Acknowledgments | p. viii |
Introduction | p. 1 |
What is at issue? | p. 6 |
So what are derivatives? | p. 10 |
... And why are derivatives so important? | p. 12 |
How are these issues addressed? | p. 14 |
Derivatives as Capital | p. 17 |
A New Perspective on the Role of Finance | p. 19 |
The economics of money and finance: the need for new agendas | p. 21 |
Social sciences: 'new era' explanations of finance | p. 24 |
Derivatives as a universal measure | p. 35 |
Conclusion | p. 37 |
Derivatives and Derivative Markets | p. 39 |
Defining derivatives | p. 40 |
Commodity derivatives | p. 41 |
A new role for derivatives | p. 48 |
Out from the margins | p. 54 |
The challenge of derivatives | p. 60 |
Defining derivatives (refrain) | p. 64 |
Conclusion | p. 65 |
From the Joint Stock Company to Financial Derivatives | p. 68 |
A new expression of capital | p. 69 |
Capital and ownership: three degrees of separation | p. 71 |
The joint stock company | p. 77 |
Financial derivatives | p. 89 |
Conclusion | p. 100 |
Derivatives and International Finance | p. 103 |
Anchoring the Global Financial System | p. 105 |
National currencies and global money: the policy trilemma | p. 106 |
Early commodity money: the Gold Standard and its contradictions | p. 108 |
The Bretton Woods regime | p. 112 |
After Bretton Woods: the return to floating exchange rates | p. 118 |
Floating exchange rates then and now | p. 121 |
The search for a fundamental value of global money | p. 124 |
Evidence of 'the fundamentals': asset pricing and exchange rate theories | p. 126 |
Derivatives anchoring the global financial system | p. 130 |
Conclusion | p. 133 |
New, Global, Capitalist Money | p. 135 |
What is at issue? | p. 135 |
Money as a social relation | p. 139 |
Money and the nation state: unstated Keynesian presumptions | p. 143 |
Money beyond the false juxtaposition between markets and state | p. 150 |
Derivatives as commodity money | p. 153 |
Conclusion | p. 155 |
A Marxian interpretation of financial derivatives as commodity money | p. 156 |
Global Competition | p. 162 |
Competition: a contested concept | p. 163 |
Capital with many meanings | p. 165 |
Competition and the circuit of capital | p. 168 |
A problem of continuity in the circuit: what about time and space? | p. 171 |
Rethinking competition | p. 173 |
Conclusion | p. 174 |
Debating Derivatives | p. 177 |
Speculation, Derivatives and Capital Controls | p. 179 |
Clarifying the case against derivatives | p. 180 |
Differentiating 'threats' | p. 186 |
The Tobin tax | p. 188 |
National agendas for social change: are capital controls a priority? | p. 192 |
Conclusion | p. 196 |
Speculation, derivatives and money | p. 197 |
Derivatives and the Development of Capitalist Relations | p. 203 |
'Deregulation' and 'reregulation' | p. 204 |
Derivatives' role in regulation | p. 207 |
Derivatives as the model of the future | p. 210 |
Conclusion | p. 213 |
References | p. 215 |
Index | p. 230 |
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