The essence of fictitious capital and its role in the development of mofern economic crisis
Authors analyze the term «fictitious capital» in this article and show its nature and main principles of functioning. Transformation of fictitious capital through the economic cycle and modern forms of fictitious capital are reviewed in the article. As a result authors make a conclusion that it is n...
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nasplib_isofts_kiev_ua-123456789-1317862025-02-23T20:01:53Z The essence of fictitious capital and its role in the development of mofern economic crisis Сутність фіктивного капіталу і його роль в розвитку глобальної економічної кризи Сущность фиктивного капитала и его роль в развитии глобального экономического кризиса Veduta, E.N. Gulyaev, R.A. Математичні та інформаційні моделі в економіці Authors analyze the term «fictitious capital» in this article and show its nature and main principles of functioning. Transformation of fictitious capital through the economic cycle and modern forms of fictitious capital are reviewed in the article. As a result authors make a conclusion that it is necessary to divide real and fictitious capital on all stages of economic planning. В даній статті автори аналізують поняття фіктивного капіталу, розкривають сутність та особливості функціонування. Проводиться аналіз трансформації ролі фіктивного капіталу в процесі циклічного розвитку економіки і виявляються сучасні форми існування. Автори роблять висновок про необхідність чіткого поділу поняття «капітал» на реальний і фіктивний капітали, що виключно важливо для стратегічного планування розвитку економіки на всіх рівнях в умовах сформованої світової фінансової системи. В данной статье авторы анализируют понятие фиктивного капитала, раскрывают сущность и особенности функционирования. Проводится анализ трансформации роли фиктивного капитала в процессе циклического развития экономики и выявляются современные формы существования. Авторы делают вывод о необходимости четкого разделения в понятии «капитал» реального и фиктивного капитала, что исключительно важно для стратегического планирования развития экономики на всех уровнях в условиях сложившейся мировой финансовой системы. 2015 Article The essence of fictitious capital and its role in the development of mofern economic crisis / E.N. Veduta, R.A. Gulyaev // Математичне моделювання в економіці. — 2015. — № 3(4). — С. 55-61. — Бібліогр.: 4 назв. — англ. 2409-8876 https://nasplib.isofts.kiev.ua/handle/123456789/131786 330.101 + 330.532 en Математичне моделювання в економіці application/pdf Інститут телекомунікацій і глобального інформаційного простору НАН України |
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Математичні та інформаційні моделі в економіці Математичні та інформаційні моделі в економіці |
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Математичні та інформаційні моделі в економіці Математичні та інформаційні моделі в економіці Veduta, E.N. Gulyaev, R.A. The essence of fictitious capital and its role in the development of mofern economic crisis Математичне моделювання в економіці |
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Authors analyze the term «fictitious capital» in this article and show its nature and main principles of functioning. Transformation of fictitious capital through the economic cycle and modern forms of fictitious capital are reviewed in the article. As a result authors make a conclusion that it is necessary to divide real and fictitious capital on all stages of economic planning. |
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Veduta, E.N. Gulyaev, R.A. |
| author_facet |
Veduta, E.N. Gulyaev, R.A. |
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Veduta, E.N. |
| title |
The essence of fictitious capital and its role in the development of mofern economic crisis |
| title_short |
The essence of fictitious capital and its role in the development of mofern economic crisis |
| title_full |
The essence of fictitious capital and its role in the development of mofern economic crisis |
| title_fullStr |
The essence of fictitious capital and its role in the development of mofern economic crisis |
| title_full_unstemmed |
The essence of fictitious capital and its role in the development of mofern economic crisis |
| title_sort |
essence of fictitious capital and its role in the development of mofern economic crisis |
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Інститут телекомунікацій і глобального інформаційного простору НАН України |
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2015 |
| topic_facet |
Математичні та інформаційні моделі в економіці |
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https://nasplib.isofts.kiev.ua/handle/123456789/131786 |
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The essence of fictitious capital and its role in the development of mofern economic crisis / E.N. Veduta, R.A. Gulyaev // Математичне моделювання в економіці. — 2015. — № 3(4). — С. 55-61. — Бібліогр.: 4 назв. — англ. |
| series |
Математичне моделювання в економіці |
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~ 55 ~
Математичне моделювання в економіці, №3, 2015
UDK 330.101 + 330.532
E.N. VEDUTA, R.A. GULYAEV
THE ESSENCE OF FICTITIOUS CAPITAL AND ITS ROLE IN THE
DEVELOPMENT OF MOFERN ECONOMIC CRISIS
Abstract. Authors analyze the term «fictitious capital» in this article and
show its nature and main principles of functioning. Transformation of
fictitious capital through the economic cycle and modern forms of
fictitious capital are reviewed in the article. As a result authors make a
conclusion that it is necessary to divide real and fictitious capital on all
stages of economic planning.
