The recent financial meltdown and the resulting global recession have rekindled debates regarding the nature of contemporary capitalism. This book analyses the ongoing financialization of the economy as a development within capitalism, and explores the ways in which it has changed the organization of capitalist power. The authors offer an interpretation of the role of the financial sphere which displays a striking contrast to the majority of contemporary heterodox approaches. Their interpretation stresses the crucial role of financial derivatives in the contemporary organization of capitalist power relations, arguing that the process of financialization is in fact entirely unthinkable in the absence of derivatives. The book also uses Marx's concepts and some of the arguments developed in the framework of the historic Marxist controversies on economic crises in order to gain an insight into the modern neoliberal form of capitalism and the recent financial crisis. Employing a series of international case studies, this book will be essential reading for all those with an interest in the financial crisis, and all those seeking to comprehend the workings of capitalism.

The recent financial meltdown and the resulting global recession have rekindled debates regarding the nature of contemporary capitalism.

This book analyses the ongoing financialization of the economy as a development within capitalism, and explores the ways in which it has changed the organization of capitalist power. The authors offer an interpretation of the role of the financial sphere which displays a striking contrast to the majority of contemporary heterodox approaches. Their interpretation stresses the crucial role of financial derivatives in the contemporary organization of capitalist power relations, arguing that the process of financialization is in fact entirely unthinkable in the absence of derivatives.

The book also uses Marx s concepts and some of the arguments developed in the framework of the historic Marxist controversies on economic crises in order to gain an insight into the modern neoliberal form of capitalism and the recent financial crisis. Employing a series of international case studies, this book will be essential reading for all those with an interest in the financial crisis, and all those seeking to comprehend the workings of capitalism.

This title was first published in 2001. This text looks at the welfare state, democracy and globalization, with a focus on Europe. It covers the concepts and limitations of democracy and ponders the fate of the welfare state in Europe.

Economists, historians and social scientists have offered a variety of conflicting answers to the issue of the beginnings of capitalism and these deviating answers imply different conceptualizations of what capitalism actually is. This book provides a simultaneous inquiry into the origins of capitalism as well as provides a theoretical treatise on capitalism. The Origins of Capitalism as a Social System explores the line between what is and is not capitalism, (re)producing a theory of capitalism as a system of class domination and exploitation. Part I of the book focuses on the monetary theory of value and capital developed by Karl Marx, while at the same time critically reviews an array of economic and historical literature, both Marxist and non-Marxist. Following this, Part II expounds the first emergence of capitalism in Venice. It highlights the historical contingencies that made capitalism in the Venetian society possible, as well as the structural elements of the capitalist system and their interconnectedness. Finally, Part III discusses the capitalist character of the Venetian social formation from the end of the fourteenth century until the fall of the republic to Napoleon in 1797. As part of this, the author investigates the significance of forms of governmentality beyond national cohesion and territorialization. Of great interest to economists, historians and both undergraduate and postgraduate students, this book gives special emphasis to a critical evaluation of the tensions and controversies between historians, economists and other social scientists with regard to the character and role that money and trade played in societies and economies.

Economists, historians and social scientists have offered a variety of conflicting answers to the issue of the beginnings of capitalism and these deviating answers imply different conceptualizations of what capitalism actually is. This book provides a simultaneous inquiry into the origins of capitalism as well as provides a theoretical treatise on capitalism. The Origins of Capitalism as a Social System explores the line between what is and is not capitalism, (re)producing a theory of capitalism as a system of class domination and exploitation. Part I of the book focuses on the monetary theory of value and capital developed by Karl Marx, while at the same time critically reviews an array of economic and historical literature, both Marxist and non-Marxist. Following this, Part II expounds the first emergence of capitalism in Venice. It highlights the historical contingencies that made capitalism in the Venetian society possible, as well as the structural elements of the capitalist system and their interconnectedness. Finally, Part III discusses the capitalist character of the Venetian social formation from the end of the fourteenth century until the fall of the republic to Napoleon in 1797. As part of this, the author investigates the significance of forms of governmentality beyond national cohesion and territorialization. Of great interest to economists, historians and both undergraduate and postgraduate students, this book gives special emphasis to a critical evaluation of the tensions and controversies between historians, economists and other social scientists with regard to the character and role that money and trade played in societies and economies.