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Norbert Trenkle and Ernst Lohoff argue that the third industrial revolution has since the 1970s ineluctably evicted living labor from the production process, engendering a terminal crisis in the capacity of global capitalism to valorize value. This collapse, they argue furthermore, has only been staved off in recent decades by exponential increases in the production of what they term 'fictive capital,' the speculative capture of future anticipated value through recourse to massive credit and speculation on a previously unimaginable level. Founding members of the Wertkritik school of critical theory, Norbert Trenkle and Ernst Lohoff are the authors most recently of Die Grosse Entwertung, (UNRAST 2012) [The Great Devalorisation: Why speculation and State Debt are not the Causes of the Crisis].
