ABSTRACT
The range of variables is simply too vast to predict with any certainty the impact of central bank policies for the advanced economies over the next decade. The crisis of the capitalist monetary economies derives not from financialization as such, therefore, nor from disproportional growth of overextended financial service relative to the ‘real’ economy of goods and services, but from falling profit rates across the advanced economies due to a displacement of living labour power from commodity production, which has in turn severed the link between productivity growth and real wage growth. Globalization has allowed a large number of routine labour functions to be ‘offshored’, and new forms of ‘immaterial labour’ to emerge which enable capital to generate value through ‘intangible’ assets. Capital determines the material-social conditions for its own self-augmentation; and capital generates legal and political norms which enable elite accumulation to function legitimately in the absence of effective criticism.
