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 booklet analyses the continuing 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 position of the monetary sphere which screens a impressive distinction to the vast majority of modern heterodox techniques. Their interpretation stresses the the most important function of economic derivatives within the modern association of capitalist strength kinfolk, arguing that the method of financialization is actually completely unthinkable within the absence of derivatives.
The publication additionally makes use of Marx’s techniques and a few of the arguments constructed within the framework of the old Marxist controversies on fiscal crises as a way to achieve an perception into the fashionable neoliberal kind of capitalism and the hot monetary predicament. applying a sequence of foreign case experiences, this publication can be crucial examining for all people with an curiosity within the monetary main issue, and all these looking to understand the workings of capitalism.
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Extra info for A Political Economy of Contemporary Capitalism and its Crisis: Demystifying Finance
39 In Proudhon’s thinking, interest is not a reward for some productive contribution but a payment for not hoarding, a reward for parting with liquidity. In this interest price, the capitalist offers something that is useless for her. This income permits capitalists to live sumptuously without the slightest effort. 24 Finance as counter-productive: a Marxian appraisal This conception of capital and interest perceives capitalism as an exploitation regime, which allows capitalists to spend a luxurious and effortless life on the basis of the productive contribution of the working class.
Many key aspects regarding finance were left essentially implicit, subjected to “allusion rather than detailed argumentation in The General Theory. ] The missing step in the standard Keynesian theory was the explicit consideration of capitalist finance within a cyclical and speculative context” (Minsky 1975: 129). : 130). For Keynes, the role of financial markets tends to be complex in modern economies where the ownership of big corporations is separated from management: “they sometimes facilitate investment but sometimes add greatly to the instability of the system” (Keynes 1973: 150–151).
The capital market is the modern economic feature which makes and identifies the higher “credit economy” as such. In this credit economy resort is habitually had to the market as a vent for accumulated money values and a source of supply of capital. Trading under the old regime was a traffic in goods; under the new regime there is added, as the dominant and characteristic trait, trading in capital. 23 It is far richer and far more complex than presented here. Nevertheless, the mark of the Ricardian problematic is clear enough.
A Political Economy of Contemporary Capitalism and its Crisis: Demystifying Finance by Dimitris P. Sotiropoulos, John Milios, Spyros Lapatsioras