Marx and Financialisation

Desmond McNeill ()
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Desmond McNeill: University of Oslo

Chapter 15 in Fetishism and the Theory of Value, 2021, pp 277-304 from Palgrave Macmillan

Abstract: Abstract After demonstrating the massively increased scope of finance in recent decades, I summarise and critique Marx’s analysis of interest-bearing capital. I then discuss recent literature on the financialisation of everyday life, which now constitutes quite a substantial body of work, ranging across different disciplines, some inspired by the post-structuralism of Foucauld. Against this background, I explore two key questions that have generated controversy: ‘is finance productive?’ and ‘what kind of appropriation is involved?’—drawing largely on work by Fine, Christophers and Lapavitsas. Regarding the latter question, I distinguish between ‘Appropriation 1’: the relation between lender and industrial capitalist, and ‘Appropriation 2’: the relation between lender and individual (not necessarily a worker). The former relates to Marx’s analysis of interest-bearing capital, the latter to the financialisation of everyday life.

Keywords: Marx; Finance; Crisis; Financialisation; Interest-bearing capital; Financialisation of everyday life; Foucauld; Appropriation; Fine; Christophers; Lapavitsas (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pshchp:978-3-030-56123-9_15

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DOI: 10.1007/978-3-030-56123-9_15

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