The Commodities Fetish? Financialisation and Finance Capital in the US Oil Industry

This article explores the financialisation of the world’s most important commodity, oil. It argues that much of the literature on the financialisation of commodities tends to adopt a dualistic approach to financial markets and physical producers, where financial and non-financial activities are assumed to be externally-related and counterposed to one another. The article locates the roots of this analytical separation in a mistaken acceptance of the fetish character of interest-bearing capital (IBC) – a view that the exchange of loanable sums of capital represents a relationship between money-capitalists rather than a relationship to the moment of production. Against such dichotomous readings, the article argues that the financialisation of oil needs to be understood as part of the reworking of ownership and control across the oil commodity circuit, expressed through the combined centralisation and concentration of capital over the money, productive and commercial moments. This argument is demonstrated through an original empirical investigation of the US oil industry, including 20 years of weekly trading data on the New York Mercantile Exchange (NYMEX) and a detailed study of more than 160 oil and energy-related firms in the US. By mapping the structural weight and connections between different capitalist actors involved in accumulation across the oil sector, we gain a better understanding of the ultimate dynamics (and beneficiaries) of the carbon economy.

The Economics of Modern Imperialism

This work focuses exclusively on the modern economic aspects of imperialism. We define it as a persistent and long-term net appropriation of surplus value by the high-technology imperialist countries from the low-technology dominated countries. This process is placed within the secular tendential fall in profitability, not only in the imperialist countries but also in the dominated ones. We identify four channels through which surplus value flows to the imperialist countries: currency seigniorage; income flows from capital investments; unequal exchange through trade; and changes in exchange rates. We pay particular attention to the theorisation and quantification of international UE and of exchange-rate movements. Concerning UE, we extend Marx’s transformation procedure to the international setting. We use two variables in the analysis of UE: the organic composition of capital and the rate of exploitation, and we measure which of these two variables is more important in contributing to UE transfers. We research a time span longer than in any previous study. We also introduce the distinction between narrow and broad unequal exchange according to whether two countries are assumed to trade only with each other or also with the rest of the world. As for the analysis of the exchange rates as a channel for appropriation of international surplus value, we reject conventional approaches because they are rooted in equilibrium theory. We find very strong empirical evidence that exchange rates tend towards the point at which the productivities are equalised. This is only a tendency because this equalisation is inherently incompatible with the nature of imperialism. Finally, given its topicality, we apply our analysis to the relation between the US and China and find that China is not an imperialist country according to our definition and data.

Notes For a Discussion on Unequal Exchange and the Marxist Theory of Dependency

The debate on the decline of the terms of trade in dependent countries was never fully integrated into the Marxist theory of dependency. The attempt to articulate it through the category of unequal exchange was not particularly systematic. This paper seeks to recover those debates and will attempt to account for the relevant articulations in the light of a present revitalisation of studies in the field of Marxist dependency theory. To this end, we will recover the classical discussions around unequal exchange in order to discuss their points of contact with the Marxist theory of dependency and some contemporary debates around the transfer of value and the super-exploitation of labour and nature.

Imagination as Crisis: Spinoza on the Naturalisation and Denaturalisation of Capitalist Relations

Many current Marxist debates point to a crisis of imagination as a challenge to emancipatory thoughts and actions. The naturalisation of the capitalist mode of production within the production of subjectivity is among the chief reasons behind this state of affairs. This article contributes to the debate by focusing on the notion of imagination, marked by a deep ambivalence capable of both naturalising and denaturalising social relations constitutive of the established order. Such an understanding of imagination is constructed from within the framework of historical materialism, and it draws on Spinoza and Marx, taking advantage of the similarities between the two with respect to the constitution of the subject. From this stems an investigation into the imagination as a material force that partakes both in subjection and liberation. This is further demonstrated in regard to juridical forms of subjectivation and the possibility of subverting these forms through imagination.

Crisis in the Tar Sands: Fossil Capitalism and the Future of the Alberta Hydrocarbon Economy

Using a case study of Alberta, Canada, this paper demonstrates how a geographic critique of fossil capitalism helps elucidate the tensions shaping tar sands development. Conflicts over pipelines and Indigenous territorial claims are challenging development trajectories, as tar sands companies need to expand access to markets in order to expand production. While these conflicts are now well recognised, there are also broader dynamics shaping development. States face a rentier’s dilemma, relying on capital investments to realise resource value. Political responses to the emerging climate crisis undercut the profitability of hydrocarbon extraction. The automation of production undermines the industrial compromise between hydrocarbon labour and capital. Ultimately, the crises of fossil capitalism require a radical transformation within or beyond capital relations. To mobilise against the tar sands, organisers must recognise the tensions underpinning it, developing strategies that address ecological concerns and the economic plight of those dispossessed and abandoned by carbon extraction.

Fascists, Freedom, and the Anti-State State

Most theorisations of fascism, Marxist and otherwise, have taken for granted its idolatry of the state and phobia of freedom. This analytical common sense has also inhibited the identification of continuities with contemporary movements of the far Right, with their libertarian and anti-statist affectations, not to mention their embeddedness in neoliberal policies and subjectivities. Drawing on a range of diverse sources – from Johann Chapoutot’s histories of Nazi intellectuals to Ruth Wilson Gilmore’s theorisation of the anti-state state, and from Marcuse’s explorations of fascist competitive individualism to debates on neoliberal authoritarianism – this essay sketches the counter-intuitive but disturbingly timely image of a fascism enamoured of freedom and at odds with the state.

Entrepreneurship and Decentralised Investment in a Planned Economy

Since the 1980s, authors of the Austrian School have argued that the problem of rational allocation in a planned economy is not computational or technical in nature (static optimisation, with given information) but a question of dynamic efficiency (innovation and the creation of new information), and that this would be impossible without market processes and free entrepreneurship. In this article, we argue to the contrary that a planned economy can effectively drive dynamic efficiency. We first reveal that the Austrian thesis on the impossibility of dynamic efficiency in socialist planning is based on tautological arguments, or on problems already solved by technological development. Secondly, we present an institutional formula for promoting innovative activities and entrepreneurship within a framework of social ownership of the means of production and social control of investment.

Phenomenology, Scientific Method and the Transformation Problem

We argue in this article that Marx’s scientific method coupled with his analysis of the phenomenological consciousness of agents trapped within the capitalist mode of production provides a sufficient solution to the transformation problem. That is, Marx needs no amending – mathematical, philosophical, or otherwise – and the tools he uses to demonstrate and resolve the problem – science and phenomenology – were already clearly spelled out in his texts. Critics of Marx either fail to understand his scientific method, or are themselves trapped within a non-scientific capitalist phenomenology. Similarly, Marxists that mathematically resolve the transformation problem fail to realise that Marx’s scientific analysis alone demonstrates that a mathematical solution to the transformation problem is a misapprehension of the relation between Marx’s abstract theory and concrete phenomena. Consequently, we also criticise the monetary theorists who try to dismiss the problem as pointless by claiming that Marx was not a pre-monetary theorist.

History, Materialism, Historical Materialism: A Response to Carolyn Lesjak and Stefano Ercolino

Written in response to Carolyn Lesjak and Stefano Ercolino, this article reconstructs the author’s changing relationship to historical materialism.