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This book provides an original account of financialisation and outlines the creation of fictitious profits as a basis to describe the present phase of capitalist accumulation in the neoliberal era. Making innovative theoretical elaborations on Marx’s notion of fictitious capital, Financial Speculation and Fictitious Profits offers a dialectic analysis of the increasing financialization during this crisis-ridden period based on the original concepts of fictitious profit and fictitious wealth. Combining the most important research from over twenty years of scholarly inquiry with groundbreaking new studies, Financial Speculation and Fictitious Profits is more than a collection of texts by political economists on a contemporary topic; it is a synthesis of an intense process of academic production that began with work of Karl Marx and has resulted in the formulation of a differentiated interpretative perspective on the contemporary evolution of capitalist crisis.
This book represents a significant contribution to the debates surrounding globalization and local systems of innovation. The diverse perspectives on global and local processes combined with original insights on developing countries should be of value to scholars and students of economics, social science, political science and business administration. The book should also be of interest to policymakers in governmental and non-governmental bodies, particularly international development agencies.
Finance Capital Today is shortlisted for the The Isaac and Tamara Deutscher Memorial Prize 2017. Finance Capital Today presents a rich new analysis of the specific features of contemporary capitalism, notably its truly global nature and its financialisation, calling on Marxist analyses of the concentration, centralisation and globalisation of capital and Marx’s theory of interest-bearing and fictitious capital. Chesnais shows how financial globalisation and the exponential growth of financial assets have developed alongside the globalisation of productive capital, paying special attention to the contemporary operations of transnational corporations and global oligopoly. He argues that the macroeconomic perspective is one in which large amounts of capital are looking for profitable investment in a setting of underlying overproduction and low profits. The outcome will be low global growth, repeated financial shocks and the growing interconnection between the environmental and economic crises.
This book provides analytical arguments that demonstrate the necessity to go beyond not only mainstream economics but also, and especially, the capitalist economy itself. It provides a radical critique of mainstream economics, comparing it to an unscientific form of single thought, and applies this criticism to the specific fields of growth, development, the institutions, defense, or the environment. It targets both neoclassical economics and reformist “soft heterodox” currents, from neoinstitutionalists to neo-Keynesians—including Thomas Piketty or Amartya Sen, among others. In doing so, it rejects Keynes’ theories of money, the crisis, and the state. It then offers a Marxist interp...
While the deepening structural crisis of capitalism in the 21st century has led to a revival of interest in Marx all over the world, Marx’s life-long comrade Frederick Engels has largely remained marginalized. To commemorate the bicentenary of Engels birth, this edited collection aims to rectify this gap in academic scholarship by gathering a diverse group of scholars to consider the legacy of Engels’s thought and work and critically examine his theoretical relevance in today’s world. The contributors of this volume provide new, stimulating reading of Engels’s works to revive some of Engels’s key ideas. The Legacy of Engels in the 21st Century integrates the most recent discoveries and achievements of Marxian scholarship, employing the historical-critical method developed in the Marx-Engels-Gesamtausgabe to shed light on the forgotten aspects of Engel's critique of capitalism and vision of postcapitalism.
The level of popular discontent—in the United States as elsewhere—has shown a dramatic increase in recent years, but has yet to crystallize into a cohesive anti-capitalist political force. Socialist Practice aims to contribute to a popular movement for socialism. It does so by 1) revisiting, under present conditions, longstanding questions of Marxist theory and revolutionary history, and 2) illustrating the range of issues, activities, and forms of expression that can both inform and be informed by a Marxist approach. Essays spanning a range of national experiences address the crying need to generate a society-wide awakening, grounded in purposeful discussion among all those (the vast majority) whose interests are ill-served by continuation of the status quo.
This book mediates between postcolonial positions that criticize Marxist approaches (and Marx’s writings) for their Eurocentrism and defenders of Marx, who claim that this accusation is a myth. In different contributions to this volume, Kolja Lindner pleads for a differentiated assessment of the whole of Marx’s work, including less known manuscripts, and a theoretical reconstruction of various elements that have come into the focus of postcolonial critique: ethnocentrism, Orientalism, false universalism and the oblivion of modernity’s global entanglement. Against this background, two opportunities simultaneously arise: Marx’s Eurocentrism can be deconstructed and his growing awareness of global developments and cosmopolitan struggles established.
In this book, translated into English for the first time, Lelio Demichelis takes on a modern perspective of the concept/process of alienation. This concept—much more profound and widespread today than first described and denounced by Marx—has largely been forgotten and erased. Using the characters of Narcissus, Pygmalion and Prometheus, the author reinterprets and updates Marx, Nietzsche, Anders, Foucault and, in particular, critical theory and the Frankfurt School views on an administered society (where everything is automated and engineered, manifest today in algorithms, AI, machine learning and social networking) showing that, in a world where old and new forms of alienation come together, man is increasingly led to delegate (i.e. alienate) sovereignty, freedom, responsibility and the awareness of being alive.
This book advances an original conception of the relationship between state and corporate power in the United States. Using what he terms an Institutional Marxist framework, Maher argues that, far from passively responding to interest group pressures, the state has been a key agent in politically mobilizing business, and has played an active role in the organization of lobbying groups. Such business associations do not merely express the pre-existing interests of their corporate members, but are also mechanisms through which the state organizes the political power of the capitalist class. They form part of what the author refers to as an integral state—a wider network of state power which traverses and interpenetrates the state bureaucracy, the legislature, the industrial policy apparatus, and corporate governance. Based on extensive archival research, this book tracks the role of the General Electric Company as a pillar of the integral state in the United States from the finance capital period (1880 to 1930), through the managerial period (1930-1979), to the restructuring leading up to the age of neoliberalism (1979-present).
This book investigates communism in Marx’s writings, incorporating a consideration of communist politicity. The author outlines the arguments by which it is possible to sustain—from Marx—the idea that human emancipation against capital also means the elimination of the State, the public, and the political dimension of praxis. He also posits that the concrete tasks of the “management of the common” in a communist society require political mediations that allow us to confront the difference inherent to the personality of freely associated producers, as well as the ontological finitude from which no technical power can evade. Finally, assuming Marx as a starting point whose work remains an inescapable source for “thinking communism,” the book proposes a research agenda from Marx and beyond to continue in this imperative task. Levy del Aguila Marchena is Senior Professor and Chair of the Department of Management Sciences at the Pontificia Universidad Católica del Perú. He has published extensively on Marx, political philosophy, and applied ethics.