Keywords: fictitious capital, real capital, economic cycle, crisis,
speculation.
Introduction
The world economy is in global recession and it is encountering various
challenging systemic problems. These problems emerge worldwide: debt crises in
Greece and Puerto-Rico, influencing USA and EU, a stock market collapse in
China, a production downturn in Russia and Ukraine that is accelerating under the
pressure of international sanctions. Centralization of the world capital accelerates
during the global economic crisis, social stratification increases and a threat of a
strongarm ways of problem solving rises.
Fictitious capital has a major role in capital centralization and redistribution of
profits in favor of the richest people. K. Marx and F. Engels were the first to
explore this phenomenon. This non-production form of capital is unable to create
surplus value and has a tendency to grow uncontrolledly and then to impair during
a crisis that allows big companies to centralize smaller capitals for a lower price
than normal. Apart from that, fictitious capital can be used as a tool of inflation
import and property seizure by the means of world stock market and currency
intervention of countries with reserve currencies. In addition, there is a dangerous
tendency to equalize different forms of capital (real and fictitious) in a public
discourse that is not only false, but also harmful for economy. This confusion often
leads to inappropriate ways of solving economic problems by politicians and
managers. That is why nowadays exploring of fictitious capital (that is
exaggerating rapidly and is causing an increase of macroeconomic instability) and
its separation from real capital (that is providing global and national extended
reproduction) is extremely urgent. The purpose of this article is to disclose the
essence of fictitious capital, its functioning and ways to prevent its negative
consequences to provide circumstances for sustainable growth of life quality.
1. Concept of fictitious capital
According to scientific definition [1] capital is production relations between a
business owner and employees, when an owner carries all costs of labor and other
factors of production to derive surplus value. Historically commodity and money
capital are the first forms of capital. However, real capital becomes the main form
Ó E. N. Veduta, R. A. Gulyaev, 2015
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Математичне моделювання в економіці, №3, 2015
of capital in capitalist society, it participates in production of commodities and
surplus value, its turnover provides the basis for commodity and money capital.
Fictitious capital does not belong to these types of capital. A credit certificate is its
physical bearer.
We are going to analyze principal distinctions between fictitious and other
forms of capital to reveal its essence. To start, fictitious capital is an agent of real
capital, but it does not represent tangible property. This means that, generally, it
could not appear without real capital and represents it on the stock market, but it is
not related directly with means of production and other objects that it represents. It
entitles its owner to receive income. Then, fictitious capital has something in
common with loan capital (it allows to attract additional funds), but it does not
exist as money capital and thus it does not participate in a production turnover.
In addition, fictitious capital does not create surplus value, it only entitles its
owner to get a part of income and thus to redistribute it. It has no ability to create
any product or surplus value. Its owner capitalizes revenue in a form of a dividend
or interest, but that is only a part of income created by real capital.
