With money, one can potentially trade all objects, products and relations of an economy as commodities, as purchasable objects, while conversely commodities are produced exclusively in order to turn them into money. Because of this ubiquitous function of money alone, […]
The distinction between financial and real capital
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
Judging by the yardsticks that matterthe most, though–namely,the companies’relative profi tand relative capitalization–pharmaceuticals are doing just fine. In fact, based on these yardsticks, they remain the most powerful corporate sector of all. read here
Pharmaceuticals: Beating the Hell Out of the Average
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”)
There’s something mysterious about finance. The symbols are arcane. The math is complex. The practitioners are impressively educated. And the stakes are high. All of this gives finance the veneer of higher truth — as if quants are uncovering a
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
… One has to be precise. The frontline creators of the massive infusion of credit are the banks, led of course by the Central Banks. This of course draws on the major source of national credit, the government and state
Questions to the economists about COVID and the crisis
The attempt of Marxist economists to finally get hold of the concept of abstract labor (in relation to that of concrete labor) was, of course, preceded by Marx’s critique of classical national economics, whose adepts got caught in an extraordinary
Critique of the concept of abstract labor
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
Introduction The wealth of societies in which the capitalist mode of production prevails appears as an immense collection of commodities assets. — paraphrasing Karl Marx The mirages revolt The financial meltdown of 2008 presented an opportunity to examine certain fundamental
From Commodities to Assets / Capital as Power and the Ontology of Finance
Der Wert eines risikoreichen Kredits ist der Wert eines risikofreien Kredits minus dem Wert der Garantie, die in der Option besteht, die ausgepreist werden kann, entweder als Versicherungs- oder als Zinsbetrag. Die Liquidität der privaten Kreditmärkte impliziert, dass Kreditgeber und
ZU Robert meisters neuem Buch “Justice is an Option” (4) – Eine Umwertung der Finanzmärkte
People have a lot of questions about digital media. I have answers. Facial recognition technology — should be illegal. NFTs & blockchain — stupid wasteful tech. pull the plug. Facebook and Twitter — nationalize them. end data harvesting. block all