globalization/fictitious K

jones/bhandari djones at
Wed Apr 26 00:58:02 MDT 1995

In an extremely important recent post (below) Jena See introduced what some
have analyzed as fictitious capital.  The business pages are filled of
course with references to a disarticulation between the real and symbolic
economy.  Here are some critical works on fictitious capital.

See the entry "Fictitous Capital" by Suzanne deBrunhoff in The New
Palgrave: Marxian Economics, ed. John Eatwell  (NY: Norton, 199)

Horace Robins, Fictive Capital and Fictive Profit (NY: Philosophical
Library, 1974

Robert Guttmann, How Credit-Money Shapes the Economy (Armonk, NY: Sharpe, 1994)

Walter Daum, The Life and Death of Stalinism: A Resurrection of Marxist
Theory (NY: Socialist Voice Publishing Company,1990)

Paul Mattick, Economic, Politics and the Age of Inflation (Armonk, NY:
Sharpe, 1977)

An interesting critical work, though at the level of anecdotes and
appearances, is Joel Kurtzman, The Death of Money: How the Electronic
Economy Has Destablized the World's Markets and Created Financial Chaos
(NY: Simon and Schuster, 1993)

I wish I had the skills to go right through these books and review them for
the line.  But I hope someone continues to probe the very important problem
Jena has raised for the line.


>  Marxist analysis on capital and labor
>power definitely needs to take a new perspective simply because of the fact
>the labor power no longer determines price, profit, or the rate of currency.
>The presence of a 'false economy' (particularly one that is global)  seems as
>if it could be the death throes of capitalism.  But if capitalism can create
>and sustain itself (for now) on an economy that  is not based on labor power
>and trades more material wealth than actually exists, does that mean that it
>will just find ways to continue even though crisis?  (This is a question for
>those who might argue that capitalism will eventually just collaspe upon
>Jena See
>     --- from list marxism at ---

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