In Maßen

The usual way to look at finance is to see it as a parasitic process, but it is not, it is the equivalent of Keynesian deficit spending in Fordism. What makes it so different is that there has been a process of privatisation of deficit spending, now it is private debt that is adding the effective demand for accumulation, whereas in the past the state created this additional demand. But this deficit at work is a privatised deficit spending that cannot just be seen in parasitical terms but on the contrary relates to the property of what has been produced.
(via nettime)


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