By Dimitris P. Sotiropoulos, John Milios, Spyros Lapatsioras
The fresh monetary meltdown and the ensuing worldwide recession have rekindled debates in regards to the nature of up to date capitalism.
This e-book analyses the continuing financialization of the economic 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 monitors a impressive distinction to the vast majority of modern heterodox techniques. Their interpretation stresses the the most important function of monetary derivatives within the modern association of capitalist strength kin, arguing that the method of financialization is in truth totally unthinkable within the absence of derivatives.
The booklet additionally makes use of Marx’s innovations and a few of the arguments constructed within the framework of the old Marxist controversies on financial crises with the intention to achieve an perception into the trendy neoliberal kind of capitalism and the new monetary challenge. making use of a chain of foreign case experiences, this ebook can be crucial examining for all people with an curiosity within the monetary trouble, 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
Their profits are the only indicator that society will benefit from their economic activity. On a regular basis: competitive market mechanisms keep the search for profits on a track that also ensures it enhances value to society. This is the fundamental reason why free-market capitalism works and why bankers usually do good even as they do very well for themselves. ). The practice of short-selling (many times banned in the wake of the 2008 financial meltdown) is a nice illustration that clarifies the mainstream line of reasoning.
For the only reason why an asset offers a prospect of yielding during its life services having an aggregate value greater than its initial supply price is because it is scarce; and it is kept scarce because of the competition of the rate of interest on money. If capital becomes less scarce, the excess yield will diminish, without its having become less productive − at least in the physical sense. (Keynes 1973: 213) The above argument may appear somewhat strange to those who are more or less unfamiliar with Keynes’ analysis: How can the rentier be identified with The Keynes–Veblen–Proudhon tradition 21 Ricardo’s landowner as though he were in possession of a “scarce” production factor?
Both writers “see in money and in the credit structure built upon them the principal cause of ” economic inequalities and deficiencies (Dillard 1942: 67). ). The exploitative character of capitalism comes from the nature of profit as absolute rent, which renders capital assets as scarce. The Ricardian problematic is once more effective in this line of thought. 1 Ricardo on Wall Street Ricardo experienced for himself the so-called Industrial Revolution. These were also the years of important changes in the financial markets.