By Christian Marazzi

This primary English-language variation of Christian Marazzi's newest ebook, The Violence of monetary Capitalism, makes a groundbreaking paintings at the worldwide monetary quandary to be had to a brand new viewers of readers. Marazzi, a number one determine within the ecu postfordist circulation, first takes a vast examine the character of the main issue after which presents the theoretical instruments essential to understand capitalism this day, delivering an leading edge research of financialization within the context of postfordist cognitive capitalism. He argues that the tactics of financialization are usually not easily irregularities among the conventional different types of wages, hire, and revenue, yet particularly a brand new kind of accumulation tailored to the approaches of social and cognitive construction this day. The monetary trouble, he contends, is a basic part of modern accumulation and never a vintage loss of fiscal development. Marazzi exhibits that specific debt and the administration of economic markets are literally ideas for governing the alterations of immaterial hard work, basic mind, and social cooperation. The monetary concern has extensively undermined the very inspiration of unilateral and multilateral economico-political hegemony, and Marazzi discusses efforts towards a brand new geo-monetary order that experience emerged world wide in reaction. supplying a appreciably new figuring out of the present level of overseas economics in addition to an important post-Marxist counsel for confronting capitalism in its latest shape, The Violence of monetary Capitalism is a beneficial addition to the modern arsenal of postfordist notion. This multiplied variation incorporates a new appendix for comprehending the esoteric neolanguage of monetary capitalism—a word list of "Words in Crisis," from "AAA" to "toxic asset." Intervention sequence dispensed for Semiotext(e)

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Cit. , p. 24) . p O ne of the main characteristics o f cognitive cap italis m is, in fact, the chasm between initially very h i gh costs (particularly due to the investments i n Rese arch and Development, marketing, etc) necessary for continued invention/innovation of pro d ucts and marginal costs of additional units of prod ucts introduced to the market, the costs tending to ze ro. Being able to be replicated at decreasing COS ts lies in fact in the very nature of products of high techn ological co ntent and cognitive labor {on th is subject, see the fundamental work by E.

The empirical examples of the externalization of value production, of its extension into the sphere of circulation, are now abundant (of the most recent works on the consumer-as-producer phenomenon, see Marie-Anne Dujarier, Le travail du consomma­ teur. De McDo a eBay: comment nous coproduisons ce que nous achetons, La decouverte, Paris, 2008). From the first phase of shareholder outsourcing (subcontracts to suppliers and foreign consultants), which, beginning in the 1 980s, saw the emergence of arypical labor and of the autonomous labor of the second generation (freelance, entrepreneurs of th em selves, former employees who became self­ e mployed) along the same lines as the "Toyota model," the capitalist colonization of the circula tion sp here has been nonstop, to the point of trans­ fo r ming the consumer into a verita ble producer of eco nomic value.

Des an p flvad . t1zes through expelling residents of the com mun by e means of the artificial creation of scarcity of all kinds-scarc ity of financial means, liquidinr -T' fi gh ts, d eSJre, . • • .. " . and power. This is a process that reminds us of the time of the seventeenth century enclosures where the peasants-living on and off the land as a common good-were expunged by the processes of privatization and division of the common land, the processes that gave rise to the modern proletariat and its bare life.

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