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

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Abstract

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.

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  • Sotiropoulos, Dimitris P. & Lapatsioras, Spyros, 2012. "Financialization and Marx: some reflections on Bryan’s, Martin’s and Rafferty’s argumentation," Economics Discussion Papers 2012-2, School of Economics, Kingston University London.
  • Handle: RePEc:ris:kngedp:2012_002
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    Keywords

    Marx; derivatives; financialization; capitalization; risk.;

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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