EconoFiction

Value, Fictitious Capital and Finance.The timeliness of Karl Marx’s Capital

9 Aug , 2019  

Capitalism was always, and will never cease to be exploitative, domineering, speculative. But it will not disintegrate or decay due to its exploitative, domineering, speculative character, certainly not due to the supposedly specifically “predatory” function of the financial sphere – as opposed to the “productive role of industry”. It will ...

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EconoFiction

THE SPECULATIVE CAPITAL (3)

29 Jul , 2019  

Nothing exemplifies the constitution of the market and motivations today more than speculation. The drive to permanently generate this type of derivative bet, which has marked the Euro-American financial markets since the 1970s, would never have been able to circulate in these vast dimensions unless there was a specific derivative framework: ...

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EconoFiction

THE SPECULATIVE CAPITAL (2)

28 Jul , 2019  

LiPuma examines in a further section the various institutions of speculative capital. The first area is commercial and investment banks speculating on the derivatives markets. These companies have in-house hedge funds that speculate on corporate capital, that is, shareholder capital, using leveraged strategies to increase shareholder value. Other players include the independent hedge ...

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EconoFiction

THE AGE OF SPECULATIVE CAPITAL AND GLOBAL CIRCULATION FIGHTS

25 Jul , 2019  

Michel Feher claims in his new book, Rated Agency, that capitalized capitalism, which started in 1970, is akin to a Copernican revolution in that the new regime of capital accumulation no longer focuses on industrial companies based on vertical integration and internal growth, but on this regime both companies as ...

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EconoFiction

Speculations

25 Nov , 2017  

Any system that uses only single asset price (and possibly prices of multiple assets, but this case is not completely clear) as input. The price is actually secondary and typically fluctuates few percent a day in contrast with liquidity flow, that fluctuates in orders of magnitude. This also allows to ...

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EconoFiction

LiPumas “The Social Life of Financial Derivatives” (4)

24 Nov , 2017  

Das zentrale Argument, das LiPuma in dem Abschnitt über die Temporalität des spekulativen Kapitals herausarbeitet, besagt, dass die Derivatmärkte selbstreferenziell eine zeitliche Progression in Gang setzen, mit der das abstrakte Risiko bis zu einem Level vorangetrieben wird, an dem selbst kleine Turbulenzen an den Märkten zu einem systematischen Zusammenbruch führen ...

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EconoFiction

LiPumas “The Social Life of Financial Derivatives” (1)

8 Nov , 2017  

LiPumas neues Buch The Social Life of Financial Derivatives: Markets, Risk, and Time ist ein wichtiger Text zum Verständnis der gegenwärtigen Kapitalökonomie. Insbesondere die Analyse des spekulativen Kapitals, des abstrakten Risikos und des Sozialen sind für uns von Interesse, weil wir im Anschluss an die Arbeiten von John Milios uns ...

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