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Financial delusions and the persistence of capital

Published online by Cambridge University Press:  09 November 2023

Fabio Vighi*
Affiliation:
Cardiff University, UK
*
Corresponding author: Fabio Vighi, School of ModernLanguages, Cardiff University, 2.05, 66A Park Place, Cathays, Cardiff, CF10 3AS,UK. Email: vighif@cardiff.ac.uk.
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The dominant view among critics of today's financial economy is that, at one point in its long history, capitalism took the wrong turn, falling victim to greed and corruption. This view is fundamentally flawed. The elementary but disavowed reason for the current dominance of the financial sector is that the social narrative based on labour exploitation has grown impotent. The law of value is artificially kept alive in spite of its vanishing. But how long can such delusion last?

Type
Forum: Edges of the financial imagination
Creative Commons
Creative Common License - CCCreative Common License - BYCreative Common License - NCCreative Common License - ND
This is an Open Access article, distributed under the terms of the Creative Commons Attribution-NonCommercial-No Derivatives licence (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits noncommercial re-use, distribution, and reproduction in any medium, provided the original work is unaltered and is properly cited. The written permission of Cambridge University Press must be obtained for commercial re-use or in order to create a derivative work.
Copyright
© 2023 The Author(s)

References

Marx, K. (1972) Theories of Surplus Value, Part 3, trans. Jack Cohen. London: Lawrence and Wishart.Google Scholar
Vighi, F. (2022) Unworkable: Delusions of an Imploding Civilization. Albany: State University New York Press.Google Scholar