nach oben

Erschienen in:

2021 | OriginalPaper | Buchkapitel

15. Marx and Financialisation

verfasst von : Desmond McNeill

Erschienen in: Fetishism and the Theory of Value

Verlag: Springer International Publishing

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config

KI-gestützte Suche

Aus

Abstract

After demonstrating the massively increased scope of finance in recent decades, I summarise and critique Marx’s analysis of interest-bearing capital. I then discuss recent literature on the financialisation of everyday life, which now constitutes quite a substantial body of work, ranging across different disciplines, some inspired by the post-structuralism of Foucauld. Against this background, I explore two key questions that have generated controversy: ‘is finance productive?’ and ‘what kind of appropriation is involved?’—drawing largely on work by Fine, Christophers and Lapavitsas. Regarding the latter question, I distinguish between ‘Appropriation 1’: the relation between lender and industrial capitalist, and ‘Appropriation 2’: the relation between lender and individual (not necessarily a worker). The former relates to Marx’s analysis of interest-bearing capital, the latter to the financialisation of everyday life.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Vorheriges Kapitel Marx and the Environment

Nächstes Kapitel Conclusion

In 2018, the US financial services sector accounted for 7.4% of total economic output. This compared with 6.9% in the United Kingdom, ranking it the seventh largest in the OECD in relative terms. In Luxembourg the figure was 26%. https://commonslibrary.parliament.uk/research-briefings/sn06193/, https://www.selectusa.gov/financial-services-industry-united-states.

One should not ignore what was already happening in Marx’s day, as described in the quotation at the head of this chapter: “with the stroke of an enchanter’s wand” (Marx 1954: 706).

Since this is a debate, I have chosen—hereafter—to identify the speaker rather than give page references to Christophers and Fine (2020).

A separate, but in some ways similar, question is whether specific labour conducted in the information economy is productive or unproductive (Smythe 1977).

The same point was made regarding the comments of eco-Marxists on value, as noted in the previous chapter.

According to Langley (2020), however, “Foucault and Deleuze prompt recognition that these processes cannot simply be traced to powerful class interests and the constraining actions of elites”.

His article draws heavily on the concept of fetishism: “to draw attention to the ways in which the general ‘financialization’ of society since the 1970s has by now rendered (late) capitalism more adequate to what Marx called its “most superficial fetish” (Adorjan 2014: 289).

This is a rare occasion where Marx uses the word ‘exploitation’ to refer to something other than the capital-labour relationship.

For consistency in referencing, I have here used the 1959 Moscow Progress version of this quotation.

Adorjan, I. (2014). The Fetish of Finance: Metatheoretical Reflections on Understandings of the 2008 Crisis. Critical Historical Studies, 1(2), 285–313.CrossRef

Aitken, R. (2020). ‘A Machine for Living’: The Cultural Economy of Financial Subjectivity. In Mader, P. Martens D., and van der Zwan N (Eds.) (2020), 412–422.

Appadurai, A. (2016). Banking on Words: The Failure of Language in the Age of Derivative Finance. University of Chicago Press.

Arrighi, G. (1994). The Long Twentieth Century: Money, Power and the Origins of Our Times. New York: Verso.

Beck, U. (1992). Risk Society: Towards a New Modernity. Sage Publications.

Boy, N., Burgess, J. P., & Leander, A. (2020). The Global Governance of Security and Finance. Security Dialogue, 42(2), 115–122. Cited in Langley 2020.CrossRef

Braudel, F. (1984). Civilization and Capitalism, 15th–18th Century: The Perspective of the World. Berkeley: University of California Press. Cited in Durand.

Bryan, D. Martin, R. and Rafferty, M. (2009). Financialization and Marx: Giving Labor and Capital a Financial Makeover. Review of Radical Political Economics, 41(4), 458–472.

Bryan, D., Rafferty, M., & Jefferis, C. (2015). Risk and Value: Finance, Labor, and Production. South Atlantic Quarterly, 114, 307–329.CrossRef

Christophers, B. (2016). For Real: Land as Capital and Commodity. Transactions of the Institute of British Geographers.

Christophers, B. (2018). Risking Value Theory in the Political Economy of Finance and Nature. Progress in Human Geography, 42(3), 330–349.CrossRef

Christophers, B. (2015). The limits to financialization. Dialogues in Human Geography 5(2), 183–200.

Christophers, B and Fine, B. (2020). The Value of Financialization and the Financialization of Value. In Mader, P. Martens D., and van der Zwan N (Eds.) (2020), 38–50.

Cutler, T., & Waine, B. (2010). Social Insecurity and the Retreat from Social Democracy: Occupational Welfare in the Long Boom and Financialization. International Review of Political Economy, 8(1), 96–118. Cited in Sotiropolous, and Hillig (2020).

Davis, G. (2009). Managed by the Markets: How Finance Reshaped America. New York. Cited in Sotiropolous, and Hillig (2020).

Davis, L. (2017). Financialization and Investment: A Survey of the Empirical Literature. Journal of Economic Surveys, 31(5), 1332–1358.CrossRef

Davis, A. and Williams, K., (2017). Introduction: Elites and power after financialization. Theory, Culture & Society, 34(5–6), pp. 3–26.

