By Dimitris P. Sotiropoulos, John Milios, Spyros Lapatsioras
The contemporary monetary meltdown and the ensuing international recession have rekindled debates in regards to the nature of latest capitalism.
This ebook analyses the continuing financialization of the financial 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 function of the monetary sphere which screens a awesome distinction to the vast majority of modern heterodox techniques. Their interpretation stresses the the most important position of monetary derivatives within the modern association of capitalist energy family members, arguing that the method of financialization is in reality totally unthinkable within the absence of derivatives.
The publication additionally makes use of Marx’s strategies and a few of the arguments built within the framework of the old Marxist controversies on fiscal crises with a view to achieve an perception into the trendy neoliberal type of capitalism and the new monetary difficulty. making use of a chain of overseas case reports, this publication could be crucial examining for all people with an curiosity within the monetary challenge, and all these looking to understand the workings of capitalism.
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Additional info for A Political Economy of Contemporary Capitalism and its Crisis: Demystifying Finance
On a regular basis: competitive market mechanisms keep the search for profits on a track that also ensures it enhances value to society. This is the fundamental reason why free-market capitalism works and why bankers usually do good even as they do very well for themselves. ). The practice of short-selling (many times banned in the wake of the 2008 financial meltdown) is a nice illustration that clarifies the mainstream line of reasoning. 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 Veblen’s argument, this development not only results in an unstable economic milieu but, most importantly, it reproduces an inefficient usage of society’s productive capacities. This analytical framework reflects the Ricardian problematic. To be sure, Veblen was not a follower of Ricardo. His writings adopted the institutionalist viewpoint attempting to grasp the nature of industrial organization in the beginnings of the twentieth century in the light of the new financial innovations. Nevertheless, the key points of the Ricardian problematic are apparent in Veblen’s analytical speculation.
The outline of this section demonstrates, to some extent, the intentions of our analysis in this book. In Ricardo’s intervention it traces patterns of thinking and lines of reasoning, which were to be rediscovered by Veblen and Keynes in the light of the new institutional developments that accompanied capitalism during the Great Depression of 1929. The same outline also sums up an interpretation of capitalism that characterizes many recent radical approaches, such as those of Negri (2010), Hardt (2010) and Zizek (2012) (according to these, contemporary capitalism is marked by a shift from profit to rent).