Publications
Here is a (non-exhaustive) collection of articles and books that engage with the idea of ‘capital as power’. To have your work included, please send it to casp.editorial@gmail.com with ‘Publication’ in the subject.
Abstract An early analysis of the imperialist implications of the surge of global commodity prices was conducted in 2014 by Jonathan Nitzan and Shimshon Bichler. However, their analysis did not consider how the US monetary …
Abstract National champion policies in BRICS countries pose challenges for governance in global meat processing markets as they increase concentration, reduce competition and enhance corporate power in food systems. We investigate the degree to which …
Abstract El 3 de diciembre de 2024, Michael Hudson se reunió con los investigadores del capital como poder Jonathan Nitzan, Tim Di Muzio y Blair Fix para discutir las intersecciones entre sus dos líneas de …
Abstract Our recent article on ‘The Road to Gaza’ examined the history of the three supreme-God churches and the growing role of their militias in armed conflicts and wars around the world. The present paper …
Abstract The concepts of rentiership and intellectual monopoly have gained increased prominence in discussions about the transformation of global capitalism in recent years. However, there have been few if any attempts to construct measures for …
Abstract In the face of the impending climate emergency, an anonymous manifesto surfaces online by the mysterious El Grillo declaring a war on cars. As the manifesto spreads around the world, activists from all over …
Abstract מלחמת הקודש המתנהלת בין המיליציות הרבניות לבין המיליציות האיסלמיות הינה מסוג חדש. אבל הדרך למלחמה בעזה נסללה עוד לפני כששת אלפים שנה, בעת שקמו לראשונה משטרי המלוכה-כהונה במסופוטמיה. אוליגרכיות אלה היו הראשונות שיצקו תשלובת …
Abstract One of the most important and recurring debates in the field of International Political Economy and international affairs are the links between capitalism, fossil fuel energy and climate change. In these debates, the origins …
Abstract Political economists, both mainstream and Marxist, find it difficult to reconcile the «real» and «financial» appearances of capital. The conventional view is that «real» capital is an objective productive entity; that «finance» merely reflects …
Abstract This chapter examines the political economy of biopharmaceutical innovation, focusing primarily on vaccines in the Covid-19 pandemic. This analysis aims to make visible the deep entanglements that entrench an extractive and dysfunctional innovation ecosystem, …
Abstract This essay opposes the idea that contemporary critical events like pandemics, global warming, environmental deterioration, et cetera, are to be considered as affecting humanity in a uniform way. Instead of seeing these phenomena like …
Abstract Este artículo intenta sentar las bases para una comprensión de los precios radicalmente diferente a como los entiende el pensamiento económico tradicional. Tras revisar algunos aspectos relevantes de la crítica a la teoría del …
Abstract This paper builds an empirical and theoretical model to analyze how the financial goal of risk reduction changed the insides of Hollywood’s star system. For the moviegoer looking at Hollywood cinema from the outside, …
Abstract Rapid technological change is often touted as a fundamental reality of capitalist societies. It is also presented as concrete evidence for the supposed progressive improvement of material well-being that characterises the capitalist system of …
Abstract Od głodu i biedy po zwykłe marnotrawstwo i nawracające fale przeróżnych kryzysów – to nie niepożądane skutki uboczne kapitalizmu, ale przejawy sabotażu. Bo nic nie utrwala władzy kapitału skuteczniej niż istnienie szerokiej rzeszy ludzi, …
Abstract Capitalizing a Cure takes readers into the struggle over a medical breakthrough to investigate the power of finance over business, biomedicine, and public health. When curative treatments for hepatitis C launched in 2013, sticker …
Abstract There is little doubt that, in the last hundred years or so, progress has been made in lifting more people out of extreme poverty. Yet, considerable economic inequalities both within and between nations persists …
Abstract הקפיטליזם שולט בעולם. דיונים סוערים מתנהלים בין המלומדים הממסדיים לבין “הביקורתיים” על טיבו של הקפיטליזם הגלובלי. הבעיה היא שטיבו של המוסד המרכזי בקפיטליזם — ההון — אינו ידוע. לאחר יותר ממאתיים שנה של התפתחות …
Abstract This paper uses word frequency to track the rise and potential peak of capitalist ideology. Using a sample of mainstream economics textbooks as my corpus of capitalist thinking, I isolate the jargon of these …
Abstract Steve Keen’s book, The New Economics: A Manifesto (2021), offers a new path for economics, and for good reason. In his view, neoclassicism, the paradigm that rules modern-day economics, has become a serious menace: …
Abstract Covid-19 and the Global Political Economy investigates and explores how far and in what ways the Covid-19 pandemic is challenging, restructuring, and perhaps remaking aspects of the global political economy. Since the 1970s, neoliberal …
Abstract In the March 2021 issue of Harper’s, Scorsese wrote an essay to pay tribute to Federico Fellini, the Italian director who directed such great films as La Strada, 8 1/2, La Dolce Vita, Nights …
Abstract In Hollywood, the goals of art and business are entangled. Directors, writers, actors, and idealistic producers aspire to make the best films possible. These aspirations often interact with the dominant firms that control Hollywood …
Abstract Wenn man genau hinhört, kann man zuhören, wie Jeff Bezos immer reicher wird. Da ist es schon wieder, dieses Geräusch. Eine weitere Milliarde in Bezos‘ Kassen. Lassen Sie uns diesen Klang des Geldes mit …
Abstract This article examines the role of the Big Three asset management firms — BlackRock, Vanguard and State Street — in corporate environmental governance. Specifically, it charts the Big Three’s relationships with the public–owned Carbon …
Abstract Although the determinants of income are complex, the results are surprisingly uniform. To a first approximation, top incomes follow a power-law distribution, and the redistribution of income corresponds to a change in the power-law …
