Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/95273
Authors: 
Fumagalli, Andrea
Lucarelli, Stefano
Year of Publication: 
2010
Series/Report no.: 
Quaderni di Dipartimento 127
Abstract: 
The structural changes that occurred in the last 30 years have substantially modified the capitalistic organization of society, both at national and international level. A new regime of accumulation devoid of a stable mode of regulation and centred on financial valorisation of new socio-economic growth perspectives has been consolidating. Conditions imposed by financial markets in order to create the shareholder's value consisted of promoting downsizing, reengineering, outsourcing and M&A processes. The flexibilization of labour force and precarization of existence has thus been the result of the established valorization norm. But why should the corporate restructuring sustain the enterprise value by creating income stock ? The definition of a new regime of accumulation involves a research on the criteria of valorisation and the prevailing technological paradigm. The main changes of new capitalism concern mainly two spheres: the role played by knowledge in the new technological paradigm and valorisation process and the importance of finance. The dominant technological paradigm and the role played by knowledge within it are not enough to explain the evolution of the accumulation regime. It is needed to introduce further elements necessary to explain the expectations that sustain the investment choices made by capitalists; these are the conventions or collective beliefs. Then, after describing the main features of the accumulation paradigm that many scholars have not hesitated to name as Cognitive Capitalism , we shall attempt to provide a theoretical framework of it intended as a financial economy of production. We shall therefore proceed to the reformulation of the schemes of monetary circuit (Graziani 2003).
Document Type: 
Working Paper

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