Cookies Policy

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.

I accept this policy

Find out more here

Why We Need to Understand Derivatives in Relation to Money: A Reply to Tony Norfield

No metrics data to plot.
The attempt to load metrics for this article has failed.
The attempt to plot a graph for these metrics has failed.
The full text of this article is not currently available.

Brill’s MyBook program is exclusively available on BrillOnline Books and Journals. Students and scholars affiliated with an institution that has purchased a Brill E-Book on the BrillOnline platform automatically have access to the MyBook option for the title(s) acquired by the Library. Brill MyBook is a print-on-demand paperback copy which is sold at a favorably uniform low price.

Access this article

+ Tax (if applicable)
Add to Favorites
You must be logged in to use this functionality

image of Historical Materialism

Abstract The issue of the relation between financial derivatives, money and crisis remains one of on-going debate within Marxism. This paper takes issue with a recent contribution to this debate by Tony Norfield. We contend that the relationship between financial derivatives and the concept of ‘money’ needs to be framed in the context of a changing understanding of liquidity, and that issues of crisis and renewed accumulation are better understood though this path than via debates about speculative versus real investment and productive versus unproductive capital. Indeed these latter taxonomies are being superseded by current developments within finance, and Marxian analysis needs to be attuned to these current developments.

Affiliations: 1: Department of Political Economy, University of Sydney ; 2: School of Business, University of Sydney


Full text loading...


Data & Media loading...

1. Bank for International Settlements "‘Triennial Central Bank Survey Report on Global Foreign Exchange Market Activity in 2010’" 2010 available at: < >
2. Board of Governors of the Federal Reserve System "‘Credit and Liquidity Programs and the Balance Sheet’" 2011 30 November, available at: < >
3. Callinicos Alex "‘Contradictions of Austerity’" Cambridge Journal of Economics 2012 Vol 36 1 65 77
4. Chen Qianying , Filardo Andrew , He Dong , Zhu Feng "‘International Spillovers of Central Bank Balance Sheet Policies’" BIS Papers 2011 Vol 66 available at: < >
5. dos Santos Paolo L. "‘On the Content of Banking in Contemporary Capitalism’" Historical Materialism 2009 Vol 17 2 180 213
6. Financial Times "‘ Financial TimesLexicon: M0, M1, M2, M3, M4’" n.d. available at: < >
7. Fine Ben "‘Locating Financialisation’" Historical Materialism 2010 Vol 18 2 97 116
8. Fisher Paul "‘News Release – The Corporate Sector and the Bank of England’s Asset Purchases – Speech by Paul Fisher’" 2010 Monetary Policy Committee, Bank of England, February, speech delivered at the Association of Corporate Treasurers, Paper 18, available at: < >
9. Ingham Geoffrey "‘Fundamentals of a Theory of Money: Untangling Fine, Lapavitsas and Zelizer’" Economy and Society 2001 Vol 30 3 304 323
10. Ingham Geoffrey The Nature of Money 2004 Cambridge Polity Press
11. Keynes John Maynard Moggridge Donald " Treatise on Money: Volume 1: The Pure Theory of Money " The Collected Writings of John Maynard Keynes 1971 [1930] Vol 5 London Macmillan for the Royal Economic Society
12. Lapavitsas Costas "‘Money and the Analysis of Capitalism: The Significance of Commodity Money’" Review of Radical Political Economics 2000 Vol 32 4 631 656
13. Lapavitsas Costas "‘The Emergence of Money in Commodity Exchange, or Money as Monopolist of the Ability to Buy’" Review of Political Economy 2005 Vol 17 4 549 569
14. Lapavitsas Costas "‘Relations of Power and Trust in Contemporary Finance’" Historical Materialism 2006 Vol 14 1 129 154
15. Lapavitsas Costas "‘Financialised Capitalism: Crisis and Financial Expropriation’" Historical Materialism 2009 Vol 17 2 114 148
16. Lapavitsas Costas "‘Theorizing Financialization’" Work, Employment and Society 2011 Vol 25 4 611 626
17. McNally David "‘From Financial Crisis to World-Slump: Accumulation, Financialisation, and the Global Slowdown’" Historical Materialism 2009 Vol 17 2 35 83
18. Miller Merton H. "‘The Modigliani-Miller Propositions after Thirty Years’" Journal of Economic Perspectives 1988 Vol 2 4 99 120
19. Norfield Tony "‘Derivatives and Capitalist Markets: The Speculative Heart of Capital’" Historical Materialism 2012 Vol 20 1 103 132
20. Sengupta Rajdeep , Tam Yu Man "‘The LIBOR-OIS Spread as a Summary Indicator’" Economic Synopses 2008 available at: < >

Article metrics loading...



Can't access your account?
  • Tools

  • Add to Favorites
  • Printable version
  • Email this page
  • Subscribe to ToC alert
  • Get permissions
  • Recommend to your library

    You must fill out fields marked with: *

    Librarian details
    Your details
    Why are you recommending this title?
    Select reason:
    Historical Materialism — Recommend this title to your library
  • Export citations
  • Key

  • Full access
  • Open Access
  • Partial/No accessInformation