Speculative Capital is the exposition of the theory of speculative capital, the latest form of finance capital that has come to dominate the financial and capital markets in the US and, from there, other industrialized countries and emerging markets.
Speculative capital is an expanding force, its influence permeating economic relations—and beyond. It is not possible to understand the changes taking place around us without knowing speculative capital and the laws of its movement.
Vols. 1, 2 and 3 of Speculative Capital have covered the rise of speculative capital, its impact on markets and the way it commoditizes "credit" for the purpose of trading and arbitrage. Vol. 4, Systemic Risk, is in the works. It will be followed, time and circumstances permitting, by the final volume, Dialectics of Finance.
Vol. 1: The Invisible Hand of Global Finance
Speculative capital is capital engaged in arbitrage.
Vol. 2: The Nature of Risk in Capital Markets
Derivatives are the functional form that speculative capital assumes in the market .
Vol. 3: The Enigma of Options
An option is not a right to buy or sell. It is a right to default.