Debunking the system: The rigging of the geofinancial power network

Abstract

This article demonstrates how key Marxist theories and concepts have influenced my thinking and theoretical framework on financialization. Several key contributions from Marxist theory (the accumulation of capital and class struggle; the law of value and capitalist money; uneven development and imperialism; and financialization and global finance capitalism) provide the theoretical framework for what I call the geofinancial power network, a transnational sociotechnical system. The network is then historically and geographically situated in within the context U.S. post-World War II international hegemony and its military-industrial-complex that gave life to the ideas of ‘systems theory’ and sociotechnical systems, and its efforts to control transnational finance and the mechanisms of power (institutions, technologies etc.) that enabled global finance capitalism to emerge as a system of power. This theoretical framework has been useful for helping me understanding not only how financialization enables capitalism to reproduce itself unevenly across space, but also how it subsequently reorganizes economic spaces institutionally and technically into a hierarchical global system and single division of labor.