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Against Value: Accumulation in the Oil Industry and the Biopolitics of Labour Under Finance
Author(s) -
Labban Mazen
Publication year - 2014
Publication title -
antipode
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 2.177
H-Index - 98
eISSN - 1467-8330
pISSN - 0066-4812
DOI - 10.1111/anti.12062
Subject(s) - financialization , economics , capitalism , biopower , shareholder value , market economy , investment (military) , profitability index , capital (architecture) , politics , sovereignty , corporate governance , labour economics , finance , shareholder , political science , law , archaeology , history
Current theses on the financialization of capitalism postulate a shift from investment in material growth to financial channels, with the implication that the extraction of value from the labour process is no longer the central locus of corporate profitability and that the antagonism between labour and capital in the accumulation process has been displaced by the tension between corporate managers and financial markets. This article challenges both claims of financialization and its political implications. Using an analysis of the oil industry in the US, focusing particularly on layoffs, I argue that, instead of inhibiting material accumulation, financialization signals a change in the form of investment that has led to the intensification of labour and its deepening subsumption under capital, transcending labour exploitation and extending the sovereignty of capital over the life of living labour.