RETHINKING FINANCIALIZATION THROUGH THE ACTUALITY OF THE LAW TO THE TENDENCY OF THE RATE OF PROFIT TO FALL

Date

2024-5

Author

Dündar, Mert Miraç

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This thesis aims to explain financialization from the perspective of the law of the tendency of the rate of profit to fall to understand the recent transformation in the relationship between production and finance. Contrary to the perception of Marx’s law as an external economic law, this study proposes a methodological approach to law grounded on the intra- and inter-class struggle that explains not only the capitalist crises but also transformations occurring in the ‘normal’ course of accumulation. To this end, it is argued that different conceptualizations of competition function as building blocks for different theories of crisis while also influencing the set of premises that is grounded on the different approaches of financialization. By investigating the transformation in the relationship between production and finance, it has been concluded that a closer relationship between real accumulation and fictitious accumulation has been established while different forms of capital have become more interconnected, resulting in an intensification of competition. As a result, it is argued that financialization, rather than a spontaneous phenomenon arising as a result of external economic laws, needs to be understood as a deliberate capital accumulation strategy and a state project, conceptualized as a mobilization of the countertendencies against the fall in the rates of profit.

Subject Keywords

crisis theory, rate of profit, financialization, competition, law of the tendency of the rate of profit to fall

URI

https://hdl.handle.net/11511/109803

Collections

Graduate School of Social Sciences, Thesis