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Financialization and Marx: Giving Labor and Capital a Financial Makeover

Author

Listed:
  • Dick Bryan

    (Political Economy, Faculty of Arts, University of Sydney, Sydney, NSW 2006, Australia, dickb@usyd.edu.au)

  • Randy Martin

    (Tisch School of the Arts, New York University, 665 Broadway, Office 605, New York, NY 10003-6807, Randy.martin@nyu.edu)

  • Mike Rafferty

    (Workplace Research Centre, University of Sydney, Sydney, NSW 2006, Australia, m.rafferty@econ.usyd.edu.au)

Abstract

Financialization challenges some established ways of thinking within Marxist categories. We explore the way in which financialization is not simply shifting the balance of power between classes and generating economic volatility, but also re-constituting our understanding of class (as a formal economic category) and class relations. In particular, we examine how financialization is re-constituting labor as a form of capital, and giving capital a fluidity which serves to intensify competition. JEL classification: B51, G32

Suggested Citation

  • Dick Bryan & Randy Martin & Mike Rafferty, 2009. "Financialization and Marx: Giving Labor and Capital a Financial Makeover," Review of Radical Political Economics, Union for Radical Political Economics, vol. 41(4), pages 458-472, December.
    • Handle: RePEc:sae:reorpe:v:41:y:2009:i:4:p:458-472
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    Citations

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    Cited by:

    1. Guschanski, Alexander & Onaran, Özlem, 2018. "The labour share and financialisation: Evidence from publicly listed firms," Greenwich Papers in Political Economy 19371, University of Greenwich, Greenwich Political Economy Research Centre.
    2. Kohler, Karsten & Guschanski, Alexander & Stockhammer, Engelbert, 2018. "Verteilungseffekte von Finanzialisierung," Greenwich Papers in Political Economy 23471, University of Greenwich, Greenwich Political Economy Research Centre.
    3. Karsten Kohler & Alexander Guschanski & Engelbert Stockhammer, 2019. "The impact of financialisation on the wage share: a theoretical clarification and empirical test," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 43(4), pages 937-974.
    4. Zhang, Ying & Andrew, Jane, 2014. "Financialisation and the Conceptual Framework," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 25(1), pages 17-26.
    5. Dimitris P. Sotiropoulos, 2015. "Hilferding on derivatives," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 22(1), pages 77-96, February.
    6. Eren Vural, Ipek, 2017. "Financialisation in health care: An analysis of private equity fund investments in Turkey," Social Science & Medicine, Elsevier, vol. 187(C), pages 276-286.
    7. Barthold, Charles & Dunne, Stephen & Harvie, David, 2018. "Resisting financialisation with Deleuze and Guattari: The case of Occupy Wall Street," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 52(C), pages 4-16.
    8. Koddenbrock, Kai, 2017. "What money does: An inquiry into the backbone of capitalist political economy," MPIfG Discussion Paper 17/9, Max Planck Institute for the Study of Societies.

    More about this item

    Keywords

    Marx; class; securitization; financialization; financial derivatives;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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