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 energy. The authors provide an interpretation of the position of the monetary sphere which monitors a extraordinary distinction to the vast majority of modern heterodox ways. Their interpretation stresses the an important position of economic derivatives within the modern association of capitalist strength family members, arguing that the method of financialization is in reality fullyyt unthinkable within the absence of derivatives.

The e-book additionally makes use of Marx’s ideas and a few of the arguments constructed within the framework of the old Marxist controversies on financial crises with a purpose to achieve an perception into the trendy neoliberal type of capitalism and the new monetary challenge. utilising a sequence of overseas case stories, this e-book could be crucial studying for all people with an curiosity within the monetary drawback, and all these trying to understand the workings of capitalism.

Show description

Read or Download A Political Economy of Contemporary Capitalism and its Crisis: Demystifying Finance PDF

Similar business & finance books

The General Theory of Profit Equilibrium: Keynes and the Entrepreneur Economy

John Maynard Keynes's seminal the overall concept of Employment, curiosity and cash is still critical to monetary debate over sixty years after its ebook. This booklet indicates how Keynes's masterpiece is healthier understood now not as an try to take on the fast coverage problems with this age yet to increase the diversity of inspiration on hand to economists.

Equality, Participation, Transition: Essays in Honour of Branko Horvat

This e-book is a set of essays in honor of Branko Horvat, an economist and social philosopher of significant foreign popularity and status from former Yugoslavia and these days Croatia. The essays take care of issues with regards to Horvat's personal paintings, particularly equality, social justice, worker participation, hard work administration, systemic switch, transition, privatization, and development.

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

Example text

In an alternative formulation we can thus remark that: Thesis 3: Capitalist profit has the form of an absolute rent expropriating a share of the wealth produced by others. Absolute rent is the potential economic outcome of the landowner’s legal proprietorship of the land. In this sense, capitalist profit is indeed a form of absolute rent since it can be seen as the potential economic outcome of the capitalist’s legal proprietorship of means of production. It is quite clear that in this line of reasoning, “the social relations that characterize capitalism are seen as extrinsic to labor itself ” (Postone 2003: 58).

5 Proudhon: a short digression to the history of the idea of the functionless investor Keynes and Veblen (or even Hilferding; see Chapter 2) were not the first to highlight and criticize the figure of the absentee owner. This idea is much older in the history of economic thought. We do not intend here to embark upon a theoretical genealogy of the term (although it is of a great importance). 36 Proudhon experienced the revolution of 1830 in France and the revolutions of 1848 but not the Parisian Commune.

If a trader feels that a listed company is being mismanaged (and, thus, its internal industrial community underperforms to the cost of society), they can make a profit selling short its stock (in the jargon of mainstream finance they try to take advantage of the mismatch between the share price and the underlying economic fundamentals; see Chapter 7). In other words, they borrow and sell stock they do not own, “anticipating the price will go down” and that they “will be able to buy the stock back later at a lower price to close out his position at a tidy profit” (Rajan 2010: 124).

Download PDF sample

Rated 4.72 of 5 – based on 13 votes