Financialization and the Contradictory Unity Between the Real and Financial Dimensions of Capital Accumulation

  • Paulo Nakatani
  • Adriano Lopes Almeida Teixeira
  • Helder Gomes
Part of the Marx, Engels, and Marxisms book series (MAENMA)


Here, Nakatani, Teixeira, and Gomes rigorously expose the co-pertinence and the contradictions between “real” capital and monetary capital in order to highlight their specificities in contemporary capitalism. To achieve this, the authors unpack the concept of capital, in general, and its metamorphoses under autonomous functional forms, putting emphasis on the monetary capital form and its reproduction in the credit system. Thereby is established the foundation of the concept of interest-bearing capital and its fictitious forms, articulated to the analysis of the circulation of the total social capital exposed in the second volume of Capital. Under such a theoretical framework, the elementary ways in which the functional forms of capital manifest themselves in effective reality are unveiled.


  1. Braga, J. C., et al. (2017). For a political economy of financialization: Theory and evidence. Economia e Sociedade, 26, 829–856.CrossRefGoogle Scholar
  2. Chesnais, F. (2005). A finança mundializada: raízes sociais e políticas, configuração, consequencias (1st ed.). São Paulo: Boitempo.Google Scholar
  3. Chesnais, F. (2016). Finance capital today: Corporations and Banks in the lasting global slump. Leiden: Brill (Historical Materialism Book Series.CrossRefGoogle Scholar
  4. Crotty, J. R. (1993). Rethinking Marxian investment theory: Keynes-Minsky instability, competitive regime shifts and coerced investment. Review of Radical Political Economics, 25(1), 1–26.CrossRefGoogle Scholar
  5. Duménil, G., & Lévy, D. (2010). Os três campos da teoria das relações financeiras de Marx: o capital financeiro de Hilferding e Lênin. In Finança Capitalista (pp. 247–300). São Paulo: Alameda. (tradução de Rosa M. Marques e Paulo Nakatani).Google Scholar
  6. Dussel, E. (2012). A produção teórica de Marx. Um comentário aos Grundrisse (1st ed.). São Paulo: Expressão Popular.Google Scholar
  7. Epstein, G. A. (2005). Introduction. In Financialization and the world economy. Cheltenham: Edward Elgar Publishing.Google Scholar
  8. Fine, B. (2013). Financialization from a Marxist perspective. International Journal of Political Economy, 42(4). Scholar
  9. Fineschi, R. (2013). The four levels of abstraction of Marx’s concept of “capital”. In Marx’s laboratoy: Critical interpretations of the grundrisse (pp. 71–98). Leiden/Boston: Brill.Google Scholar
  10. Heinrich, M. (1989). Capital in general and the structure of Marx’s capital. Capital & Class, 13(2), 63–79.CrossRefGoogle Scholar
  11. Heinrich, M. (2014). Prefácio – O livro II de O capital. In O capital: crítica da economia política: livro II: o processo de circulação do capital (pp. 17–22). São Paulo: Boitempo.Google Scholar
  12. Husson, M. (2010). Finança, hiperconcorrência e reprodução do capital. In A finança capitalista (pp. 301–336). São Paulo: Alameda.Google Scholar
  13. Krippner, G. R. (2005). The financialization of the American economy. Socio-Economic Review, 3(2), 173–208.CrossRefGoogle Scholar
  14. Krippner, G. R. (2011). Capitalizing on crisis: The political origins of the rise of finance. Cambridge, MA: Harvard University Press.Google Scholar
  15. Kurtzman, J. (1994). A morte do dinheiro: como a economia eletrônica desestabilizou os mercados mundiais e criou o caos financeiro (1st ed.). São Paulo: Atlas.Google Scholar
  16. Lapavitsas, C., & Mendieta-Muñoz, I. (2016, July–August). The profits of financialization. Monthly Review.
  17. Mandel, E. (1992). Introduction. In Capital. A critique of political economy (2nd ed., pp. 11–79). London: Penguin Books.Google Scholar
  18. Marx, K. (1990). Capital. A critique of political economy (Vol. 1). London: Penguin Books.Google Scholar
  19. Marx, K. (1991). Capital. A critique of political economy (Vol. 3). London: Penguin Books.Google Scholar
  20. Marx, K. (1992). Capital. A critique of political economy (Vol. 2). London: Penguin Books.Google Scholar
  21. Marx, K. (2015). Grundrisse. Foundations of the critique of political economy. New York: Penguin Books.Google Scholar
  22. Moseley, F. (1995). Capital in general and Marx’s logical method: A response to Heinrich’s critique. Capital & Class, 19(2), 15–48.CrossRefGoogle Scholar
  23. Moseley, F., & Smith, T. (2014). Marx’s capital and Hegel’s logic. Leiden/Boston: Brill.CrossRefGoogle Scholar
  24. Oresme, N. (2004). Pequeno tratado da primeira invenção das moedas (1355) (1st ed.). Curitiba: Segesta.Google Scholar
  25. Palley, T. I. (2013). Financialization: The economics of finance capital domination. London: Palgrave Macmillan.CrossRefGoogle Scholar
  26. Paul, R. (2009). End the fed (Vol. 1). New York: Gran Central Publishing.Google Scholar
  27. Rosdolsky, R. (1977). The making of Marx’s ‘capital’. London: Pluto Press.Google Scholar
  28. Rothbard, M. N. (1994). The case against the fed (Vol. 1). Auburn: Ludwig von Mises Institute.Google Scholar
  29. Sotiropoulos, D. P., et al. (2013). A political economy of contemporary capitalism and its crisis: Demystifying finance. London/New York: Routledge.CrossRefGoogle Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Paulo Nakatani
    • 1
  • Adriano Lopes Almeida Teixeira
    • 2
  • Helder Gomes
    • 3
  1. 1.Department of Economics and Post-Graduate Programme in Social PolicyFederal University of Espírito Santo (UFES)VitóriaBrazil
  2. 2.Department of EconomicsFederal University of Espírito Santo (UFES)VitóriaBrazil
  3. 3.Post-Graduate Programme in Social Policy, Federal University of Espírito Santo (UFES)VitóriaBrazil

Personalised recommendations