Finally, fictitious capital turnover does not match with real and loan capital
turnover emerging as a result of separation capital as ownership from capital as a
function. Consequently in our interpretation fictitious capital is capital that has its
own circulation different from real capital in its production and money forms and
that is a tool of redistribution of income (generated for the period) or wealth
(accumulated previously).
Fictitious capital as a stock emerged as a tool of increasing of entity’s abilities
to perform capital-intensive projects (construction of railways, canals, etc.),
renovation and development of production. This allowed entities to centralize
capitals both friendly and hostile. After an initial floatation (when capital at its
nominal value acts as a real capital) circulation of these securities on the stock
exchange becomes independent. Among the others bonds, promissionary notes,
sales bills and other securities related to loan operations are attributed to fictitious
capital. They all are titles of ownership, bringing profit to its owners in a form of
an interest or a dividend. Accumulation of state bonds also relates to fictitious
capital and means an increase in the number of the government creditors having a
right to expropriate some money from the tax pool.
The circulation of titles of ownership (bonds, shares) creates an illusion that
they form real capital. Nevertheless there price is not related to the price of real
capital and changes depending on the size and the pledge of the future income.
They become commodities with their own certain pricing mechanism and
consequently with a freely fluctuating price.
As a result of fictitious capital evolution derivatives become its part as well as
other securities. Derivatives add some new important abilities to fictitious capital:
to hedge risks and to regulate the redistribution of the future income.
Nowadays they understand public capital as the aggregate of fictitious and real
capital that confuses the principal distinction between them.
The increase of real capital is connected with the development of physical
facilities to meet the growing public needs. At the same time an increase of
fictitious capital reflecting in its market price is speculative, aiming not at the
development of public production, but at maximization of their owner’s income. In
addition, public capital has almost endless potential to expand uncontrollably due
to its fictitious part. Nevertheless, this expansion cannot be eternal, because only
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Математичне моделювання в економіці, №3, 2015
real capital provides a basis for all profits. An advance growth of fictitious capital
(in comparison with real capital) leads to a fall in capital profitability in a whole
and increasing instability in economy down to systematic crises. Moreover,
fictitious capital’s role and development changes significantly during different
stages of economic cycle.
2. Fictitious and real capital during different stages of economic cycle
Public production is spontaneous due to the lack of coordination between
production abilities and public needs. This randomness generates disproportionality
of economic development: disparity of production in different sectors, of savings
and consumption. As a result of chaotic actions of all subjects economic
development becomes fluctuating, slumps change periods of growth such
movement was called an economic cycle. K. Marx described movement dynamics
of real and fictitious capital on different stages of economic cycle [1].
Finished products are sold slowly during the recession stage, so reproduction
process ceases: equipment does not work effectively, there is an excess of
inventories. Credit becomes called-for, so the interest rate rises. Unemployment
grows due to the bankruptcy off small entities and layoffs on big ones, total
production decreases. Capital owners consider ineffective to invest at this profit
margin. Thus the basis of fictitious capital is destroyed: it has its own movement,
nevertheless, it is closely connected with the real one. Fictitious capital decreases,
the volume of speculative deals falls due to the poor market conjuncture. Market
prices hit its bottom.
Business activity is extremely low on a zero stage of economic cycle
(depression stage). Entities that realized a need to change their ordinary business
schemes show first signs of revivng. This could be the search of the new market,
equipment modernization for getting a competitive advantage, restructuring for a
different function for a new market niche, implementing of a new production
automatic control system (ACS) that increases management decision effectiveness.
Real capital is the first to revive after crisis, so a recovery stage begins.
After such massive changes new growth sectors in economy emerge, where
profit and employment increases; afterwards this process embraces the whole
economy. After real capital recovery, fictitious capital starts to grow. Number of
speculative deals rises, securities’ turnover increases and business activity grows
steadily. In a certain moment volume of fictitious capital exceeds real capital
generating additional risks, provoking economic instability and market indicators
fluctuation. During a prosperity stage, when real capital ceases its growth and
production facilities have nearly reached its maximum output, fictitious capital has
a potential for almost uncontrolled growth. Real investments that were prevalent at
a recovery stage are replaced by financial and speculative due to its higher rate of
return, entrepreneurs make more and more risky affairs sure un their success.
