By Dimitris P. Sotiropoulos, John Milios, Spyros Lapatsioras
The fresh monetary meltdown and the ensuing worldwide recession have rekindled debates concerning the nature of up to date capitalism.
This publication analyses the continuing financialization of the economic climate as a improvement inside of capitalism, and explores the ways that it has replaced the association of capitalist energy. The authors provide an interpretation of the position of the monetary sphere which screens a awesome distinction to nearly all of modern heterodox techniques. Their interpretation stresses the an important position of monetary derivatives within the modern association of capitalist energy family members, arguing that the method of financialization is actually solely unthinkable within the absence of derivatives.
The ebook additionally makes use of Marx’s techniques and a few of the arguments built within the framework of the historical Marxist controversies on fiscal crises that allows you to achieve an perception into the trendy neoliberal type of capitalism and the new monetary predicament. making use of a chain of overseas case experiences, this booklet should be crucial studying for all people with an curiosity within the monetary concern, and all these looking to understand the workings of capitalism.
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Extra resources for A Political Economy of Contemporary Capitalism and its Crisis: Demystifying Finance
As we shall discuss in Chapter 4, developments in the stock exchange were not the only institutional innovation to be experienced by developed capitalist societies; organized derivative transactions were gaining ground but failed to attract theoretical interest, with a few remarkable exceptions. Developments in the stock exchange, combined with the creation of a small number of gigantic industrial enterprises in most industrial sectors (bringing together a large part of the production and in this way acquiring the capacity to function for a greater or smaller period of time as monopolies in the Marxist sense of the term – chiefly artificial monopolies12), led to the widespread belief that the high degree of separation of ownership and control in the big corporation had given birth to a brand new social class, the managerial class or the “captains of industry” (to use Carlyle’s famous expression which had become common in that period).
Absolute rent is the potential economic outcome of the landowner’s legal proprietorship of the land. In this sense, capitalist profit is indeed a form of absolute rent since it can be seen as the potential economic outcome of the capitalist’s legal proprietorship of means of production. It is quite clear that in this line of reasoning, “the social relations that characterize capitalism are seen as extrinsic to labor itself ” (Postone 2003: 58). The power of capitalists emanates from, and is kept in place by, the particular legal structure of the property relations.
This suggestion implies a critique of the capitalist system (a critique that neither Smith nor Ricardo was brave enough to push it to its limits), which focuses on the mode of distribution and appropriation of labor and its products. This is so because both capitalist profit and ground rent have the same social nature: deductions from expended labor to the benefit of an economic agent external to the production process. 4 Nevertheless, the social base of both profit and rent remains apparently the same: the expropriation of labor.
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