Fictitious Capital: How Finance Is Appropriating Our Future

Fictitious Capital: How Finance Is Appropriating Our Future

How finance is a mechanism of social and political domination

The 2007â€“08 credit crisis and the long recession that followed brutally exposed the economic and social costs of financialization. Understanding what lay behind these events, the rise of â€œfictitious capitalâ€ and its opaque logic, is crucial to grasping the social and political conditions under which we live. Yet, for most people, the operations of the financial system remain shrouded in mystery.

In this lucid and compelling book, economist CÃ©dric Durand offers a concise and critical introduction to the world of finance, unveiling the truth behind the credit crunch. Fictitious Capital moves beyond moralizing tales about greedy bankers, short-sighted experts and compromised regulators to look at the big picture. Using comparative data covering the last four decades, Durand examines the relationship between trends such as the rise in private and public debt and the proliferation of financial products; norms such as our habitual assumptions about the production of value and financial stability; and the relationship of all this to political power.

Fictitious Capital offers a stark warning about the direction that the international economy is taking. Durand argues that the accelerated expansion of financial operations is a sign of the declining power of the economies of the Global North. The City, Wall Street and other centres of the power of money, he suggests, may already be caked with the frosts of winter.
Country USA
Brand Verso
Manufacturer Verso Books
Binding Paperback
ItemPartNumber 27069925
Color Black
ReleaseDate 2017-06-06
UnitCount 1
EANs 9781784787196

Country	USA
Brand	Verso
Manufacturer	Verso Books
Binding	Paperback
ItemPartNumber	27069925
Color	Black
ReleaseDate	2017-06-06
UnitCount	1
EANs	9781784787196

Fictitious Capital: How Finance Is Appropriating Our Future

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