"Capital Accumulation: Fiction and Reality" Apresentation by Jonathan Nitzan Association des Étudiants en Sciences Économiques (AESE UQAM)
ABSTRACT: There are many explanations for the recent global crisis, but most seem to agree that the origins of this crisis are largely financial: the crisis started in and was amplified by the financial sector. Of course, when economists speak about a financial crisis, they don’t speak of finance in isolation; they speak of finance in relation to the so-called real capital stock. The current crisis, they argue, happened not because of finance as such, but due to a 'mismatch' between financial and real capital. According to this view, the world of finance deviated from and distorted the real world of accumulation; and since there is no such thing as a free lunch, the ensuing financial crash and Great Recession were the price we all had to pay for failing to prevent the distortion. This 'mismatch thesis' – the notion of a reality distorted by finance – is broadly accepted. It is the basic premise of liberals, it is endorsed by Marxists, and it guides policy makers. There is only one problem. The mismatch itself does not – and cannot – exist, and for the simplest of reasons: the very distinction between 'real' and ‘financial’ capital is entirely fictitious. . . . LOCATION: la chaufferie du Coeur des sciences de l’UQAM, Montreal. DATE/TIME: March 31, 2015, 18:00-20:00 The presentation is in English and is open to everyone. FULL TEXT: http://bnarchives.yorku.ca/436/ *** Recent additions and updates to the Bichler & Nitzan Archives: http://bnarchives.yorku.ca/perl/latest Free to repost and circulate with due attribution under the Creative Commons License (attribution-noncommercial-no derivative). To unsubscribe, reply to this email with "unsubscribe" in the subject field. -- Jonathan Nitzan Political Science York University 4700 Keele St. Toronto, Ontario, M3J-1P3 Canada Voice: (416) 736-2100, ext. 88822 Fax: (416) 736-5686 Email: nitzan at yorku.ca Website:http://bnarchives.net _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
