The speculative-parasitic fictitious capital leads the capitalism. The recrudescence of inequality, exploitation, unemployment, precariousness, poverty, despotism and dispossession

Abstract

As automation advances the productive capital raises obstacles more difficult to overcome: sustained loss of profitability and exhaustion of exponential growth, increasing inability to generate employment and to realize profit. With this, the importance and role of capital in its money form, interest-bearing capital in their more fictitious and speculative-parasitic version, soars. The “financialization” is nothing but the exacerbation of this version, not a cause but rather dependent of the decline in industrial profitability. Nevertheless, the rise of speculative-parasitic fictitious capital is deeply molding productive capital and helping to deepen some dramatic dynamics: selection of productive investment that eliminates employment or impoverishes it, brutalization of labor markets, accumulation without growth, dispossession of collective wealth and acceleration of inequality, among others. Thus the very viability of society is compromised.