Cookies Policy
X

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

Derivatives, Money, Finance and Imperialism: A Response to Bryan and Rafferty

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

AbstractThis paper contributes to the debate on the role of financial derivatives for capitalism. It responds to Bryan and Rafferty’s defence of their analysis and their critique of my own. The paper argues that their analysis confuses what a financial derivative does, and mixes together different kinds of derivative – and non-derivative – that play very different roles. After detailing these points, the paper discusses the relationship between gold, money and derivatives, rejecting their notion that derivatives are some kind of new ‘commodity money’. An important theme absent from Bryan and Rafferty’s analysis is the relationship of financial trading and derivatives markets to parasitism in the imperialist world economy. To illustrate this, the paper notes advantages enjoyed by the major financial powers – the US and the UK – that are the main centres for the origination of derivatives and for derivatives trading.

Affiliations: 1: School of Oriental and African Studies, University of London tonynorfield@gmail.com

Loading

Full text loading...

/content/journals/10.1163/1569206x-12341296
Loading

Data & Media loading...

1. BEA Survey of Current Business 2012 US Bureau of Economic Analysis, July
2. BIS "‘Triennial Central Bank Survey: Report on Global Foreign Exchange Market Activity in 2010’" 2010a Bank for International Settlements, December
3. BIS "‘Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in 2010 (Final Results)’" 2010b Bank for International Settlements, December, available at: < >
4. Bryan Dick , Rafferty Michael "‘Money in Capitalism or Capitalist Money?’" Historical Materialism 2006a Vol 14 1 75 95 http://dx.doi.org/10.1163/156920606776690893
5. Bryan Dick , Rafferty Michael Capitalism with Derivatives: A Political Economy of Financial Derivatives, Capital and Class 2006b Basingstoke Palgrave Macmillan
6. Bryan Dick , Rafferty Michael "‘Financial Derivatives and the Theory of Money’" Economy and Society 2007 Vol 36 1 134 158 http://dx.doi.org/10.1080/03085140601089861
7. Bryan Dick , Rafferty Michael "‘Why We Need to Understand Derivatives in Relation to Money: A Reply to Tony Norfield’" Historical Materialism 2012 Vol 20 3 97 109 http://dx.doi.org/10.1163/1569206X-12341253
8. Chen Qianying , Filardo Andrew , He Dong , Zhu Feng "‘International Spillovers of Central Bank Balance Sheet Policies’" 2011 BIS papers No. 66, available at: < >
9. Eichengreen Barry Exorbitant Privilege: The Rise and Fall of the Dollar 2011 Oxford Oxford University Press
10. Helleiner Eric States and the Reemergence of Global Finance: From Bretton Woods to the 1990s 1996 Ithaca Cornell University Press
11. Marx Karl Capital 1974 [1894] Vol Volume 3 London Lawrence & Wishart
12. Norfield Tony "‘The Economics of British Imperialism’" Economics of Imperialism 2011 May 22 available at: < >
13. Norfield Tony "‘Derivatives and Capitalist Markets: The Speculative Heart of Capital’" Historical Materialism 2012a Vol 20 1 103 132 http://dx.doi.org/10.1163/156920612X634735
14. Norfield Tony "‘The City of London: Parasite of the World Economy’" Economics of Imperialism 2012b October 3 available at: < >
15. Norfield Tony "‘Value Theory and Finance’" Research in Political Economy 2013 Vol 28 161 195
16. ONS The Pink Book 2012 July available at: < >
17. Warnock Francis E. , Warnock Veronica C. "‘International Capital Flows and US Interest Rates’" International Finance Discussion Papers 2005 Number 840 Board of Governors of the Federal Reserve System September 2005
http://brill.metastore.ingenta.com/content/journals/10.1163/1569206x-12341296
Loading

Article metrics loading...

/content/journals/10.1163/1569206x-12341296
2013-01-01
2016-12-08

Sign-in

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