By Dimitris P. Sotiropoulos, John Milios, Spyros Lapatsioras
The contemporary monetary meltdown and the ensuing international recession have rekindled debates in regards to the nature of latest capitalism.
This e-book analyses the continued financialization of the financial system as a improvement inside capitalism, and explores the ways that it has replaced the association of capitalist strength. The authors supply an interpretation of the function of the monetary sphere which screens a amazing distinction to nearly all of modern heterodox ways. Their interpretation stresses the the most important function of monetary derivatives within the modern association of capitalist energy kin, arguing that the method of financialization is actually totally unthinkable within the absence of derivatives.
The e-book additionally makes use of Marx’s recommendations and a few of the arguments built within the framework of the ancient Marxist controversies on financial crises that allows you to achieve an perception into the trendy neoliberal type of capitalism and the hot monetary trouble. applying a sequence of foreign case reports, this publication can be crucial interpreting for all people with an curiosity within the monetary trouble, and all these trying to understand the workings of capitalism.
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Extra info for A Political Economy of Contemporary Capitalism and its Crisis: Demystifying Finance
In this “real” sector of the economy the making of profits is directly linked to the making of use values. Many authors, from a heterodox point of view, use the Marxian formula: M − C − Μ′ (M stands for money and C for commodity), to make a similar point: the use value C as a mere mediator becomes subservient to increasing the initially invested money capital M. Money and use value need to travel on parallel trajectories in order to deliver employment, social coherence, and stability. Nevertheless, for the heterodox side of the story, this ideal image is deranged by the workings of finance.
This will help clarify the analysis of the subsequent chapters of this book. 2 Reloading Ricardo Not many scholars in the history of economic thought have been proved to be so seductive as David Ricardo. 1 To be brief, the concept of value in its Smithian version of “labor expended” (on the production of a commodity) can be summarized in the following theses. 2 The Ricardian interpretation takes labor to be the transhistorical source of social wealth (see Postone 2003: 59). This insight is analytically substantial and has many crucial implications for the organization of the discourse of classical political economy.
In other words, the capitalist has not yet become a “functionless investor”; although distinct from worker, the capitalist is seen as an “internal” character in terms of the process of production. The “interiority” of the capitalist is due to the fact that there is not a high degree of separation of ownership and control: hence, the roles of the owner and that of entrepreneur or manager coincide to some extent. This does not change the nature of profits – if we are to accept the problematic of labor theory of value – as a form of “political” rent.
A Political Economy of Contemporary Capitalism and its Crisis: Demystifying Finance by Dimitris P. Sotiropoulos, John Milios, Spyros Lapatsioras