Dore, R. (2008). Financialization of the Global Economy. Industrial and Corporate Change, 17, 1097–1112.CrossRef

Durand, C. (2014). Fictitious Capital: How Finance Is Appropriating our Future (D. Broder, Trans.). London and New York: Verso. Oxford University Press.

Elias, J., & Roberts, A. (2016). Feminist Global Political Economies of the Everyday: From Bananas to Bingo. Globalizations, 13(6), 787–800. Cited in Montgomerie 2020.CrossRef

Epstein, G. A. (2005). Financialization and the World Economy. Aldershot: Edward Elgar.

Erturk, I. Froud, J., Johal,, S, Leaver., A & Williams, K (2008). Financialization at Work: Key Texts and Commentary. Routledge, London.

Fine, B. (2009). Locating Financialisation. Historical Materialism 18: 97–116.

Fine, B. (2010). Locating Financialization. Historical Materialism, 18(2019), 97–116.CrossRef

Fine, B. (2013). Financialization from a Marxist Perspective. International Journal of Political Economy, 42(4, Winter 2013–14), 47–66.CrossRef

Fine, B. (n.d.). From Marxist Political Economy to Financialisation or Is It the Other Way About? Unpublished.

Froud, Froud, J., Haslam, C., Johal, S., & Williams, K. (2000). Shareholder Value and Financialization: Consultancy Promises, Management Moves. Economy and Society, 27(1), 80–110. Cited in Christophers and Fine 2020.CrossRef

Gershrenkon, A. (1962). Economic Backwardness in Historical Perspective. Boston: Belknap Press of Harvard University Press. Cited in Durand 2014.

de Goede, M. (2010). Financial Security. In The Routledge Handbook of New Security Studies. Routledge. Cited in Langley 2020.

Haiven, M. (2020). Culture and Financialization: Four Approaches. In Mader et al. (2020).

Harmes, A. (2001). Mass Investment Culture. New Left Review, 9, 103–124. Cited in Pagliari and Young 2020: 142.

Hilferding, R. (1990). Finance Capital. London: Taylor and Francis. Cited in Durand 2014.

Krippner, G. R. (2005). The Financialization of the American Economy. Socio-Economic Review, 3(2), 173–208.CrossRef

Langley, P. (2020). The Financialisation of Life. In Mader et al. (2020), 88–99.

Lapavitsas, C. (2009a). Financialisation, or the Search for Profits in the Sphere of Circulation. Research on Money and Finance Discussion Paper no 10. School of Oriental and African Studies, University of London.

Lapavitsas, C. (2009b). Financialised Capitalism: Crisis and Financial Expropriation. Historical Materialism, 17(2), 114–148.CrossRef

Lapavitsas, C. (2013). Profiting Without Producing: How Finance Exploits Us All. London and New York: Verso.

Mader, P., Mertens, D., & van der Zwan, N. (2020). Routledge International Handbook on Financialization. London and New York.

Marx, K. (1954). Capital, Vol.I, Moscow, Progress.

Marx, K. (1959). Capital, Vol.III, Moscow, Progress.

Marx, K. (1971). Theories of Surplus Value, Part III, Moscow, Progress.

Martin, R. (2002). Financialization of Daily Life. Temple University Press.

Martin, R., Rafferty, M., & Bryan, D. (2008). Financialization, Risk and Labour. Competition & Change., 12(2), 120–132.CrossRef

Montgomerie, J. (2020). Indebtedness and Financialization in Everyday Life. In Mader et al. (2020), 424–434.

Pagliari, S., & Young, K. L. (2020). How Financialization Is Reproduced Politically. In Mader et al. (2020), 136–148.

Perez, C. (2002). Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages. Cheltenham: Elgar. Cited in Christophers and Fine 2020.CrossRef

Predmore, S. (2020). Feminist and Gender Studies Approaches to Financialization. In Mader et al. (2020), 124–135.

Smythe, D. (1977). Communications: Blindspot of Western Marxism. Canadian Journal of Political and Social Theory, 3(1), 1–27. Cited in Fisher, E., & Fuchs, C. (Eds.). (2015). Reconsidering Value and Labour in the Digital Age. Basingstoke: Palgrave Macmillan.

Sotiropolous, D., & Hillig, A. (2020). How Financialization Is Reproduced Politically. In Mader et al. (2020), 149–160.

Vercelli, A. (2013). Financialization in a Long-Run Perspective. International Journal of Political Economy, 42(4), 19–46. Cited in Christophers and Fine 2020.CrossRef

van der Zwan, N. (2014). Making Sense of Financialization. Socio-Economic Review, 12, 99–129.CrossRef

Titel: Marx and Financialisation
verfasst von: Desmond McNeill
Verlag: Springer International Publishing
Buch: Fetishism and the Theory of Value
Print ISBN: 978-3-030-56122-2

Electronic ISBN: 978-3-030-56123-9

Copyright-Jahr: 2021
DOI: https://doi.org/10.1007/978-3-030-56123-9_15