I think it's time to raise a thread about fictitious capital
while OPE has reached to the several points where we consider
capitalists' expectations and speculations.
In the 6 books plan of Marx(1858)(we have a discussion last fall),
'stock capital' was to be picked up next to 'credit' in 1st book and
landed property as 2nd book. In my understanding, concept of fictitious
capital is not to be understood as a set of various capitals that are
regarded as actual forms of fictitious capital (stock capital, bonds, land,
patent etc,). I think I'm not clear enough, but tend to define fictitious
capital as capital form of any request rights of part of surplus value.
If fictitious capital can be defined as a set of capitals, it's not
necerssary to study fictitious capital in general. Examining specific
theories of each case would be more suitable.
I'm afraid my definition doen't answer to Chai-on's question[1593] (to
Maria). And I'm looking forward to hear definition by Maria and others'.
I believe it's profitable to begin this thread with definition of fictitious
capital to clarify our agreement and disagreement. (I don't opposite
to review of books suggested by Jerry, Allin and Riccard)
I'm ashame I haven't read Michael's book(1987) and the paper(1991) on
fictitious capital. I will do so but it often takes more than 2 months for
me to get a book from overseas. (I ordered Makoto's Basic Theory last
december and have got one today.) So, I would like Michael to summarise his
view on fictitious capital and teach me his thought on 'fictitious value'.
in OPE solidarity,
Iwao