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Fictitious capital

About: Fictitious capital is a research topic. Over the lifetime, 160 publications have been published within this topic receiving 5231 citations.


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Book
01 Jan 1982
TL;DR: The Limits to Capital as mentioned in this paper is a theory of capital that links a general Marxian theory of financial and geographical crises with the incredible turmoil now being experienced in world markets, and provides one of the best theoretical guides to the contradictory forms found in the historical and geographical dynamics of capitalist development.
Abstract: On its first appearance in 1982, David Harvey's "Limits to Capital" was described in "Monthly Review" as 'a unique and insightful theory of capital', and praised in Environment and Planning as 'a magnificent achievement, [one of] the most complete, readable, lucid and least partisan exegesis, critique and extension of Marx's mature political economy available.' This new edition links a general Marxian theory of financial and geographical crises with the incredible turmoil now being experienced in world markets. In his analyses of 'fictitious capital' and 'uneven geographical development, ' Harvey takes the reader step by step through layers of crisis formation, beginning with Marx's controversial argument concerning the falling rate of profit, moving through crises of credit and finance, and closing with a timely analysis of geo-political and geographical considerations. Recently referred to by Fredric Jameson in "New Left Review" as a 'magisterial work, ' "The Limits to Capital" provides one of the best theoretical guides to the contradictory forms found in the historical and geographical dynamics of capitalist development.

2,764 citations

Book
02 Jun 2009
TL;DR: In this paper, the authors argue that capital is not a narrow economic entity, but a symbolic quantification of power and that it has little to do with utility or abstract labour, and it extends far beyond machines and production lines.
Abstract: FROM THE BACK COVER Conventional theories of capitalism are mired in a deep crisis: after centuries of debate, they are still unable to tell us what capital is. Liberals and Marxists both think of capital as an 'economic' entity that they count in universal units of ‘utils’ or 'abstract labour', respectively. But these units are totally fictitious. Nobody has ever been able to observe or measure them, and for a good reason: they don’t exist. Since liberalism and Marxism depend on these non-existing units, their theories hang in suspension. They cannot explain the process that matters most – the accumulation of capital. This book offers a radical alternative. According to the authors, capital is not a narrow economic entity, but a symbolic quantification of power. It has little to do with utility or abstract labour, and it extends far beyond machines and production lines. Capital, the authors claim, represents the organized power of dominant capital groups to reshape – or creorder – their society. Written in simple language, accessible to lay readers and experts alike, the book develops a novel political economy. It takes the reader through the history, assumptions and limitations of mainstream economics and its associated theories of politics. It examines the evolution of Marxist thinking on accumulation and the state. And it articulates an innovative theory of 'capital as power' and a new history of the 'capitalist mode of power'.

272 citations

Book
01 Jan 1994
TL;DR: In this paper, the authors introduce the concept of money, power and space, and discuss the role of money in the formation and evolution of the global financial system in the 21st century.
Abstract: List of Figures. List of Tables. List of Contributors. Acknowledgements. 1. Money, Power and Space: Introduction and Overview: Stuart Corbridge and Nigel Thrift. Part I: The Geopolitics of Money: 2. States and Markets in the Production of World Money: Sterling and the Dollar: Geoffrey Ingham (Christ College, University of Cambridge). 3. From Bretton Woods to the Casino Economy: Susan Strange (London School of Economics). 4. Plausible Worlds: Friedman, Keynes and the Geography of Inflation: Stuart Corbridge (Sidney Sussex, University of Cambridge). 5. Fictitious Capital, Fictitious Spaces? The Geography of Offshore Financial Flows: Susan Roberts (University of Kentucky). 6. Under Pressure: Finance, Geo-economic Competition and the Rise and Fall of Japan's Post-war Growth Economy: Andrew Leyshon (University of Hull). Part II: Money, States and Markets: 7. European Monetary Integration and the Distribution of Credit Availability: Sheila C. Dow (University of Stirling). 8. The Road to the Twenty-first century: The Myths and Miracles of Asian Manufacturing: Maurice Daly (University of Sydney). 9. The Pension Fund Economy: The Evolving Regulatory Framework in Australia: Peter Marden and Gordon Clark (Monash University). 10. Urbanizing Capitals: Towards an Integration of Time, Space and Economic Calculation: Michael Pryke (Queen Mary and Westfield College). 11. Stateless Monies, Global Financial Integration and National Economic Autonomy: Ron Martin (University of Cambridge). Part III: Money Politics and the Community of Money: 12. Restructuring Housing Finance and the Housing Market: Chris Hammett (Open University). 13. Vicious Circle: Financial Markets and Commercial Real Estate in the United States: Barney Warf (Kent State University, Ohio). 14. On the Social and Cultural Determinants of International Financial Centers: the Case of the City of London: Nigel Thrift. 15. The Battle of Bank Junction: the Contested Iconography of Capital: Jane M. Jacobs. 16. Money, Power and Social Movements: the Contested Geography of Finance in Southern Africa: Patrick Bond. 17. Oil as Money: the Devil's Excrement and the Spectacle of Black Gold: Michael J. Watts. Index.

177 citations

Journal ArticleDOI
TL;DR: In this article, the authors discuss how corporate social media are related to the capitalist organization of time and the changes this organization is undergoing, using social theory for conceptualizing changes of society and its time regime and how these changes shape social media.
Abstract: So-called social media such as Facebook, Twitter, YouTube, Weibo and LinkedIn are an expression of changing regimes of time in capitalist society. This paper discusses how corporate social media are related to the capitalist organization of time and the changes this organization is undergoing. It uses social theory for conceptualizing changes of society and its time regime and how these changes shape social media. These changes have been described with notions such as prosumption, consumption labour, play labour (playbour) and digital labour. The paper contextualizes digital labour on social media with the help of a model of society that distinguishes three subsystems (the economy, politics, culture) and three forms of power (economic, political, culture). In modern society, these systems are based on the logic of the accumulation of power and the acceleration of accumulation. The paper discusses the role of various dimensions of time in capitalism with the help of a model that is grounded in Karl Marx’s works. It points out the importance of the category of time for a labour theory of value and a digital labour theory of value. Social media are expressions of the changing time regimes that modern society has been undergoing, especially in relation to the blurring of leisure and labour time (play labour), production and consumption time (prosumption), new forms of absolute and relative surplus value production, the acceleration of consumption with the help of targeted online advertising and the creation of speculative, future-oriented forms of fictitious capital.

157 citations

Journal ArticleDOI
TL;DR: Within the framework of Marxist political economy, financialization is understood through the prisms of logical, theoretical, and historical perspectives as mentioned in this paper, defined in terms of the increasing presence of interest bearing capital, as distinct from credit as such, the role this plays in real as opposed to fictitious accumulation of capital, and how this has underpinned the period of neoliberalism including the global crisis.
Abstract: Within the framework of Marxist political economy, financialization is understood through the prisms of logical, theoretical, and historical perspectives. It is defined in terms of the increasing presence of interest bearing capital, as distinct from credit as such, the role this plays in real as opposed to fictitious accumulation of capital, and how this has underpinned the period of neoliberalism, including the global crisis. Financialization is seen as the expansion of interest bearing capital in intensive and extensive forms. The first is notable in terms of the growth and proliferation of financial assets themselves with increasingly distant attachments to production and exchange of commodities themselves, and the second involves the extension of interest bearing capital to new areas of economic and social life in hybrid forms with other types of capital. An appendix draws out the differences between the approach taken herein and the approach on financialization taken by Costas Lapavitsas.

129 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
20216
202011
201913
20185
20178
201611