Download PDF by Marcus Lehner, Keith Spencer, Luke Cooper: Marx, Money and the Modern World: Finance Capital and

By Marcus Lehner, Keith Spencer, Luke Cooper

The place to begin for the gathering of articles offered here's that we will be able to locate the solutions we'd like within the classical canon of Marxist political economy.Thus, this anthology seeks to do hyperlink jointly issues: the contradictions of the worldwide economy and the
developing tensions and frictions in diplomacy with the increase of recent worldwide powers.

Marcus Lehner bargains an summary of Karl Marx’s theories of cash, banking and finance and exhibits the way it provides a compelling account of what prompted the good monetary concern. Updating an previous research written for the German Marxist magazine Revolutionärer Marxismus he applies the speculation to the yank banking system.

Luke Cooper surveys the paintings of 2 contemporary excessive profile Marxist theories of imperialism built via David Harvey and Alex Callinicos.

And Keith Spencer makes a case examine research of a ‘Great strength’ that used to be on the centre of the worldwide monetary whirlwind: Britain.

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But this led him to drop the project of theorising the mechanisms of finance capital as part of the imperialist evolution of the system. Perhaps at the root of this mistake is the method of abstraction and concretisation Callinicos outlines at the beginning of Imperialism and Global Political Economy. In his opening statement of method, as we discussed earlier, Callinicos invoked the idea of continuing Marx’s project of Capital and generating “testable auxiliary hypotheses”. In the process, he discusses Marx’s method of abstraction and concretisation which he summarises in suggestive terms as a system of ‘non-deductive concretisation’.

But the very depth of the penetration of this social structure into the capitalist system – absorbing as it does penumbras of bourgeois organisations, creating others afresh, fostering intricate networks of links and ties, and establishing social hierarchies in its own internal structures too – means the state is bound together with capital, and can never be a means of anti-capitalist change. This view of the social relations between the state and capital, then, has long formed the analytical foundation of the major political postulate of the far left: the necessity of revolution in bringing about a global socialist transformation.

When it came to his view of finance capital as the domination of banking over industry, this led him to overstate the power of the banks and their capacity to bring competing industrial capitals to heel using the weapon of credit and thereby act as an instrument for the rational planning of production. Without a doubt, Hilferding’s analysis was enormously influential. But the extent to which other Marxists of his generation took up his understanding of finance capital without modification is a question of debate.

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Marx, Money and the Modern World: Finance Capital and Imperialism Today by Marcus Lehner, Keith Spencer, Luke Cooper

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