The ontological and analytical status of Marxian social theory has been a matter of fierce controversy since Marx’s death, both within and without Marxist circles. A particular source of contention has been over whether Marxism should be construed as an objective science of the capitalist mode of production or as an ethico-philosophical critique of bourgeois society. This is paralleled by the dispute over whether Marxism ought to be considered a humanism or a structuralism. This article addresses both sides of this (...) debate. The argument is that, rather than Marx’s own social thought being split into incompatible poles, giving rise to ‘two Marxisms’, it forms a coherent unity. Marx’s social theory is neither humanist philosophy, nor structural science, but is in fact realist science, which synthesizes these apparent antinomies, and thereby transcends both. (shrink)

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 (...) 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 Indeed these latter taxonomies are being superseded by current developments within finance, and Marxian analysis needs to be attuned to these current developments. (shrink)

The notion of financialisation as the exploitation or expropriation of workers’ wages in the sphere of exchange is taken as a critical point of departure. In this way, financialisation is more deeply rooted in contemporary developments, including the slowdown preceding the current global crisis, and in Marx’s own theory of finance. Financialisation is seen to represent the increasing penetration of interest-bearing capital across economic and social reproduction and to be a key defining moment of neoliberalism.

Basado en un trabajo de once meses de investigación etnográfica comprometida con la Plataforma de Afectados por la Hipoteca en Barcelona y en Sabadell, este artículo argumenta que la financiarización de la vivienda va de la mano de la financiarización de la vida misma, la cual incluye la subjetividad y el cuerpo. La financiarización de la vida tiene lugar cuando esta se incorpora a los mecanismos de extracción de rentas a través de los circuitos de acumulación de capital, es decir, (...) a través de un proceso de proletarización. Este artículo muestra cómo, ante la imposibilidad de pagar, esta vida proletarizada en la relación hipotecaria se convierte en una vida fallida. Desarrollo estos argumentos de forma teórica en relación a la economía política y desde la experiencia de personas afectadas por la hipoteca. (shrink)

The critical theory of the Frankfurt School starts with an explanatory-diagnostic analysis of the social pathologies of the present followed by anticipatory-utopian reflection on possible treatments for these disorders. This approach draws extensively on parallels to medicine. I argue that the ideas of social pathology and crisis that pervade the methodological writings of the Frankfurt School help to explain critical theory’s contention that the object of critique identifies itself when social institutions cease to function smoothly. However, in reflecting on the (...) role that reason and self-awareness play in the second stage of social criticism, I contend that this model is actually better conceptualized through the lens of the psychoanalyst rather than the physician. Although the first generation’s explicit commitment to psychoanalysis has dissipated in recent critical theory, faith in a rationalized ‘talking cure’ leading to greater self-awareness of existing pathologies remains at the core of the Frankfurt School. (shrink)

How can finance be durably democratized? In the centers of financial power in both the United States and the United Kingdom, proposals now circulate to give workers and the public more say over how flows of credit are allocated. This article examines five democratization proposals: credit union franchises, public investment banks, sovereign wealth funds, inclusive ownership funds, and bank nationalization. It considers how these plans might activate worker and public engagement in decision making about finance by focusing on three modes (...) of public participation: representative democracy, direct democracy, and deliberative minipublics. It then considers the degree to which democratization plans might be resilient to de-democratization threats from business. It argues that of the five, bank nationalization goes furthest in guarding against de-democratization threats but is still pocked with pitfalls if it relies solely on representative democracy. It argues that two criteria appear necessary for democratically durable alternatives: the active direct participation of workers and citizens and the weakening of businesses’ capacity for democratic retrenchment. (shrink)

This article considers the status and meaning of the category of value in the wake of the financial crisis that began in 2007. I argue that value is best understood as a form of social wealth constituted by a spatially and temporally generalising social relation of equivalence and substitutability under, and specific to, capitalism ‐ and that a categorial focus shows that despite massive ‘devaluations’, the value-relation is not itself in crisis. On the contrary, it is running at near full (...) capacity, erasing the difference between ‘financial’ and ‘real’ capitals, values, and assets. Consequently, attempts to understand the crisis that rely on material distinctions between ‘real’ and ‘fictitious’ values and capitals overstate the extent and depth of the crisis for capital, and underestimate the virtually uninterrupted consolidation of the rule of the value, i.e. the territorial and historical imperative of equivalence and substitutability. (shrink)

The Eurozone turmoil is a structural crisis of European capitalism associated with the euro as world money. More broadly, the crisis reflects the culmination of tensions which have accumulated over three decades of neoliberalism in Europe. To create a global means of payment and reserve, the European Monetary Union (EMU) brought together countries of uneven and diverging competitiveness. The result was a situation of embedded current account surpluses for the core and deficits for the periphery, contributing to the accumulation of (...) private and public debt. The response to the crisis was dictated by the interests of banks and large bondholders, entailing austerity and attempting to shift the social balance in favour of capital. For an effective response, the Left must break with Europeanist ideology. It must propose an alternative programme, rejecting the EMU and advocating social and economic transformation which would reverse neoliberalism in the interests of labour. (shrink)

