The Open UniversitySkip to content
 

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

Sotiropoulos, Dimitris P. and Lapatsioras, Spyros (2014). Financialization and Marx: some reflections on Bryan’s, Martin’s and Rafferty’s argumentation. Review of Radical Political Economics, 46(1) pp. 87–101.

DOI (Digital Object Identifier) Link: https://doi.org/10.1177/0486613413488072
Google Scholar: Look up in Google Scholar

Abstract

The recent theoretical works of the authors mentioned in the title of the paper 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.

Item Type: Journal Item
Copyright Holders: 2013 Union for Radical Political Economics
ISSN: 1552-8502
Keywords: Marx; derivatives; financialization; capitalization; risk
Academic Unit/School: Faculty of Business and Law (FBL) > Business > Department for Accounting and Finance
Faculty of Business and Law (FBL) > Business
Faculty of Business and Law (FBL)
Research Group: Innovation, Knowledge & Development research centre (IKD)
Item ID: 38532
Depositing User: Dimitris Sotiropoulos
Date Deposited: 25 Sep 2013 11:48
Last Modified: 07 Dec 2018 10:19
URI: http://oro.open.ac.uk/id/eprint/38532
Share this page:

Metrics

Altmetrics from Altmetric

Citations from Dimensions

Actions (login may be required)

Policies | Disclaimer

© The Open University   contact the OU