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.
You must be logged in to use this functionality
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.
Full text loading...
BEA Survey of Current Business 2012
BIS "‘Triennial Central Bank Survey: Report on Global Foreign Exchange Market Activity in 2010’" 2010a
BIS "‘Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in 2010 (Final Results)’" 2010b
Bryan Dick , Rafferty Michael Capitalism with Derivatives: A Political Economy of Financial Derivatives, Capital and Class 2006b Basingstoke Palgrave Macmillan
Chen Qianying , Filardo Andrew , He Dong , Zhu Feng "‘International Spillovers of Central Bank Balance Sheet Policies’" 2011
Eichengreen Barry Exorbitant Privilege: The Rise and Fall of the Dollar 2011 Oxford Oxford University Press
Helleiner Eric States and the Reemergence of Global Finance: From Bretton Woods to the 1990s 1996 Ithaca Cornell University Press
Marx Karl Capital 1974  Vol Volume 3 London Lawrence & Wishart
Norfield Tony "‘The Economics of British Imperialism’" Economics of Imperialism 2011 May 22
Norfield Tony "‘The City of London: Parasite of the World Economy’" Economics of Imperialism 2012b October 3
Norfield Tony "‘Value Theory and Finance’" Research in Political Economy 2013 Vol 28 161 195
ONS The Pink Book 2012 July
Warnock Francis E. , Warnock Veronica C. "‘International Capital Flows and US Interest Rates’" International Finance Discussion Papers 2005 Number 840