Exploring the decline of the New Economy, this book delves into the emergence of techno-feudalism, a system characterized by a digital divide and the concentration of wealth and power in the hands of a few. It critiques the socio-economic implications of this shift, highlighting how technology has reshaped societal structures, often leading to increased inequality and diminished opportunities for the masses. Through insightful analysis, the author examines the consequences of this regression and the challenges it poses for the future.
Cédric Durand is among the most promising of young French university
economists today. We awaited the publication of his new book with bated
breath. It was worth the wait. Fictitious Capital is an important intervention
which tries to make sense of the excesses of capitalism over the last forty
years and of the development of finance. -Jacques Sapir Durand has provided a
very insightful view of finance-driven capitalism over the last three decades.
Why was it able to prosper alongside sagging investment and plummeting
productivity gains? The answer, argues Durand, lies in the tight connection
between the shareholder value principle and the globalization of the real
economy. -Michel Aglietta Fictitious Capital is a fascinating and extremely
informative exploration of the destructive role of finance in our contemporary
political economy. Filled with brilliant insights and an impressive historical
and theoretical reach, Durand explains and utilizes Marx's concept of
'fictitious capital' to illuminate the inner workings of contemporary global
capitalism and to pierce the murky veil that mainstream economics and neo-
liberal thought has long used to hide and distort the powerful role of
finance. Students trying to understand the precarious political and economic
position in which we find ourselves, as well as the theoretical foundations
for understanding this, will learn much from this well-written, data rich, and
theoretically clear exposition. If you read this terrific book, you will come
away well-armed for the struggle ahead. -Gerald Epstein
