Download e-book for kindle: A Political Economy of Contemporary Capitalism and its by Dimitris P. Sotiropoulos, John Milios, Spyros Lapatsioras

By Dimitris P. Sotiropoulos, John Milios, Spyros Lapatsioras

ISBN-10: 0415684080

ISBN-13: 9780415684088

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

This publication analyses the continued financialization of the economic system as a improvement inside capitalism, and explores the ways that it has replaced the association of capitalist energy. The authors supply an interpretation of the position of the monetary sphere which screens a extraordinary distinction to nearly all of modern heterodox ways. Their interpretation stresses the an important function of economic derivatives within the modern association of capitalist strength 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 recommendations and a few of the arguments constructed within the framework of the old Marxist controversies on monetary crises for you to achieve an perception into the fashionable neoliberal type of capitalism and the new monetary challenge. utilising a chain of foreign case reviews, this ebook can be crucial interpreting for all people with an curiosity within the monetary difficulty, and all these trying to understand the workings of capitalism.

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

The new monetary meltdown and the ensuing worldwide recession have rekindled debates in regards to the nature of latest capitalism. This publication analyses the continued financialization of the economic climate as a improvement inside capitalism, and explores the ways that it has replaced the association of capitalist strength.

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

Sample text

It was Chandler who coined the term “managerial capitalism” to describe this economic phase (Baskin and Miranti 1997: 167). 02 in 1929. ) The Keynes–Veblen–Proudhon tradition 13 At the same time, in the developed capitalist world, the labor process underwent a profound transformation. This included: the increasingly widespread application of scientific knowledge in production, the concentration and centralization of capital, the reduction of the specific weight of non-­capitalist sectors of the economy (especially in the production of consumer goods), the rise of domestic markets, the growth of big cities, and the numerical expansion of the new lower-­ middle class.

In his viewpoint, capital is not productive and returns yield to its proprietor because of its “scarcity”: It is much preferable to speak of capital as having a yield over the course of its life in excess of its original cost, than as being productive. For the only reason why an asset offers a prospect of yielding during its life services having an aggregate value greater than its initial supply price is because it is scarce; and it is kept scarce because of the competition of the rate of interest on money.

66). In this sense, he understands capitalist profit (the earnings of the absentee owner) as a form of an absolute rent – or financial rent, because capitalist earnings are a type of financial earning in the era of The Keynes–Veblen–Proudhon tradition 17 capitalization. : 66). 26 Veblen’s line of reasoning perceives the rise of finance as the dominance of the absentee owner (the legal owner of capital) that represses the productive capacities of industrial community (workers and technicians).

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A Political Economy of Contemporary Capitalism and its Crisis: Demystifying Finance by Dimitris P. Sotiropoulos, John Milios, Spyros Lapatsioras


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