Historical Materialism 20 (3):97-109 (2012)
AbstractThe issue of the relation between financial derivatives, money and crisis remains one of on-going debate within Marxism. This paper takes issue with a recent contribution to this debate by Tony Norfield. We contend that the relationship between financial derivatives and the concept of ‘money’ needs to be framed in the context of a changing understanding of liquidity, and that issues of crisis and renewed accumulation are better understood though this path than via debates about speculative versus real investment and productive versus unproductive capital. Indeed these latter taxonomies are being superseded by current developments within finance, and Marxian analysis needs to be attuned to these current developments.
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Citations of this work
Derivatives, Money, Finance and Imperialism: A Response to Bryan and Rafferty.Tony Norfield - 2013 - Historical Materialism 21 (2):149-168.
Political Economy through the Looking Glass.Beverley Best - 2017 - Historical Materialism 25 (3):76-100.
References found in this work
Financialised Capitalism: Crisis and Financial Expropriation.Costas Lapavitsas - 2009 - Historical Materialism 17 (2):114-148.
From Financial Crisis to World-Slump: Accumulation, Financialisation, and the Global Slowdown.David McNally - 2009 - Historical Materialism 17 (2):35-83.
Derivatives and Capitalist Markets: The Speculative Heart of Capital.Tony Norfield - 2012 - Historical Materialism 20 (1):103-132.
On the Content of Banking in Contemporary Capitalism.Paulo dos Santos - 2009 - Historical Materialism 17 (2):180-213.