The fourth dimension: derivatives and financial dominance
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Data
2015-04Autor
Rossi, Pedro Linhares
Mello, Guilherme Santos
Carneiro, Ricardo de Medeiros
Chiliatto-Leite, Marcos Vinicius
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This paper sought to address the central role played by derivatives
markets in contemporary capitalism. It argues that these fi nancial
instruments have added several implications to the dynamics of
capitalist economies, so that it forms a new sphere of accumulation
here called the fourth dimension, with a new form of capital (the
derivative form). In this new dimension, it is possible to observe three
major changes compared to the previous dimensions. The fi rst concerns
the emergence of new property relations, marked by the separation
between the ownership of assets and ownership of the rights on the
performance of these assets. The second change relates to the new
nature of the gain obtained in derivative transactions, here termed as
casino gain. Finally, these changes create the conditions to consider
a relationship of subordination of prior dimensions to the fourth
dimension, which is consolidated when derivatives markets become
the central locus for determining spot prices in key markets