Capitalism with Derivatives. A Political Economy of Financial Derivatives, Capital and Class, by D. Bryan and M. Rafferty, New York: Palgrave-MacMillan 2006. $ 85; pp. viii, 236 The book is a vitally interesting and innovative approach to finance, focusing on […]
Capitalism with Derivatives. A Political Economy of Financial Derivatives, Capital and Class
Marx’s study of the species being of humanity institutes itself as a science thatdeals with value production and the relation of value to material reality. Thisis obviously a metaphysical question, but the suggested approach is scientific.Therefore, the science to be
Formalism of materialist reason
This article sets out the foundatons of an axiomatc theory of value and money. Its purpose is to equip the public to explain the four facts that define the modern capitalist economy: the long-term post-war decline of the economies of
A General Theory of Value and Money (Part 1: Foundations of an Axiomatic Theory)
The subject of this paper is this rather peculiar ideological use of the phenomenon of automation asserting the imminent end of labour. In sections 2and 3 we will approach the history and the content of these conceptions. In the following
Who’s Afraid of Work?(Unemployment and the “end of labour”)
University of Chicago, May 14, 2021. Marx defines the social homogenisation of individual production processes by introducing the term abstract labour. Labour has a dual nature – on the one hand it is concrete labour (labour which produces a concrete
This paper aims to articulate an “encounter” between operaismo (Wright, 2017 – in English literally “workerism”, but often referred to as “Autonomist Marxism”, from now on AM, highlighting a horizon of worker autonomy from capital) and World-Ecology (Moore, 2015a –
Autonomist Marxism and World-Ecology: For a Political Theory of the Ecological Crisis
How does capitalism work through the web of life? How can we begin to understand capitalism not simply as an economic system of markets and production and a social system of class and culture, but as a way of organising
John Milios & George Economakis Austerity constitutes the cornerstone of neoliberal policies. On the surface, itworks as a strategy of reducing entrepreneurial cost. Austerity reduces labour costs ofthe private sector, increases profit per (labour) unit cost and thereon boosts the
The working class and the middle classes: Allies in a common anti-neoliberal strategy?
In Marx’s time, the proletarian potential for resistance did not arise primarily, as some Marxists still like to wish, from the struggle against the commodity form, but rather it was the techno-economic conditions of the transition from wood to coal
Derivative communism or barbarism
It was a Thursday in August when all hell broke loose. The place was Logan County, West Virginia. The year was 1921. Over the next week, one million rounds of ammunition would be fired. Up to a hundred people were
How the History of Class Struggle is Written on the Stock Market
The AMP refers to the structural elements of a special type of pre-capitalist societies: a) absence of private property of the means of production, b) collective organization (economic, political and ideological) of the ruling class in a despotic state, c)
Jonathan Beller’s new book, The World Computer, is on the intimate relation between information and power. Characterized by the author as “political in intention, speculative in execution, and concrete in its engagement” (70), the book touches on computers, photography, film,