Abstract

LECHUGA-MONTENEGRO, Jesús. Money and Fictitious Capital. Retrospective and Current Reflection. Ens. Econ. [online]. 2019, vol.29, n.54, pp.159-180. ISSN 0121-117X.  https://doi.org/10.15446/ede.v29n54.74895.

Merchandise money, unlike paper money, works as a measure of value since it has an intrinsic value that it is the embodiment of abstract work. Paper money has no value; it only "ideally" reflects this work that generates value -therefore fictitious capital can be produced-. Thus, the first part of this article is about aspects such as endogenous money, credit money, and fictitious capital. The second part consists of the analysis of that theorization in the current capitalism with a strong mark of speculation, in which the fictitious capital -in any of its forms- is preponderant.

JEL: B14; B24; B41; G15.

Keywords : endogenous money; fictitious capital; shadow banking; financialization.

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