Nevertheless, fictitious capital cannot grow infinitely, because only real capital
generates basis to its existence.
As a result, of implementing of new technologies and management
rationalization average costs fall, commodity supply increases its demand and
causes overproduction. Development disproportion enlarge, overstocking emerges
and inventory growth makes companies to decline production. A recession stage
starts from this moment, production and real capital are reducing, total income falls
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Математичне моделювання в економіці, №3, 2015
cause of unemployment (for households) and profit margin decrease (for entities),
so does the total expenditure as well. Fictitious capital has a certain independence
and continues to increase despite the tendency of public capital development. A
fictitious demand in an economy maintained by bank loans disguises
overproduction and exceeds the solvent demand. An unemployment rate growth,
fall of the level of income and expenditure in an economy, increase of costs and
reducing of a profit margin lead to the situation, when crisis of disproportional
development effects the circulation sector. An industrial crisis is accompanied with
a credit and monetary crisis. While real capital brings less profit so do securities
and, consequently, they lose their value. Market gamblers, whose purpose is to
draw speculative profit, and broad public effected by stock exchange panic attempt
to sell securities as soon as possible whatever the price to get some profit and
minimize loss. Fictitious capital bubbles burst and market gamblers lose their
money. The number of loan operations slumps, there is a chaos in an economy
effected by bankruptcies of banks and insurance companies. Credit and monetary
crisis in its turn aggravates industrial crisis, weak entities disappear from the
market, and centralization of financial and industrial capital accelerates, when big
companies acquire small ones that went bankrupt during the crisis.
To sum up, spontaneity of economic development determine its
disproportionality and cyclicity. Fictitious capital increases following real capital
and participates in distribution and redistribution of a surplus value generated by
real capital. During a prosperity stage fictitious capital due to its potential to
uncontrollable growth leads to sharpening of public and industrial risks. During a
recession, economy generates less surplus value than it used to, and redistribution
process and fictitious capital lessen. When a crisis hits its bottom, total output
reaches its minimum and the last fictitious capital bubbles burst.
3. Fictitious capital in a modern economy.
The essence of fictitious capital remains the same since its appearance: it serves
solely to redistribution of generated profit and accumulated income. Globalization,
conducted in favor of the world capital centralization by financial oligarchy, not
only assists the growth of fictitious capital’s volume, but also provokes creation of
its new forms, enlarging opportunities to manipulate fictitious capital. Main factors
that stimulate this process are dollar-based world monetary system, development of
the world loan market, conversion to floating exchange rates and oil shocks.
Unsteadiness of exchange rates, share quotations and interest rates is used as an
element of a speculative game and assists development of hedging of the financial
operations. Constant rate changes allow deriving an income from buying and
selling securities and from commodity prices’ fluctuations that are extremely
vulnerable to speculations. On the edge of the XX and XXI centuries speculative
factors formed 15-20% of the oil price on the market grace to the activity of
hedgers and the fact that oil demand exceeded its supply [4]. This led to a critical
fall of the oil prices in 2008 and 2014. Modern abilities of redistribution of assets
and centralization of the cash flows significantly exceed previous ones.
