ABSTRACT
The text is intended further as a contribution to value theory, linking the accumulation crisis of capitalism with contemporary developments in global finance and monetary policy. Central to the development of financial socialism is the changing form and function of money in advanced capitalism which must be understood in response to the accumulation crisis of capital, which is characterized by a tendential decline in the rate of profit, a search for new sources of value in the sphere of circulation and the field of information. Neoclassical theory is also self-consciously reductionist in its choice of assumptions about human agency. Neoclassical economics has its roots in the ‘marginalist’ revolution of the nineteenth century, which rejected the labour theory of value developed in classical political economy in favour of marginal utility theory. Neoclassical theory welcomes logical positivism because ‘it treats normative claims about how society ought to be structured as “meaningless”, and therefore unworthy of consideration by economists’.
