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Economist Cedric Durand describes the rise of global financial markets during the past decades and explores the nature of the economic system that is emerging from it. Durand builds his discussion on the forgotten Marxist concept of "fictitious capital", that is, capital freed from the constraints of material production, as a claim on future production, and its ambivalent nature: being both the source of the expansion of production and profits but also carrying the risk of a financial crisis, the disconnection between its growth and the actual potential of the economy. From this basis, Durand reflects on the socio-economic implications of financialization and financial crises, the role of institutions, norms and the state in ensuring financial stability and perpetuating this fiction, as well as the future trends of finance-dominated capitalism.
Cedric Durand is one of the leading economists of the new heterodox generation in France. His works are greatly influenced by Marxist analysis and range from the economics of financialization to discussing the role of intellectual property rights in global value chains. In this quite short book, first published in French and then translated into English, he offers an innovative discussion of the past, present, and future of finance-dominated capitalism.