Financialization and Marx: some reflections on Bryan's, Martin's and Rafferty's argumentation

Sotiropoulos, Dimitris P. and Lapatsioras, Spyros (2012) Financialization and Marx: some reflections on Bryan's, Martin's and Rafferty's argumentation. (Discussion Paper) Kingston upon Thames, U.K. : Faculty of Arts and Social Sciences, Kingston University. 32 p. (Economics Discussion Paper, no. 2012/02)

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The recent theoretical works of the authors provide thorough insights into the workings of contemporary capitalism. Derivatives are the key issue involved here. They comprehend financialization as a development within, rather than a distortion of, capitalist production. They nevertheless underestimate the ability of Marx's analytical categories to capture the essence of contemporary organization of capitalism. A return to Marx is not only helpful but is also indispensable for clarification of some unformed aspects in their analysis. What is actually involved in financialization is not just the emergence of a structure enabling more effective valuation of financial assets; it is also the development of a technology of power that is superimposed on existing power relations for the purpose of organizing their functioning.

Item Type: Monograph (Discussion Paper)
Uncontrolled Keywords: Marx; derivatives; financialization; capitalization; risk.
Research Area: Economics and econometrics
Faculty, School or Research Centre: Faculty of Arts and Social Sciences (until 2017) > School of Economics (until November 2012)
Depositing User: Susan Miles
Date Deposited: 24 Aug 2012 14:11
Last Modified: 07 Nov 2014 14:17
DOI: 2012-2

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