#Marazzi (2011)”The thesis being put forward here is that financialization is not an unproductive/parasitic deviation of growing quotas of surplus value and collective saving, but rather the form of capital accumulation symmetrical with new processes of value production.”
I unfortunately misread Marazzi, in the sense that i was thinking that post-Fordism, financial capitalism, neoliberalism were in some sense equivalent concepts. This was the central error of my misreading, in truth the concepts contain some significant differences, are not equivalent, in the sense that each derives from a different though in some sense related theoretical perspective.
Where Marazzi implies the equivalence is where he says “it is necessary to analyze financialization as the other side of the process of the value production affirmed from the crisis of the Fordist model, from capitals incapacity to suck surplus value from immediate living labour, the wage labour of the factory”
To accept this is to ignore previous hegemonic financial crises of capitalism (crisis of 1926 into the 30s). In other words financial capitalism is not necessarily dependent on post-Fordism, the turn to immaterial labour with its new forms of value production. Though clearly the relationship does exist, it is just that post-Fordism can and will continue long after this crisis is over , i suspect therefore that it might to better to read Marazzi as saying that the instance of financial capitalism has a particular form…Financialization may appear to be the perverse new form of capitalism in the integrated spectacle, designed to increase accumulation for the ruling classes but actually it isn’t, rather its an old model redesigned for use in this society..
(The sub-typings of cognitive, bio capitalism etc are ignored as being irrelevant labellings…)