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The Dissolution of the Financial State - A Marxian Examination of the Political Economy of Money Since the 1930s (Hardcover)
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The Dissolution of the Financial State - A Marxian Examination of the Political Economy of Money Since the 1930s (Hardcover)
Series: Heterodox Studies in the Critique of Political Economy
Expected to ship within 12 - 19 working days
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This book argues that post-Keynesian theories of endogenous money
can be combined with Marxian analysis in order to give insight into
the changing power relations between the state, finance sector and
real economy since WW2. A key theme is that financial power,
derived from the control of money-issue and its purchasing power,
is determined by the state and market in varying proportions
(depending on context) but that state sovereignty has been lost in
recent decades. In addition, the growth of financial markets in
recent decades, so-called financialization, has led many to assume
that private finance is an important proximate driver of economic
affairs in general. In contrast, the book argues that this provides
insufficient explanation of events. To discuss financial factors as
causes of financial crisis risks describing the phenomena without
illustrating the root causes. Instead, the book argues that
systemic drivers of capitalism (rooted in production), probably
best understood by Marx, actually do provide a more plausible
explanation of the causes of the financialization and erosion of
state sovereignty. In addition, the Post-Keynesian descriptions of
monetary processes are considered to best reflect the actual
reality of the monetary system. This represents an interesting
synthesis of the classical Marx with modern money theory. The
interpretation of Marx used to explain this financial
transformation has been named the Temporal Single System
Interpretation, which illustrates Marx's value theory across
periods and identifies a tendency towards falling profit rates. It
is claimed that falling profits, in turn, are an underlying driver
of the systemic propensity towards financialisation, crisis and
stagnation. The empirical findings presented, taken from case
studies of the UK and Germany, appear to support this view. The
central argument is that the response of agents (including the
state) to the profit tendency has been a significant driver of the
observed financial transformation. The book then concludes that
this synthesis provides a more appropriate explanation of the
historical transformation of the financial system since the Great
Depression, than much of the financialization literature, and
illustrates the source (and operation) of financial power in the
modern capitalist state and market.
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