This article explores the financialisation of the world’s most important commodity, oil. It argues that much of the literature on the financialisation of commodities tends to adopt a dualistic approach to financial markets and physical producers, where financial and non-financial activities are assumed to be externally-related and counterposed to one another. The article locates the roots of this analytical separation in a mistaken acceptance of the fetish character of interest-bearing capital (IBC) – a view that the exchange of loanable sums (...) of capital represents a relationship between money-capitalists rather than a relationship to the moment of production. Against such dichotomous readings, the article argues that the financialisation of oil needs to be understood as part of the reworking of ownership and control across the oil commodity circuit, expressed through the combined centralisation and concentration of capital over the money, productive and commercial moments. This argument is demonstrated through an original empirical investigation of the US oil industry, including 20 years of weekly trading data on the New York Mercantile Exchange (NYMEX) and a detailed study of more than 160 oil and energy-related firms in the US. By mapping the structural weight and connections between different capitalist actors involved in accumulation across the oil sector, we gain a better understanding of the ultimate dynamics (and beneficiaries) of the carbon economy. (shrink)

Adding to contemporary debates about the relationship between financialization and neoliberalism, this article investigates their entanglement at the level of subjectivity. Primarily, the article argues that financialization and neoliberalism are converging to produce a new form of subjectivity, post-profit homo œconomicus, an always indebted but credit-seeking enterprise. The value of this approach, the article demonstrates, is that it provides theoretical tools capable of grasping the differential production of subjectivity across the uneven and unequal striations of contemporary neoliberal society, from precarious (...) workers of the gig economy to financial sector elites. The article examines two figures who have become central to public and academic debates about neoliberalism and financialization – the low-waged, precarious worker and the indebted student – to consider how neoliberal subjectivity is produced and distributed unevenly. It concludes that within these fragmentary socioeconomic positions are different instantiations of always indebted but credit-seeking human capital. (shrink)

Desde el estallido en 2008 de la burbuja inmobiliaria y financiera, el sobreendeudamiento hipotecario representa una preocupación para muchas familias españolas y catalanas, en un contexto de «nueva pobreza» caracterizada por el desempleo masivo y por unas políticas de austeridad que han conducido a muchas personas a la exclusión social. La pérdida de la vivienda tiene impacto sobre las relaciones sociales y condiciona tanto las estrategias socioeconómicas como las interpretaciones culturales del endeudamiento, en términos de estigma y de negación de (...) una segunda oportunidad vital. Las realidades analizadas en el contexto de esta emergencia habitacional están marcadas por la amenaza del sinhogarismo, pero también por la oportunidad de la participación en un movimiento colectivo. Desde una aproximación etnográfica, los textos exploran, por una parte, la condición del endeudamiento y su impacto en las personas, y, por otra, las funciones ideológicas, políticas y socio-afectivas de un movimiento social en desarrollo. (shrink)

La gran recesión del 2008 fue un evento singular en la historia reciente del Estado español. El “pinchazo” de la burbuja inmobiliaria y la destrucción masiva de empleo que trajo consigo pusieron de manifiesto la crisis profunda del capitalismo hispano. En Bonavista el paro y la consiguiente incapacidad de la gente trabajadora para pagar su deuda hipotecaria dieron lugar al ejercicio de una presión asfixiante por parte del sector financiero y a una reconfiguración de la cotidianeidad de las personas afectadas, (...) que tuvieron que subordinar las relaciones sociales y la dedicación que hace falta para mantenerlas y para aumentarlas a la lógica de la expropiación de riqueza. En este contexto, la Plataforma de Afectados por la Hipoteca surge como un refugio donde las personas afectadas reclaman la primacía de sus proyectos de vida frente a la pretendida hegemonía de la banca. (shrink)

What can money do? Can it be put to work to address deepening forms of social and economic inequality associated with the financial crisis, ongoing recession and still unfolding politics of austerity? Can we have faith in money as an injustice-remedying substance in a crisis-ridden and (still thoroughly) financialised reality? While the latter scenario is implied in recent feminist calls to redistribute resources to redress widening socio-economic inequalities under austerity, in this article I suggest that such a redistributive logic fails (...) to account for the shifting capacities of resources, including the capacities of money. To track these shifting capacities, I revisit the demands of the 1970s women's liberation movement and especially the assumptions at play in these demands that money both measure and distribute justice. While these assumptions were arguably politically efficacious in that moment, in the contemporary present, pervasive financialisation has involved a material transformation to the capacities of money, a transformation that, I will suggest, leaves its justice-distributing potential in doubt. This article therefore not only calls for careful exploration of the capacities of resources in analyses of crisis, recession and austerity, but also for feminist theory to rethink redistributive justice in the light of such transformations. Central to these considerations is money in the wages form. (shrink)