The process by which the value of illiquid investments can be made liquid -- used as money -- without having to be liquidated. This is done by allowing capital markets to price and hedge risk, at which point the difference between any asset and money can be priced out and disaggregated. Can be argued that in capitalism the process has found its limit, and the difference between social wealth and money is completely abolished. Capitalism is becoming-money of all social wealth.

Last updated