Higher turnover rate and profit margin in financial markets (especially
derivative market) than in production provokes moving of cash flows to
speculative activities. As a result, a share of industrial and infrastructural projects
declines in time in favor of financial ones, long-term operations give place to short-
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Математичне моделювання в економіці, №3, 2015
term and real investments are changed by speculations. This tendency boosts a
growth of disproportionality of the world economy’s development and,
consequently, a rise of fluctuating of its main indicators, increase of it vulnerability
and, as a result, strengthen global crisis. All forms of fictitious capital are used not
only for profit redistribution, but also for centralization of the real capital in favor
of the world financial oligarchy. Historically shares were a reflection of the
invested real capital and were a title of ownership that granted an ability to devise
an income, but then they acquired their own circulation on the stock market with
different from their nominal value prices. Market prices’ fluctuation, especially
during the crisis, directly influences entities. During financial crises (especially
beginning from the XX century) fictitious capital is used as a leverage for
monopolization of industries, in other words for acquiring real capital (owning by
small capitalists and generating real output) by big companies. In view of general
chronic inflation and mounting economic crises accompanied with depreciation of
securities and other forms of fictitious capital centralization process accelerates.
State bonds is another form of fictitious capital. Despite the fact that they are
essentially used for financing large infrastructural and other long-term projects
under state control, then these instruments gain their own circulation on the bond
market. Nowadays a size of suck markets is extremely padded. USA national debt
financing mainly by state bonds exceeds its GDP, same indicators of developed
European countries reach 90% of GDP in view of a growth of inflation,
unemployment rates and general recession in the world economy. Countries tend to
use bonds as a tool of monetary politics that change money supply. Nevertheless,
this is fictitious capital and it is unable to create surplus value and to revive
economy truly.
In addition, the essence of other tools used by the government for increasing
state income and project financing, such as privatization of state property and
creation of pension funds are also operations with fictitious capital. Privatization
means only a change of the title of ownership in favor of private parties and filling
of state budget by fictitious capital with no real production behind. The same is the
situation with pension funds that use their capital on financial markets and increase
the volume of fictitious capital.
Nowadays in the light of global economic crisis issue of reserve currencies (that
are not boosted by real production) is the main source of fictitious capital, mainly
the US dollar. This sphere developed rapidly after creation of world loan market in
1958 (euromarket). In what follows, usage of excess fictitious capital as a tool of
export of inflation to developing countries to acquire their real capital increased
significantly after the first oil shock and the creation of Kingston exchange system
in 1976 (liquidation of gold-exchange standard). The second oil shock provoked
the creation of special development zones that together with euromarket brought
down the last barriers of free circulation of fictitious capital on the supranational
level for the benefit of the largest transnational companies and other groups of
interest. Grace to well-coordinated actions of developed countries they succeed in
liberalization of financial markets for consequent facilitation of the export of
fictitious capital to developing countries (especially ex-communist countries), for
which they have to pay with their real capital [2].
The general scheme of this process is the following: solvency crisis of
developing countries, their corporations and entities compels them to search
sources of financing on the euromarket. Nevertheless, foreign capital attracted this
~ 60 ~
Математичне моделювання в економіці, №3, 2015
way is fictitious not only by its form, but also by the essence: in modern economy
reserve currencies are almost not boosted by the real production. It is used to
export inflation, to restore solvency of recipient-country’s entities and to consult
them to perform institutional reforms under terms stimulating acquisition of their
real capital by the world financial oligarchy. Such loans make recipient-countries
dependent not only economically, but also politically from exporters of fictitious
capital.
In addition, countries include indicators of real and fictitious capital equally into
their international balance of payment following the recommendations of IMF.
Such mixing under one general category «capital» allows countries that have
reserve currencies to drop disadvantages of their crisis development on other
countries. Exporters of fictitious capital «produce» the most profitable commodity
in the world – reserve currencies; it costs nothing, but it is accounted in their
balance of payment equally with the imported real capital, such as raw materials,
produced in countries that have no rights to issue reserve currencies. This process
provides acquisition of real capital of countries and regions by the world financial
oligarchy.
