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

By Dimitris P. Sotiropoulos, John Milios, Spyros Lapatsioras

The fresh monetary meltdown and the ensuing international recession have rekindled debates concerning the nature of latest capitalism.

This booklet 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. The authors provide an interpretation of the position of the monetary sphere which screens a extraordinary distinction to nearly all of modern heterodox methods. Their interpretation stresses the an important position of monetary derivatives within the modern association of capitalist energy family members, arguing that the method of financialization is in reality fullyyt unthinkable within the absence of derivatives.

The booklet additionally makes use of Marx’s options and a few of the arguments built within the framework of the old Marxist controversies on fiscal crises with the intention to achieve an perception into the fashionable neoliberal kind of capitalism and the new monetary main issue. using a sequence of foreign case stories, this booklet can be crucial interpreting for all people with an curiosity within the monetary hindrance, and all these looking to understand the workings of capitalism.

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Extra resources for A Political Economy of Contemporary Capitalism and its Crisis: Demystifying Finance

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More or less, both Keynes and Veblen moved in this analytical direction. In this, the former was more explicit than the latter. According to his comments, the old underconsumptionist “school of thinking” laid too much emphasis “on increased consumption” while there was “much social advantage to be obtained from increased investment” (Keynes 1973: 325). As the stock of capital increases, the latter becomes less scarce to the disadvantage of rentiers. The new conception of finance had to rely on a criticism of the neoclassical theory of financial markets.

This is quite clear when Veblen sets out his critique of the shareholder’s value maximization approach, which was dominant in the discussions of his time (see Veblen 1997: 86). In this context, the financial system, much more than carrying out a particular way of organizing the investment process, “interprets” capitalist reality in a way that systematically diverges from the real conditions of the capitalist production. ]. The market fluctuations in the amount of capital proceed on variations of confidence on the part of the investors, on current belief as to the probable policy or tactics of the business men in control, on forecasts as to the seasons and the tactics of the guild of politicians, and on the indeterminable, largely instinctive, shifting movements of public sentiment and apprehension.

The capital market is the modern economic feature which makes and identifies the higher “credit economy” as such. In this credit economy resort is habitually had to the market as a vent for accumulated money values and a source of supply of capital. Trading under the old regime was a traffic in goods; under the new regime there is added, as the dominant and characteristic trait, trading in capital. 23 It is far richer and far more complex than presented here. Nevertheless, the mark of the Ricardian problematic is clear enough.

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