物象化の新しい展開と資本蓄積  [in Japanese] New Development of Reification of Production Relations and its Effects to Capital Accumulation  [in Japanese]

New form of reification of production relations is the product of transformation of finance today. Marx's ultimate form of reification is capital-interest relation which is characteristic of interest bearing capital and fictious capital. Since finance has transformed from institutional to functional finance from 1980's, people need to calculate and minimize risk about her/his financial commodities so as to get stable return from them. This new form of finance is fairly different from that of 19th and most part of 20th century, and this finance involves and enforces people to behave as risk evaluators. And reification accrued from this finance obliges corporation to realize high profit rate and high stock price. This new financially transformed regime of growth may be unstable compared with the golden age of capitalism, because the reproduction process of this regime is more vulnerable to financial fluctuation and stability of today's capitalism is dependent on high speed of innovation.