This book argues that post-Keynesian theories of endogenous money can be combined with Marxian analysis in order to give insight into the changing power relations between the state, finance sector and real economy since WW2. A key theme is that financial power, derived from the control of money-issue and its purchasing power, is determined by the state and market in varying proportions (depending on context) but that state sovereignty has been lost in recent decades. In addition, the growth of financial markets in recent decades, so-called financialization, has led many to assume that private...

This book confirms and builds on the Temporal Single-System Interpretation's demonstration of Marx's consistency by showing that he used his theory of value to explain capitalists' accounts. It concludes that explaining accounting justifies Marx's claim that he had "proved" his theory of value.