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Marx and Financialisation

In: Fetishism and the Theory of Value

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  • Desmond McNeill

    (University of Oslo)

Abstract

After demonstrating the massively increased scope of finance in recent decades, I summarise and critique Marx’s analysis of interest-bearing capital. I then discuss recent literature on the financialisation of everyday life, which now constitutes quite a substantial body of work, ranging across different disciplines, some inspired by the post-structuralism of Foucauld. Against this background, I explore two key questions that have generated controversy: ‘is finance productive?’ and ‘what kind of appropriation is involved?’—drawing largely on work by Fine, Christophers and Lapavitsas. Regarding the latter question, I distinguish between ‘Appropriation 1’: the relation between lender and industrial capitalist, and ‘Appropriation 2’: the relation between lender and individual (not necessarily a worker). The former relates to Marx’s analysis of interest-bearing capital, the latter to the financialisation of everyday life.

Suggested Citation

  • Desmond McNeill, 2021. "Marx and Financialisation," Palgrave Studies in the History of Economic Thought, in: Fetishism and the Theory of Value, edition 1, chapter 15, pages 277-304, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-030-56123-9_15
    DOI: 10.1007/978-3-030-56123-9_15
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