An interpretation of Financialisation of land through Marxian lens
Authors :V.P Nirmal Roy
Abstract
This paper attempts to provide a Marxian interpretation to the phenomenon of Financialisation of land. While the use of the term financialisation with respect to land in the current scenario signifies the various facets of the transformation of land and allied resources exhibiting financial tendencies, the substantial theoretical argument explaining its evolution was found in the Marxian explanations concerning land ownership. In this article, the concepts of commodity fetishism and fictitious capital are used to explain the changing nature of land as a commodity, especially as that of a financial asset. To conclude, the paper also provides an overview of David Harvey’s interpretation of capital switching as well as Kar Polyani’s view of land markets in explaining the historical specificity of land transformation to that of space and as a financial asset.
Keywords: Financialisation, Commodity Fetishism, Fictitious Capital
