1st Edition

Derivatives and the Transformation of Capitalism

By Marcelo Milan Copyright 2026
248 Pages 8 B/W Illustrations
by Routledge

This book discusses the astonishing rise of so-called derivatives, economic instruments related to different types of risks, and the changes this has imposed to the functioning of advanced capitalist economies. The market for derivatives has grown exponentially since the 1980s, and today dwarfs traditional financial markets. The conventional view claims that derivatives perform a crucial... Read more

 Lists of figures

List of tables

Acknowledgements

Introduction

1. The Ontology of Derivatives: What Are They? What Are They Not?

2. The General Appearance of Specific Circuits of Capital: The Institutions, Prices and Risks behind Arrangements in the Derivatives Sub-System     

3. The Second Layer of the Surface: The Nature of Risks Under Financialised Capitalism and the Real Functions of Derivatives

4. The True Short of It, or Finance Capital Unleashed: The Recent Evolution of Derivatives Markets

5. The False Long of It: Economic and Financial History, Phases of Capitalism and the Pseudo-Genesis of Derivatives

6. The Phenomenology of It: The Intellectual Reflections Upon Modern Arrangements and Contemporary Derivatives

7. In Defence of Contemporary Derivatives: The Advocacy of Risk Management for Capital and Beyond

8. Trial by its Financialised Essence: Derivatives Guilty of Speculation, Instability, and Debacles

9. Financialised Capitalism and the State: Deregulating Finance, Regulating Derivatives?

10. The Radical Political Economics of Derivatives: A Heterodox Interpretation 

Conclusion

Index

Biography

Marcelo Milan holds a B.A. and a M.A. in Economics, both from the University of Sao Paulo, Brazil. He has a Ph.D. in Economics, University of Massachusetts Amherst. He taught Economics at the Universities of Rhode Island (South Kingston), of Wisconsin (Parkisde), and in the department of economics and international relations at the Federal University of Rio Grande do Sul, Brazil, where he is an associate professor. He is currently a visiting scholar at the Federal University of ABC, Brazil. His research interests include macroeconomics, money, finance, radical political economics, international political economy, the Brazilian economy, and the cultural and creative economy.