Economics as a Legitimation Apparatus and a Critique of Financialization

This article provides an in-depth critical analysis of contemporary neoclassical economics, viewed as an ideological apparatus of systemic legitimization. The author argues that mathematical financial models such as CAPM, Black-Scholes, and Value at Risk failed in the face of the 2008 crisis, masking real risks and black swan phenomena. The text exposes the mechanisms of shadow banking and the pathologies of financialization, which lead to the systemic depredation of the economy. Through the lens of leptokurticism and the fat tails of market distributions, the paper challenges the efficient markets hypothesis. A comparison of institutional models completes the paper, suggesting alternatives to the current financial paradigm, which favors excessive financial leverage at the expense of socioeconomic stability.