Book Review [ Profiting without Producing: How Finance Exploits Us All by Costas Lapavitsas]

Abstract

His most recent book, Profiting without Producing, will be a reference point for Marxian political economy for decades to come. The book is in some sense four books (divided into three sections). In part one Lapavitsas offers a luminous history of Marxian monetary/finance theory. Part two penetratingly develops a Marxian concept of money, for an explanation of contemporary finance. The intention in part two is to interpret Marx’s theory of money for understanding contemporary contradictions and crises. Part three analyzes two phenomena. First the rise of financialization – Lapavitsas provides impressive empirical and historical analysis to demonstrate financialization (specifically for the U.S., U.K., Japan, and Germany). Second Lapavitsas describes, and (based on parts two and one of the book) explains, the financial collapse in the U.S. 2007-8, and the Eurozone finance/fiscal crises 2009-10