Financialization and Marx: Giving Labor and Capital a Financial Makeover

Dick Bryan, Randy Martin and Mike Rafferty
Additional contact information
Dick Bryan: Political Economy, Faculty of Arts, University of Sydney, Sydney, NSW 2006, Australia, dickb@usyd.edu.au
Randy Martin: Tisch School of the Arts, New York University, 665 Broadway, Office 605, New York, NY 10003-6807, Randy.martin@nyu.edu
Mike Rafferty: Workplace Research Centre, University of Sydney, Sydney, NSW 2006, Australia, m.rafferty@econ.usyd.edu.au

Review of Radical Political Economics, 2009, vol. 41, issue 4, 458-472

Abstract: Financialization challenges some established ways of thinking within Marxist categories. We explore the way in which financialization is not simply shifting the balance of power between classes and generating economic volatility, but also re-constituting our understanding of class (as a formal economic category) and class relations. In particular, we examine how financialization is re-constituting labor as a form of capital, and giving capital a fluidity which serves to intensify competition. JEL classification: B51, G32

Keywords: Marx; class; securitization; financialization; financial derivatives (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:41:y:2009:i:4:p:458-472

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