On Fictitious Capital: How Finance Is Appropriating Our Future (with Cedric Durand)
/How can the Left respond to the declining hegemony of finance and the rising hegemony of Big Data? We have more socialization of economic life and collaboration at a scale that was never possible in the past so in this sense you have more socialization. The problem is this socialization is governed by private entities that orient this socialization process not only in service of their quest for profit but to reinforce their own power. What are the limitations of the anti-trust in confronting Big Tech’s monopolization of quasi-public infrastructure? For example Amazon replicates the United States Postal Services (USPS) in some sense, so how do we see part of the reconciliation of political contradictions produced by financialized tech companies as needing to plan and re-organize the economy towards the public good rather than towards the desires of capital?
We discuss the possibilities and constraints of implementing a Green New Deal, the role of fictitious capital in proffering a solution to social contradictions in the immediate but producing financial crises that require increasingly greater amounts of state intervention in the mid-long term.
Cédric Durand teaches Economics and Development Theories at the University of Paris 13 and the EHESS. Working within the tradition of Marxist and French Regulationist political economy, he is the author of several articles on the euro–crisis, the financialization-globalization nexus and the post-Soviet transformation. He is a member of the editorial board of the radical online journal ContreTemps.
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Host: J. Khadijah Abdurahman, Ilan Mandel
Music: Drew Lewis
Links for the Episode:
TECHNOFÉODALISME Critique de l'économie numérique Cédric DURAND
Fictitious Capital How Finance Is Appropriating Our Future
The Financial Instability Hypothesis. Working Paper No. 74. Levy Economics Institute
Capital, Vol.3, Chapter 25 (Credit and Fictitious Capital)
Jackie Wang's Carceral Capitalism
Financialization Is Marketization! A Study of the Respective Impacts of Various Dimensions of Financialization on the Increase in Global Inequality
Debt Relief Is Not Enough — Cancel the Debt of the Global South
The Global South Must Be Freed of Its Debt Servitude
DEBT THE FIRST 5,000 YEARS - DAVID GRAEBER
What Is the Green New Deal? A Climate Proposal, Explained (Published 2019)
https://academic.oup.com/cpe/article-abstract/30/1/31/329999?redirectedFrom=fulltext
BlackRock, the World’s Biggest Money Manager, Expands Again (Published 2017)
Shadow banking is now a $52 trillion industry, posing a big risk to the financial system
Color of Change Calls on Larry Fink to Stop Supporting NYC Police Foundation
Finance-Led Capitalism - Shadow Banking, Re-Regulation, and the Future of Global Markets | Robert Guttmann
MARGUERITE CASEY FOUNDATION 990 (2018)
What the Luddites Really Fought Against | History
We read the paper that forced Timnit Gebru out of Google. Here’s what it says.
Big Tech’s Next Big Problem Could Come From People Like ‘Mr. Sweepy’
Europe's Android 'choice' screen keeps burying better options
Google COVID-19 Community Mobility Reports
