The Logic of Predatory Accumulation of Financial Capital and the Mechanism of Its Crisis
In the transition of Western capitalism from the dominance of general capital to the dominance of financial capital,the focus of capital accumulation has shifted from productive to non-productive accumulation.Productive accumulation refers to the accumulation of surplus value through the exploitation of unpaid labor by workers in the production sector.Non-productive accumulation refers to the accumulation of surplus value through means such as violence and speculation in the distribution sector.Predatory accumulation,as the current manifestation of non-productive accumulation in contemporary financial capitalism in the West,is based on the privatization of public assets,utilizes the credit system as a tool,and is characterized mainly by speculation and parasitism,leading to the plundering of wealth from all social strata.The logic of predatory accumulation of financial capital inherently contains anti-productive forces,where the continuous expansion of virtual capital investment weakens the real economy and leads to industrial contraction,while the abuse of the credit system can trigger debt crises.Consequently,it is likely that economies in the West will stagnate under the combined effects of industrial contraction and debt crises,even with the possibility of a deeper financial crisis.
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维普
