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

By Dimitris P. Sotiropoulos, John Milios, Spyros Lapatsioras

The fresh monetary meltdown and the ensuing worldwide recession have rekindled debates in regards to the nature of latest capitalism.

This e-book 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 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, 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 strategies and a few of the arguments constructed within the framework of the historical Marxist controversies on monetary crises which will achieve an perception into the trendy neoliberal type of capitalism and the hot monetary problem. applying a chain of foreign case stories, this e-book could be crucial studying for all people with an curiosity within the monetary problem, and all these trying to understand the workings of capitalism.

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

Sample text

The essence of his insight is to make every product of labor equivalent to ready money, overcoming thus the scarcity of money and credit. 37 Proudhon: did not propose to eliminate the private enterprise system. Market competition was to continue to regulate the prices of commodities. What he The Keynes–Veblen–Proudhon tradition 23 proposed to do was to set up the necessary conditions prerequisite to the smooth functioning of competitive forces. (Dillard 1942: 67) For him, the major economic problem of capitalism was to be discovered in the workings of financial sphere.

He attempted to analyze the consequences stemming from the gradual development of the institution of private property. We could indeed say that he pushed the Ricardian argument to its furthest limits. 24 According to this line of thought, the dominance of the absentee owner imposes limits upon capitalist production, thus repressing the true productive potentialities of industrial organization. This is the so-­called process of sabotage. Because of the underconsumption, which in Veblen’s view necessarily accompanies capitalism (Veblen 1997: 111), the full utilization of society’s productive capacities would lead to such prices and production levels that would annihilate profits and security values.

2). The essence of his insight is to make every product of labor equivalent to ready money, overcoming thus the scarcity of money and credit. 37 Proudhon: did not propose to eliminate the private enterprise system. Market competition was to continue to regulate the prices of commodities. What he The Keynes–Veblen–Proudhon tradition 23 proposed to do was to set up the necessary conditions prerequisite to the smooth functioning of competitive forces. (Dillard 1942: 67) For him, the major economic problem of capitalism was to be discovered in the workings of financial sphere.

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