Fictitious Capital

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Cédric Durand is a promising young French economist whose new book offers a significant intervention into understanding capitalism's excesses over the past forty years and the rise of finance. Durand provides an insightful analysis of finance-driven capitalism, questioning its prosperity amid declining investment and productivity. He argues that the connection between the shareholder value principle and the globalization of the real economy is key to this phenomenon. The book explores the destructive role of finance in contemporary political economy, filled with brilliant insights and a broad historical and theoretical scope. Utilizing Marx's concept of 'fictitious capital,' Durand sheds light on the inner workings of modern global capitalism and challenges the obfuscations of mainstream economics and neoliberal thought regarding finance's influence. Students seeking to grasp the precarious political and economic landscape will find this exposition rich in data and clear in theory. Reading this compelling work equips readers with the knowledge necessary for the challenges ahead.