Karl Marx: Told you so

Leftclickblog has thoughtfully presented a series of video lectures on Marxism for those who now think Marx may have had a few serious clues after all.

The Marxist concept of “fictitious capital” suddenly has extraordinary relevance, doesn’t it?

Fictitious capital could be defined as a capitalisation on property ownership. Such ownership is real and legally enforced, as are the profits made from it. But the capital involved is fictitious; it is “money that is thrown into circulation as capital without any material basis in commodities or productive activity”. Fictitious capital could also be defined as “tradeable paper claims to wealth”, although tangible assets may themselves under certain conditions also be vastly inflated in price.