Derivatives, they argue, do something similar, but they parcel up not whole firms but fragments of capital-in-motion - exposures to this or that risk, the liquidity of different stocks and flows through businesses or portfolios, and so on. Individual firms and investors find them useful to offload risks they don't want to run and focus on their specialties. Specialist counterparties emerge and (ideally) manage their portfolios to balance out. But at a systemic level, the process facilitates the comparison and valuation of all kinds of different risks and time horizons. Capital becomes still more socialised and abstract - yet still based ultimately on the extraction of surplus value.
^^^^^^^^ CB: If you care to, would you outline how they see that it still ultimately derives from extraction of surplus value ?