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2012 •
Over the past century, the nexus of imperialism and financialism has become a major axis of Marxist theory and praxis. Many Marxists consider this nexus to be a prime cause of our worldly ills, but the historical role they ascribe to it has changed dramatically over time. The key change concerns the nature and direction of surplus and liquidity flows. The first incarnation of the nexus, articulated at the turn of the twentieth century, explained the imperialist scramble for colonies to which finance capital could export its excessive surplus. The next version posited a neo-imperial world of monopoly capitalism where the core's surplus is absorbed domestically, sucked into a black hole of military spending and financial intermediation. The third script postulated a World System where surplus is imported from the dependent periphery into the financial core. And the most recent edition explains the hollowing out of the U.S. core, a red giant that has already burned much of its own productive fuel and is now trying to financialize the rest of the world in order to use the system's external liquidity. The paper outlines this chameleon-like transformation, assesses what is left of the nexus and asks whether it is worth keeping.
2007 •
Does the contemporary dominance of haut finance, or ‘mighty finance’, constitute a new era of globalizing economics? Or is it just another phase of globalization and not much different from the processes of financial exchange evident at the end of the nineteenth century? These questions are dramatic but unhelpful. Such dichotomous ways of understanding globalizing finance have been behind a series of debates in the globalization literature. They have tended to disallow the possibility of talking about both long-run processes and significant (qualitative) changes in the contemporary period of intensifying globalization. This volume presents many different takes on these central questions of globalizing finance. Nevertheless, the framing consideration of the volume is that we need to be able to say, without being contradictory, that at one level we can see long-term continuities in the mode of exchange; at another level there are new formations of practice that in their emerging dominance have reconstituted the face of contemporary global finance. Financial exchange, as an expression of the changing modes of exchange across history began as far back as the development of coinage in antiquity. It has undergone significant and momentous shifts in its dominant forms of practice. However, these have tended to layer across prior formations rather than simply replace them. For example, derivatives exchange as one of the driving globalizing modalities of the last decade, and which involves hedging against fluctuations in the value of a currency, overlays the agricultural futures markets of the nineteenth century when the producers of such basics as wool and wheat hedged against the possibility that when their produce went to market the price may have fallen. In other words, the emerging dominance of derivatives might be said to represent a further aspect of what Karl Polanyi calls the ‘Great Transformation’ of international financial exchange, even as it has it historical antecedents in dealing with the long-run practical problems of a time-delay between seeding a crop and selling it in an international market.
The Palgrave Encyclopedia of Imperialism and Anti-Imperialism
Global Finance Capital and Third World Debt2019 •
This essay provides a historical geographical political economy of the deep connection between global capitalist finance, global flows of capital in the form of money, and modern imperialism. It argues that the money-power of capital to appro- priate living labor and extra-human natures has expressed itself in particular violent ways in the spaces of the global capitalist economy succes- sively referred to as the peripheries, the colonies, the Third World, and the Global South. The essay suggests that a crucial factor of explanation for the violence of the money-power of capital in those spaces is that they have retained a subordinate positionality in the network of space and power relations within which money-capital flows. This has been largely due to a multitude of imperialist policies and practices on the part of advanced capitalist economies and powerful agents and institutions located within them.
How the West Came to Rule is a welcome contribution to Marxist debates on capitalist origins not just for its sharp focus on the issue of Eurocentrism in the way capitalism is written up historically and conceived popularly, 1 but also because it sets out to develop an alternative framework to those histories. The essential feature here is its subsuming of large parts of the world outside and beyond ‗Europe' and the general argument that it is impossible to understand the true origins of western capitalism without assigning a central place to those areas of the world. Stated in this way the argument is unexceptionable, since no Marxists have seriously disagreed with Marx's view that western capitalism (capitalism as it emerged in Britain and more widely in ‗western' countries) would have been impossible without the preceding or accompanying histories of colonial subjugation, Atlantic slavery and the world market more generally. The debates have always been about how much all of that mattered and whether capitalism can really be said to have ‗started' in a single country, notably England, and somehow spread outwards from there. Both the critique of Eurocentrism and the call for a more integrated historiography of capitalism have the potential to steer future Marxist scholarship and debate away from the problematics and framing guidelines of the transition debates, not least of the one dominated by the work of Brenner and the perspectives of what is called ―Political Marxism‖. But for this shift to new ways of thinking about capitalist origins to come about How the West needs at least a preliminary critique that rids it both of its residual formalism (as I see it) and of the one or two confused characterizations this leads to. Whether ‗combined and uneven development' really does work as a framework of explanation at the level of generality at which the authors situate it (that is, beyond the dynamics of a capitalist world dominated by a mounting sense of nationality) is a separate issue that I shall leave aside for others to take up.
(The following excerpt from Grossmann's Das Akkumulations-und Zusammenbruchsgesetz des kapitalistischen Systems (1929) is an extract from a complete translation of the text that will be published along with other writings of Grossmann as part of a project that Rick Kuhn is currently handling. The excerpt covers pp. 490 to 530, which are part of a long chapter called 'Modifying countertendencies'.) The function of capital export under capitalism. The overaccumulation of capital and the struggle for investment spheres. The role of speculation in capitalism. (a) Earlier presentations of the problem The export of capital is a fact as old as modern capitalism itself. From a scientific point of view we have to explain why capital is exported and what role the export of capital plays in the mechanism of capitalist production.
International journal of educational studies
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2011 •