I'm not entirely sure. It could be a later innovation by Arrighi or one of the many works he cites. Arrighi's thesis is essentially that we have gone through several hegemonic cycles of accumulation (spanning anywhere from one to several centuries each) which all exhibit a similar pattern. going from capital accumulation, followed by a "signal crisis" which begins a period of financialization, followed by a "terminal crisis" which spells the end for the hegemony of that system of accumulation. The period of financialization is typically linked to the initial capital accumulation phase of the following hegemonic system.
(I'm just winging it from memory though, there might be some details I'm misremembering)
The MCM part is from the 4th volume of capital, I think. but I don't remember the MM part. is that also in there?
I'm not entirely sure. It could be a later innovation by Arrighi or one of the many works he cites. Arrighi's thesis is essentially that we have gone through several hegemonic cycles of accumulation (spanning anywhere from one to several centuries each) which all exhibit a similar pattern. going from capital accumulation, followed by a "signal crisis" which begins a period of financialization, followed by a "terminal crisis" which spells the end for the hegemony of that system of accumulation. The period of financialization is typically linked to the initial capital accumulation phase of the following hegemonic system.
(I'm just winging it from memory though, there might be some details I'm misremembering)
that dude sounds smart