By Dimitris P. Sotiropoulos, John Milios, Spyros Lapatsioras

ISBN-10: 0415684080

ISBN-13: 9780415684088

The contemporary monetary meltdown and the ensuing international recession have rekindled debates in regards to the nature of up to date capitalism.

This publication 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 energy. The authors provide an interpretation of the position of the monetary sphere which monitors a remarkable 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, arguing that the method of financialization is actually solely 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 old Marxist controversies on financial crises to be able to achieve an perception into the trendy neoliberal type of capitalism and the hot monetary quandary. using a sequence of foreign case stories, this ebook can be crucial studying for all people with an curiosity within the monetary main issue, and all these trying to understand the workings of capitalism.

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The Keynes–Veblen–Proudhon tradition 11 • To finish our general sketch of the Ricardian problematic,5 there still remains a final point. It is rather evident in the above remarks that capital and land have become scarce resources, from the very fact that they bear a price. We have to stress that this category of “scarcity” is different from the neoclassical one. Capital and land are scarce due to the institution of private property, which enables the possessing classes to appropriate as income a part of total social labor.

Market competition was to continue to regulate the prices of commodities. What he The Keynes–Veblen–Proudhon tradition 23 proposed to do was to set up the necessary conditions prerequisite to the smooth functioning of competitive forces. (Dillard 1942: 67) For him, the major economic problem of capitalism was to be discovered in the workings of financial sphere. In many respects, Proudhon’s speculation resembles the thinking of Keynes and Veblen. The capitalist is regarded as a person external to production – as some sort of a functionless investor or a parasitic absentee owner.

In this sense, he understands capitalist profit (the earnings of the absentee owner) as a form of an absolute rent – or financial rent, because capitalist earnings are a type of financial earning in the era of The Keynes–Veblen–Proudhon tradition 17 capitalization. : 66). 26 Veblen’s line of reasoning perceives the rise of finance as the dominance of the absentee owner (the legal owner of capital) that represses the productive capacities of industrial community (workers and technicians). In order for finance to function likewise there must exist a fundamental presupposition: security prices must be totally disengaged from the real trends of capitalist production.

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A Political Economy of Contemporary Capitalism and its Crisis: Demystifying Finance by Dimitris P. Sotiropoulos, John Milios, Spyros Lapatsioras

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