Mazzone and economist Costas Lapavitsas discuss how the profound effects of financialization have been felt in Greece, throughout Europe and here in America—and not to the benefit of working people, infrastructure and society. Dr. Lapavitsas argues that challenging the devastating impact of financialization is a necessary task that must be confronted head on.

He posits: What has to change? And who will take the lead?

Costas Lapavitsas, PhD, is a professor of economics at the School of Oriental and African Studies, University of London and a former MP for the Syriza party in Greece. He is a columnist for The Guardian and the founder of Research on Money and Finance, an international network of political economists focusing on money, finance and the evolution of contemporary capitalism.