Fictitious Capital: How Finance Is Appropriating Our Future
| Author | : | |
| Rating | : | 4.70 (882 Votes) |
| Asin | : | B01LWWJ8EX |
| Format Type | : | |
| Number of Pages | : | 340 Pages |
| Publish Date | : | 2017-05-31 |
| Language | : | English |
DESCRIPTION:
It was worth the wait. Students trying to understand the precarious political and economic position in which we find ourselves, as well as the theoretical foundations for understanding this, will learn much from this well-written, data rich, and theoretically clear exposition. Fictitious Capital is an important intervention which tries to make sense of the excesses of capitalism over the last forty years and of the development of finance.” —Jacques Sapir “Durand has provided a very insightful view of finance-driven capitalism over the last three decades. “Cédric Durand
He is a member of the editorial board of the radical online journal ContreTemps. Cédric Durand teaches Economics and Development Theories at the University of Paris 13 and the EHESS. Working within the tradition of Marxist and French Regulationist political economy, he is the author of several articles on the euro–crisis, the financialization-globalization
The City, Wall Street and other centres of the power of money, he suggests, may already be caked with the frosts of winter.. How finance is a mechanism of social and political dominationThe 2007–08 credit crisis and the long recession that followed brutally exposed the economic and social costs of financialization. Understanding what lay behind these events, the rise of “fictitious capital” and its opaque logic, is crucial to grasping the social and political conditions under which we live. Using comparative data covering the last four decades, Durand examines the relationship between trends such as the rise in private and public debt and the proliferation of financial products; norms such as our habitual assumptions about the production of value and financial stability; and the relationship of all this to political power.Fictitious Capital offers a stark warning about the direction that the international economy is taking. Durand argues that the accelerated expansion of financial operations is a sign of the declining power of the economies of the Global North. Fictitious Capital moves beyond moralizing tales about greedy bankers, short-sighte