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

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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 Indeed these latter taxonomies are being superseded by current developments within finance, and Marxian analysis needs to be attuned to these current developments.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 dick.bryan@sydney.edu.au ; 2: School of Business, University of Sydney michael.rafferty@sydney.edu.au

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