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Show Summary Details Capitalism in Transformation Copyright Contents Contributors Chapter 1: Polanyian perspectives on the movements and countermovements of "our time": an introduction Chapter 2: A life-long search for freedom. Chapter Cultural war 2. You do not have access to this content.
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Economic literature: papers , articles , software , chapters , books. FRED data. My bibliography Save this book chapter. A Polanyian paradox: money and credit as fictitious commodities, financialization, finance-dominated accumulation, and financial crises In: Capitalism in Transformation. Registered: Bob Jessop. His remarks were directed at the epoch of commercial, industrial and financial capitalism.
Recent developments in financialization, its crisis tendencies, and their blowback effects on society invite a reconsideration of his analyses for the twenty-first century. To do so, this chapter compares the views of Marx and Polanyi on money, credit and capital and indicates that Polanyi was unaware of the overlap between his analyses and those of Marx on fictitious commodities. It then shows that Polanyi did not build on his recognition that there are distinctions between money, money as credit, and money as capital.
This limits the heuristic power of his approach to contemporary economies compared with Marx, who wrote sixty years earlier. For, while resistance has developed, the political conjuncture is less favourable to serious constraints on the one-sided neoliberal treatment of fictitious commodities in terms of their contribution to the profitability of capital.
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