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  1. Why We Need to Understand Derivatives in Relation to Money: A Reply to Tony Norfield.Dick Bryan & Michael Rafferty - 2012 - Historical Materialism 20 (3):97-109.
    The 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 (...)
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  • Derivatives and Capitalist Markets: The Speculative Heart of Capital.Tony Norfield - 2012 - Historical Materialism 20 (1):103-132.
    Financial derivatives have been singled out as the major villain in the latest crisis, particularly through speculative trading by banks. Yet little attention has been paid to the fundamental rôle that derivatives play in modern capitalism. Even less has there been a focus on how the boom in derivatives-trading was prompted by the crisis of profitability and capital-accumulation. This article shows that while derivatives were one means by which speculation took off, the momentum behind this was driven by low profitability. (...)
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