The Theory Of Marx’s Fictitious Capital And Its Contemporary Value Research On Preventing And Defusing Financial Risks To Our Country

The outbreak of the U.S.subprime mortgage crisis in 2008 quickly spread to the financial markets of other countries,causing economic turmoil around the world and becoming one of the major factors contributing to the current global economic downturn.Today,although the global financial crisis triggered by the U.S.subprime mortgage crisis has been alleviated to a certain extent,due to the differences in the economic structure and the ability to resist financial risks of various countries,the destruction of financial markets has more or less led to the decline of the real economy of these countries in the previous round of financial crisis being distracted from their intended purpose.Since the outbreak of the global financial crisis,the U.S.has issued a large amount of treasury bonds in a flood-like manner,resulting in the devaluation of the local currency and serious domestic inflation.On the other hand,since the US dollar is still the world’s major settlement currency and the US is the world’s largest consumer,in order to prevent the US debt crisis from causing a huge impact on its export industry,many countries had to choose to increase their holdings of US debt,and the US successfully transferred the domestic debt pressure to the world,resulting in the unprecedented expansion of virtual capital in the world.In the post-crisis era,in order to prevent the systemic financial risks caused by the blind expansion of virtual capital and maintain the financial security and stability of China,it is necessary for us to correctly understand the role played by virtual capital in the economic system and its evolutionary trend from the perspective of Marx’s virtual capital theory.The theory of virtual capital is an important part of Marx’s political economy and is one of the important theories in the study of Marx’s political economy.In his writings,Marx launched a systematic study and reflection on virtual capital,both in terms of understanding the connotation and essence of virtual capital,and in terms of explaining the types,forms and operation laws of virtual capital.Starting from money and money capital,Marx analyzed the impact of virtual capital on capitalist economy and society from the level of capital operation,providing us with scientific theoretical tools to systematically understand and grasp the economic virtualization and financial risks caused by excessive expansion of virtual capital and the inner laws of financial risks.It is of great theoretical value and practical significance to study the current potential financial risks in China from the viewpoint of Marx’s virtual capital theory.This paper systematically traces the generation and development of Marx’s virtual capital theory,and clearly presents the main contents of Marx’s virtual capital theory.Before Marx paid attention to and studied virtual capital,some scholars had already started to involve in the study of money,credit and virtual capital and other related fields,and all these studies and discourses laid important theoretical cornerstones for the formation of Marx’s virtual capital theory.When Marx studied the theory of virtual capital,he systematically studied and innovatively developed the writings and views of these scholars,and complemented the theoretical board of Marx’s political economy research with a scientific and systematic theory of virtual capital.Marx’s discussion of virtual capital presupposes the existence of interest-bearing capital,which generally exists in the form of money capital,while the movement of interest-bearing capital borrowing and lending is based on the highly developed credit system.Therefore,Marx explained the generation basis and operation mechanism of virtual capital in capitalist society in a comprehensive,systematic and complete way,following the logic of money,money capital,interest-bearing capital,credit system and virtual capital.In the third volume of Das Kapital,Marx concentrated on the concept,generation,form and characteristics of virtual capital and its effects on economic and social life,constituting a more systematic theory of virtual capital.After Marx’s death,Engels made further additions and improvements to Marx’s theory of virtual capital when he edited the third volume of Das Kapital,which enriched and developed Marx’s theory of virtual capital.On the basis of Marx and Engels’ theory of virtual capital,Lenin created the Marxist theory of financial capital according to the new changes in capitalism,and extended and expanded the research work related to the connotation,form and operation law of virtual capital and its impact on capitalist economy and society.The Chinese Communists insisted on combining the basic principles of Marx’s political economy with the concrete practice of China’s financial work,which promoted the innovative development of Marx’s theory of virtual capital and provided important inspiration and reference for the practical work in China’s financial field.This paper systematically applies Marx’s theory of virtual capital to study and explain the phenomena or problems of economic virtualization and global financial crisis in the current global economy.Along with the development of credit system and asset securitization,the holding and trading activities of financial derivatives have become popular and more frequent in people’s daily economic activities,and economic virtualization in its true sense has gradually emerged.Economic virtualization itself contains the tendency of excessive development of the virtual economy,which reflects the process of being distracted from their intended purpose of the virtual economy overtaking the real economy in the economic society.If this tendency is allowed to expand unchecked,economic virtualization will eventually become an important cause of the "bubble economy".At the same time,as the final result of the excessive expansion of virtual capital,financial risks spread worldwide through the transmission mechanism,and most of the financial risks originate from the collapse of credit,credit speculation breeds credit crisis,and the intensification of credit crisis will lead to financial crisis,and the abuse of financial derivatives as the carrier of virtual capital indirectly promotes the financial crisis,and finally makes the crisis spread globally.This paper analyzes and reveals the important value and significance of Marx’s theory of virtual capital to the current work of preventing and resolving financial risks in China,and highlights the explanatory power and vitality of Marx’s theory of virtual capital to contemporary economic and social development issues.In recent years,China’s financial sector leverage has been rising,liquidity pressure has increased,potential credit risk has been exposed,and asset bubbles,especially real estate bubbles,have become prominent.Excessive credit expansion and rampant financial speculation have deepened the vulnerability of the financial system,the profitability of the real economy relative to the virtual economy has continued to decline,and the tendency of being distracted from their intended purpose has intensified,coupled with insufficient financial supervision and the impact of external risks,resulting in China’s financial security is currently facing risks and hidden dangers.Some investors’ speculative arbitrage intentions are obvious,resulting in the short-term characteristics of financial derivatives investment.Driven by the profit-seeking nature of virtual capital,the mode of operation of the economy and society,the mode of wealth accumulation and the overall economic development trend are gradually detached from the real economy,and the tendency of economic virtualization is intensifying.Based on the above problems,this paper insists on using Marx’s virtual capital theory to analyze the derivation mechanism of the global financial crisis and the potential financial risks of China’s current economic and social development,which helps us to correctly understand the financial risks in China under the situation of financial globalization,to play the positive role of virtual capital in an integrated manner,and stop them being distracted from their intended purpose.At the same time,we should fully understand the contemporary value of Marx’s theory of virtual capital to China’s work of preventing and resolving financial risks,and focus on strengthening the construction of the financial regulatory system to prevent the disorderly expansion of virtual capital;insist on the return of finance to serve the real economy to prevent the occurrence of potential financial risks;continue to deepen the structural reform of the financial supply side,and help support China’s highquality economic development with the proper management of virtual capital and the orderly operation of the virtual economy.To continue to deepen the structural reform on the supply side of the financial sector and support the high-quality development of China’s economy with the proper management of virtual capital and orderly operation of the virtual economy.