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Fictitious capital (German: fiktives Kapital) is a concept used by Karl Marx in his critique of political economy. It is introduced in chapter 25 of the third volume of Capital . [ 1 ] Fictitious capital contrasts with what Marx calls "real capital", which is capital actually invested in physical means of production and workers, and "money ...
In Marxist theory, false consciousness is a term describing the ways in which material, ideological, and institutional processes are said to mislead members of the proletariat and other class actors within capitalist societies, concealing the exploitation and inequality intrinsic to the social relations between classes. [1]
Marx never provided a complete definition of the capitalist mode of production as a short summary, although in his manuscripts he sometimes attempted one. In a sense, it is Marx's three-volume work Capital (1867–1894; sometimes known by its German title, Das Kapital), as a whole that provides his "definition" of the capitalist mode of ...
It was Henryk Grossman [20] in 1929 who later most successfully [21] rescued Marx's theoretical presentation ... 'he was the first Marxist to systematically explore the tendency for the organic composition of capital to rise and hence for the rate of profit to fall as a fundamental feature of Marx's explanation of economic crises in Capital ...
Capital is a central concept in Marxian critique of political economy, and in Marxian thought more generally. Marxists view capital as a social relation reproduced by the continuous expenditure of wage labour. Labour and capital are viewed as historically specific [clarification needed] forms of social relations. [1] [2] [3] [4]
Fictitious capital; Financial market ... of institutional economics based on what is known about psychology and cognitive ... with Marx's definition of ...
In Capital Volume 3, which he drafted before Volume I, Marx shows he was well aware of this. He distinguished not only between "real capital" (physical, tangible capital assets) and "money capital", [106] but also noted the existence of "fictitious capital" [107] and pseudo-commodities that strictly speaking have only symbolic value. [108]
For Polanyi, the effort by classical and neoclassical economics to make society subject to the free market was a utopian project and, as Polanyi scholars Fred Block and Margaret Somers claim, "When these public goods and social necessities (what Polanyi calls "fictitious commodities") are treated as if they are commodities produced for sale on the market, rather than protected rights, our ...