Is All Finance Capital Fictitious? Not Throwing the Baby Out with the Bathwater

Many years ago, in his book The Limits of Capital, Marxist economist David Harvey described how banks can actually contribute to a society. In this article, Jack Rasmus makes an important distinction between real asset management (plants, equipment, buildings) and financial asset management (stocks, bonds and derivatives). It is only the latter that is more likely to lead to a Great Recession – or worse.