Entrepreneurship, knowledge and employment

Revisiting the concept of fictitious capital in the third volume of Das Kapital

Sotiropoulos Dimitris, The Open University Business School

Marx's theory of value does not constitute a modification or a mere correction of the classical political economy theory of value. It establishes a new analytical paradigm and a new theoretical object of analysis. Drawing on Marx's value form analysis, this paper revisits the argument in the third volume of Das Kapital with regard to the concept of fictitious capital. Contrary to the mainstream Marxist interpretation, the concept of fictitious capital describes the form of existence of every individual capital at a more concrete level. It is also related to Marx's theory of fetishism, as Marx's critique to Proudhon point outs. This reformulation of Marx's argument offers an alternative interpretation of finance, and thus an alternative understanding (and research agenda) of contemporary capitalism.

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Keywords: Marx, value form, fictitious capital, commodity fetishism, third volume of Capital.

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