By Dimitris P. Sotiropoulos, John Milios, Spyros Lapatsioras
The contemporary monetary meltdown and the ensuing worldwide recession have rekindled debates concerning the nature of up to date capitalism.
This booklet 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 energy. The authors supply an interpretation of the function of the monetary sphere which screens a amazing distinction to the vast majority of modern heterodox techniques. Their interpretation stresses the an important function of economic derivatives within the modern association of capitalist energy family, arguing that the method of financialization is in truth totally 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 old Marxist controversies on financial crises so that it will achieve an perception into the trendy neoliberal kind of capitalism and the new monetary quandary. using a chain of overseas case stories, this e-book might be crucial analyzing for all people with an curiosity within the monetary hindrance, and all these trying to understand the workings of capitalism.
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Additional info for A Political Economy of Contemporary Capitalism and its Crisis: Demystifying Finance
For instance, in 1881, a stockbroker (named Henry Clews) gave testimony to a legislative committee arguing: “speculation is a method for adjusting differences of opinions as to future values, whether of products or of stocks” (cited in Chancellor 2000: 187). ] one could predict where the economy and thus the stock market were headed” (cited in Fox 2009: 17). : 17). The timing was perfect for a systemic failure, which came in 1929. The development of financial markets, along with the outstanding nature of financial innovations, when combined with the belief that capitalism had reached a new era of limitless prosperity (at least on the other side of the Atlantic) would sooner or later cause a financial crash.
In this regard, Veblen and Keynes do continue Ricardo’s argument, expanding the latter so as to deal with the developments of their period. They actually endeavored to place Ricardo on Wall Street. However, it is rather obvious that a sophisticated underconsumptionist critique of Say’s Law could not be based any more on the conservative defense of landlords and priests (Malthus) or on the neo-mercantilist plea of the so-called “third persons” (Sismondi). What was needed was a new conception of investment and finance.
The rentier is furthermore believed to be mostly a newcomer to economic life. According to Keynes, a new configuration of capitalism emerged in the late nineteenth century. : 147–150). As mentioned above, Keynes did consider labor as the sole production factor (including in it the performance of managers). In his viewpoint, capital is not productive and returns yield to its proprietor because of its “scarcity”: It is much preferable to speak of capital as having a yield over the course of its life in excess of its original cost, than as being productive.