By Philip Mader
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Extra resources for The Political Economy of Microfinance: Financializing Poverty
Sample text
For the political economy of microfinance, the presence of a large and increasingly active rentier class that seeks new opportunities to earn non-entrepreneurial returns on capital is an important supply-side factor. However, this rentierist approach largely neglects the cultural and social dimensions that underlie the distributive shift: attitudes, ideologies and identities which must also change. 23 Financialization as coupon pool capitalism and disintermediated finance A third distinct approach focuses on the growing magnitude of financial markets and the nature of the financial work that is done in them.
Institutions are sets of rules of more than just a strictly voluntary nature – though not necessarily enshrined like laws – which shape, and are in turn shaped by, the social structures around them. e. third party enforcement . .
The sheer importance of money to capitalism is exhibited in the start and end points of the M-C-M’ general formula of capital (Marx 1976: 247–257). Following Marx, money is the incarnate representation of the abstraction which is exchange value, money being the “universal equivalent” between different commodities which can only ever be abstractly equal as exchange values (Marx 1973 [1858]: 141–142). Money’s three functions under capitalism, as measure (of value), medium of exchange (circulation) and end in itself (commodity), exist in parallel yet remain contradictory to one another, mirroring key contradictions in capitalism itself.