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A Marxian Critique of Piketty’s Hyperliberalism: Financial Expropriation and Contemporary Marxian Political Economy
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This paper argues that Piketty’s historical measurement and analysis of inequality is a massive and welcomed contribution. However, Piketty is less successful in identifying the underlying causes generating inequality and stagnation. The neo-classical theoretical framework he employs is ill-equipped to understand the systemic tendencies towards inequality and stagnation as based on exploitation. Following Piketty’s plea to ‘all citizens’ to ‘take a serious interest in money’ this paper reinterprets inequality as hyperliberalism, or historically new triple process of exploitation, manifest primarily from the process of financialization. It is argued that Marxian political economy is in the strongest theoretical position to understand and explain financialization and exploitation, hence inequality and stagnation.
Abstract
This paper argues that Piketty’s historical measurement and analysis of inequality is a massive and welcomed contribution. However, Piketty is less successful in identifying the underlying causes generating inequality and stagnation. The neo-classical theoretical framework he employs is ill-equipped to understand the systemic tendencies towards inequality and stagnation as based on exploitation. Following Piketty’s plea to ‘all citizens’ to ‘take a serious interest in money’ this paper reinterprets inequality as hyperliberalism, or historically new triple process of exploitation, manifest primarily from the process of financialization. It is argued that Marxian political economy is in the strongest theoretical position to understand and explain financialization and exploitation, hence inequality and stagnation.
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