The Mysteries of Financialization:The Enlightenment of Fictitious Capital on Marxist Political Economy
Fictitious Capital by French economist Cédric Durand is a groundbreaking work that deserves significant attention from scholars of Marxist political economy in China.Its key insights include:(1)Finan-cialization is less a driver of the decline of contemporary capitalism and more an inevitable outcome of this de-cline;(2)The prosperity of the virtual economy is merely a natural consequence of capitalism's fundamental contradictions and a derivative of its cyclical overproduction;(3)When production becomes"a miserable ne-cessity for making money,"the virtual economy's leverage over the real economy stems from overproduction in the real economy;(4)Criticism of Marx's labor theory of value may come from a confusion between value and price;(5)Hyman Minsky's widespread acclaim today owes less to his genuine revelation of the roots of finan-cial instability and more to his greater acceptance within mainstream contemporary economics compared to Ma-rx;(6)The logic behind rising debt levels in capitalist societies is embedded within the paradox of"overdraft and overproduction";(7)The true mystery of financialization lies in exploiting extreme pressure to create new profit growth points.
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