Suchergebnisse

In this article in the symposium on Costa Lapavitsas Social Foundation of Money, Market, & Credit, the author asserts that money does matter in capitalist society, & frames the thematic question of how money in capitalism differs from non-capitalist money. The development of fiat money in the form of derivatives is explored as a means for trading risk or hedging. Analysis of the social relations mediated by money explores the Marxist limitation of a theory of power & trust, & Lapavitsas reconciliation of that limitation by theorizing the dominance of fiat money. A shift to the global level is argued to distinguish the differences between gold & fiat money, & the resultant break between money & capital, & supports the conclusion that derivatives are distinctly capitalist money that embody the process of competition & accumulation. References.