Cognitive Capitalism, Welfare and Labour by Fumagalli Andrea;Giuliani Alfonso;Lucarelli Stefano;Vercellone Carlo;

Author:Fumagalli, Andrea;Giuliani, Alfonso;Lucarelli, Stefano;Vercellone, Carlo;
Language: eng
Format: epub
Publisher: Taylor & Francis (CAM)
Published: 2019-02-26T16:00:00+00:00

Financial subsumption

The start of the financial crisis and the outbreak of the crisis of the so-called “sovereign debt” clearly highlighted the role of the financial markets and of the debt instrument as an integral part of the process of subsumption of labor to capital. In this context, the link between the financial and real sphere becomes indissoluble (Fumagalli and Mezzadra 2011). It follows that the financial markets enter directly into the biopolitical sphere of individuals (Lucarelli 2010). Riccardo Bellofiore grasps this aspect speaking of “real subsumption of labor to finance”: “it deals with the subaltern integration of the working class households, as well as of the middle class, into the financial markets, and of their slipping into a growing bank debt” (Bellofiore 2012a: 191). And more:

The two pillars at the basis of the reaction of capital to the workers’ struggles and to the crisis of the seventies have been the labor fragmentation and financialization. Both had new characters. Labor fragmentation, in fact, has been significantly the other side of a new “centralization without concentration.” Financialization, in turn, was embodied in an authentic “real subsumption of labor to finance and debt”: an inclusion of households and consumers—hence of the world of labor—within the financial universe. The real subsumption of labor to finance led to the deepening of centralization without concentration, and more generally a further crackdown of the exploitation of labor.

(Bellofiore 2011: 49)

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