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 ebook analyses the continuing financialization of the economic system as a improvement inside of 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 extraordinary distinction to nearly all of modern heterodox methods. Their interpretation stresses the an important function of monetary derivatives within the modern association of capitalist energy family members, arguing that the method of financialization is actually totally unthinkable within the absence of derivatives.
The ebook additionally makes use of Marx’s suggestions and a few of the arguments built within the framework of the ancient Marxist controversies on financial crises with the intention to achieve an perception into the fashionable neoliberal type of capitalism and the hot monetary hindrance. applying a chain of overseas case reports, this booklet could be crucial examining for all people with an curiosity within the monetary predicament, and all these looking to understand the workings of capitalism.
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The hot monetary meltdown and the ensuing international recession have rekindled debates in regards to the nature of up to date capitalism. This ebook analyses the continuing financialization of the economic climate as a improvement inside capitalism, and explores the ways that it has replaced the association of capitalist strength.
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Extra info for A Political Economy of Contemporary Capitalism and its Crisis: Demystifying Finance
This included: the increasingly widespread application of scientific knowledge in production, the concentration and centralization of capital, the reduction of the specific weight of non-capitalist sectors of the economy (especially in the production of consumer goods), the rise of domestic markets, the growth of big cities, and the numerical expansion of the new lower- middle class. The expansion of capitalist production in all the developed capitalist countries led to a corresponding expansion of foreign trade.
185). The financial system begins thus to operate in the fashion of “second-order observation,” where: everyone sees everything from this vantage point, bigger risks are incurred as participants imitate the willingness of others to take risks – although precisely this factor raises total indebtedness and thus total risk. (Luhmann 2003: 179) Financial prices are potential sources of capital gains (or losses) without any direct relation to underlying “real” investment and profitability prospects.
We want, rather, to emphasize that his general problematic fits easily with other heterodox interpretations of finance. In this sense, both Veblen and Keynes were not left untouched by his theoretical seductiveness. 12 Finance as counter-productive: a Marxian appraisal The financial system in the first decades of the nineteenth century was highly developed, especially in Great Britain. It contained a variety of characteristics, financial products and innovations that still dominate contemporary markets.
A Political Economy of Contemporary Capitalism and its Crisis: Demystifying Finance by Dimitris P. Sotiropoulos, John Milios, Spyros Lapatsioras