Veronese Passarella, M orcid.org/0000-0001-7652-5952 and Baron, H (2015) Capital’s humpback bridge: ‘financialisation’ and the rate of turnover in Marx’s economic theory. Cambridge Journal of Economics, 39 (5). pp. 1415-1441. ISSN 0309-166X
Abstract
The article aims to shed light on the role played by the ‘rate of turnover’ of capital in Karl Marx’s economic theory. Oddly enough, such a concept has been neglected by the most part of Marx’s scholars and exegetes, as it is demonstrated by the small number of scientific works dealing with it. Yet, the rate of turnover is a key-category in Marxian analysis, as it enables Marx to address the impact of the improvement in finance and other unproductive industries on the capitalist process of creation (and realisation) of surplus-value. The evidence from the new philological edition of Marx and Engel’s writings (MEGA2) further strengthens this insight. The main goal of the paper is, therefore, threefold: first, to bridge the gap in the literature dealing with the Volume Two of Capital; second, to provide a re-definition of several Marxian concepts in the light of the role played by the rate of turnover of capital; third, to analyse the effect of the developments in the banking & finance industry on the turnover rate and, thereby, on the general rate of profit.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © The Author 2014. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. This is a pre-copyedited, author-produced PDF of an article accepted for publication in Cambridge Journal of Economics following peer review. The version of record Veronese Passarella, M and Baron, H (2014) Capital’s humpback bridge. Financialisation and the rate of turnover in Marx’s economic theory. Cambridge Journal of Economics. ISSN 1464-3545 is available online at: http://dx.doi.org/10.1093/cje/beu058 |
Keywords: | Marxian economics; turnover of capital; financialisation |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Economics Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 28 Oct 2014 16:39 |
Last Modified: | 30 Mar 2021 14:43 |
Published Version: | http://dx.doi.org/10.1093/cje/beu058 |
Status: | Published |
Publisher: | Oxford University Press |
Identification Number: | 10.1093/cje/beu058 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:80855 |