Reification and massification of finance capital: the analysis of securitization as a contribution to the critical theory of financialization
Mass finance has become an essential structure of advanced capitalism ; originating from the margins of fordist accumulation, it has now become a central regulation of the financialized accumulation regime. Mass finance is the foundation on which the securitization of household debts has developed, a practice that was at the origin of the 2008 crisis, and that now has become normalized as an economic regulation of the social relation of mass credit. Securitization is here examined through the lens of Marx’s conception of reification, as developed in his analysis of financial accumulation. We follow the process of production of liquid financial capital by the reification of credit relations.