Fictitious Capital and Credit Schemes
Posted: May 6th, 2009 | Author: Guest Author | Filed under: Economic Crisis, Events | Tags: capital, crisis, economy, marx | No Comments »The following is a talk given by Michael Egoavil at the Left Forum 2009 panel “Marx’s ‘Capital’ and the Economic Crisis”. Michael can be reached at michaelegoavil@gmail.com.
Today I’m going to be discussing Marx’s theory of fictitious capital and its relation to real capital accumulation. Along the way I’m going to focus on Marx’s seldom-read analysis of a French bank known as the Credit Mobilier, in which this theory played a fundamental role. I’ll conclude with some thoughts on how this relates to socialist politics today.