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Fictitious Capital: How Finance Is Appropriating Our Future

Amazon.com Price:  $8.00 (as of 12/05/2019 18:22 PST- Details)

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Description

How finance is a mechanism of social and political domination

The 2007–08 credit crisis and the long recession that followed brutally exposed the economic and social costs of financialization. Understanding what lay in the back of these events, the upward push of “fictitious capital” and its opaque logic, is an important to grasping the social and political conditions under which we are living. Yet, for most of the people, the operations of the financial system remain shrouded in mystery.

In this lucid and compelling book, economist Cédric Durand offers a concise and very important introduction to the world of finance, unveiling the truth in the back of the credit crunch. Fictitious Capital moves beyond moralizing tales about greedy bankers, short-sighted experts and compromised regulators to have a look at the big picture. The usage of comparative data covering the last four decades, Durand examines the relationship between trends such as the upward push in private and public debt and the proliferation of financial products; norms such as our habitual assumptions in regards to the production of value and financial stability; and the relationship of all this to political power.

Fictitious Capital offers a stark warning in regards to the direction that the international economy is taking. Durand argues that the accelerated expansion of financial operations is an indication of the declining power of the economies of the Global North. The City, Wall Street and other centres of the power of money, he suggests, may already be caked with the frosts of winter.

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