The particular moment of domination by the fictitious capital
Abstract
The financialized capitalism characteristic of our time is not new. There have been other periods in which fictitious capital has been, if not dominant, a relevant form of capital. It is notable that the fictitious capital has reached, in quantitative terms, values never previously achieved in history. The essential causes of this dominance, the growing imbalance between the different forms of capital and between it and work, are not new either. It is the interaction between these “traditional” causes and factors typical of our time, a currency that is both a country's currency and a world currency, the infrastructural power of central banks and the scale of the latest wave of globalization, accelerated by the digitalization of societies, which allows us to characterize our time. The spiral generated by the relationship between these factors and the political systems of liberal democracy that emerged from the Cold War, makes these systems particularly irreformable. That is why crises of various types accumulate and the ability to resolve them without violence are becoming negligible. A wave of instability on a global scale appears inevitable.
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