Marx’s fictitious capital: a misrepresented category revisited
从价值形式视角重新解读马克思的虚拟资本范畴，指出其三个关键属性（未来收入流、二级市场、真实不存在），并批判将虚拟资本视为与真实资本价值脱节程度的流行观点，强调其对理解当代资本主义和社会劳动分配的重要性。
Abstract In this paper, we provide an interpretation of Marx’s category of fictitious capital by analysing its main attributes and pointing out its role in understanding the capitalist dynamics from a value-form approach. We criticise the widespread notion that fictitious capital is a category related to the degree of detachment between its capital value and the value of the real capital that it might eventually represent. We argue that fictitious capital should be defined by three key attributes: the future flow of income, the secondary market and its ‘real nonexistence’. Fictitious capital is therefore presented as the genetic development of interest-bearing capital, a process in which any expected money income is converted into a capital value in the present and transformed into a commodity. In this perspective, the importance of fictitious capital for the understanding of contemporary capitalism is analysed, particularly with respect to the process of the distribution of social labour.