That is the reason why recipient-countries and members of monetary-based
economic blocks (Greece and Ireland for Germany in EU, Puerto-Rico for the
USA) become victims of the global crisis in the first place. Usually we observe the
following situation: national economies that produce real production goes bankrupt
because of the padded bubble of fictitious capital and have to spend their money on
the debt servicing and not on the development of real capital; donor-countries buy
up cheaply this real capital grace to devaluation of their national currency. Thus,
recipient-countries pay for the fictitious capital with their real property, which
leads to the fall of their citizens’ standards of living. We witness a capital
centralization on the supranational level and a «globalization with export of
poverty to the periphery of the world economy» [3].
A scientific strategic economic planning is needed for recipient-countries to
struggle against global economic crisis that allows liquidating its source –
disproportionality. An exact distinction of real capital (that participates in real
production) and fictitious capital (that circulates to redistribute income and wealth)
is necessary. The practice of fictitious loans providing spontaneous capital
centralization in favor of big capitalists must be ceased.
Real investments should be a switch of this plan with full supply of equipment,
inventory and other material resources that allow increasing total output in the
future. The main goal of planning of the economy is a calculation of production
chains providing the maximization of the products’ output required by final
consumer (households, government, exporters and others) through implementing of
new technologies. This process is described in the dynamic model of interindustry
balance designed by scientist-cyberneticist N. I. Veduta. Cybernetic economic
organization allows increasing significantly effectiveness of managerial decisions
to escape economic cyclicity and to start a sustainable development of standards of
living.
Conclusion
Fictitious capital refers to titles of ownership that allows capital centralization for
big industry projects, but it always has its own circulation and provides
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Математичне моделювання в економіці, №3, 2015
redistribution of income and wealth in favor of their owners. It develops together
with capitalism that is characterized by a spontaneous economic organization and
cyclicity – constant changing of the periods of growth and recession.
A lack of coordination of production abilities and public needs leads to
disproportionality of different industries, of supply and demand. The final reason to
every economic crisis is a scarcity of mass consumption. This disproportionality is
a basis for loan relationships and fictitious capital. Defaults in payments lead to
insolvency, bankruptcy and a monetary crisis. At this time interest rates increase,
security prices fall and big capitalists centralize capital. The first signs of recovery
show entities that realize a need to change the business model. Every consequent
crisis leads to strengthening of the world financial oligarchy and to the growing
instability of the world economy with prevalent strongarm methods of problem
solving.
Fictitious capital plays an important role in developing of the world model
based on economic chaos through accelerating of capital centralization. A lack of
funds to prevent insolvency entities and governments of developing countries
supply with numerous forms of fictitious capital on primary and secondary markets
mainly based on US dollars that are issued in exchange for the recipient-countries’
real capital. Big capitalists centralize capital to acquire smaller entities at a lower
price during subsequent economic crisis when bubble of fictitious capital
«shrinks».
Countries need a clear vision of differences between real and fictitious capital
on all levels to struggle with the crises and an understanding that keenness on
speculative operations with higher profitability in short-term outlook leads to
growth of fluctuation of all indicators and to increase of vulnerability in medium
term outlook. In long term outlook this leads to systematic crises and failure of
world financial system. Success in the field of switching from chaotic development
and participating in international speculations, aimed at redistribution of the gross
product with the help of fictitious capital to development of real capital and real
production.
A crisis is not only a threat, but also a possibility of conversion to the new level
of country’s competitiveness in realization of a sustainable growth of standards of
living. Only countries that gain a competitive advantage in public administration
with the help of economic cybersystem (that enhances effectiveness of managerial
decisions in providing a proportional sustainable economic growth) will be able to
overcome modern global economic crisis. This relates not only to recipient
countries of capital but also to donor-countries.
LITERATURE
1. Marx K. Das Kapital. Volume 3. Political literature est., 1970.
2. Veduta E.N. «State strategy and economic politics». – M. High Education, 2002.
3. Veduta E.N. «Intersystem adjustment of global economic model», international
scientific magazine «Mathematical modelling in economics », Kiev, 2015, № 2 (3).
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Стаття надійшла до редакції 27.07.2015
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