Abstract We write this essay for both lay readers and scientists, though mainstream economists are welcome to enjoy it too. Our subject is the basic toolbox of mainstream economics. The most important tools in this …
Abstract This paper argues that the ability of dominant corporations in the fossil fuel and other polluting industries to shape government policy on climate change and energy issues is directly related to their financial interests …
Abstract For more than a century, political economists have sought to understand the nature of capital. The prevailing wisdom is that there must be something ‘real’ — some productive capacity — that underpins capitalized values. …
Abstract According to neoclassical economics, the most efficient way to organize human activity is to use the free market. By stoking self interest, the theory claims, individuals can benefit society. This idea, however, conflicts with …
Abstract Recent years have seen the convergence of industries that focus on higher protein foods, such as meat processing firms expanding into plant-based substitutes and/or cellular meat production, and fisheries firms expanding into aquaculture. A …
Abstract Today, human capital theory dominates the study of personal income. But this has not always been so. In this essay, I chart the rise of human capital theory, and compare it to the rise …
Abstract The theory of capital as power (CasP) is radically different from conventional political economy. In the conventional view, mainstream as well as heterodox, capital is seen a ‘real’ economic entity engaged in the production …
Abstract This two-part paper details the arguments and evidence that have been marshalled by both climate scientists and social scientists to critique the current procedures and methodologies deployed by the Intergovernmental Panel on Climate Change …
Abstract Commodity trading firms occupy a central position in global supply chains and their activities have been associated with financial instability, social upheaval and manifold forms of ecological devastation. This paper examines these companies in …
Abstract From the 1980s to the present, Hollywood’s major distributors have been able to redistribute U.S. theatrical attendance to the advantage of their biggest blockbusters and franchises. At the global scale and during the same …
Abstract The COVID-19 pandemic has amplified longstanding concerns about mounting levels of corporate debt in the United States. This article places the current conjuncture in its historical context, analysing corporate indebtedness against the backdrop of …
Abstract Anarchists have generally rejected the idea that there is or ought to be a pure or inherently revolutionary strategy or tactic. In this chapter we make use of the capital-as-power theory of value and …
Abstract Capitalismo de deuda es un esfuerzo por descifrar cómo la tecnología de la deuda se ha convertido en uno de los mayores obstáculos para las aspiraciones democráticas y racionales de la sociedad moderna. Richard …
Abstract This paper investigates a new approach to understanding personal and functional income distribution. I propose that hierarchical power — the command of subordinates in a hierarchy — is what distinguishes the rich from the …
Abstract The paper is dedicated to the problem of flat ontology in philosophy and its relation to the practice in economy. The author argues that flat economy is based on a marginal utility theory of …
Abstract According to the theory of capital as power, capitalism, like any other mode of power, is born through sabotage and lives in chains – and yet everywhere we look we see it grow and …
Abstract Corporate concentration in the United States has been on the rise in recent years, sparking a heated debate about its causes, consequences, and potential remedies. In this study, we examine a facet of public …
Abstract Trump has promised to Make America Great Again. As a self-proclaimed expert on everything of import, he knows exactly how to increase domestic investment and consumption, boost exports, reduce the country’s trade deficit, expand …
Abstract This paper explores how the evolution of human sociality can help us understand how we distribute resources. Using ideas from sociobiology, I argue that resource distribution is marked by a tension between two levels …
Abstract This article examines the relation between personal income and hierarchical power. In the context of a firm hierarchy, I define hierarchical power as the number of subordinates under an individual’s control. Using the available …
Abstract The study of economic growth is central to macroeconomics. More than anything else, macroeconomists are concerned with finding policies that encourage growth. And by ‘growth’, they mean the growth of real GDP. This measure …
Abstract The relationship between inequality and financial instability has become a thriving topic of research in heterodox political economy. This article offers the first critical engagement with one framework within this wider literature: the Capital …
Abstract Winner of the 2018 RECASP Essay Prize According to Jonathan Nitzan and Shimshon Bichler (2009), capital is not an economic quantity, but a mode of power. Their fundamental thesis could be summarized as follows: …
Abstract Where should we look to understand the origin of inequality? I propose an unusual window of evidence — modern societies. I hypothesize that evidence for the origin of inequality is encoded in the institutional …
Abstract If you look today at the skyline of downtowns throughout the Middle East and beyond, the joint-stock corporation has transformed the urban landscape. The corporation makes itself present through the proliferation of its urban …
Abstract Dematerialization through services is a popular proposal for reducing environmental impact. The idea is that by shifting from the production of goods to the provision of services, a society can reduce its material demands. …
Abstract This paper discusses the dimension problem in economic aggregation, as it relates to ecological and biophysical economics. The dimension problem consists of a simple dilemma: when we aggregate, the observer must choose the dimension …
Abstract Human capital theory is the dominant approach for understanding personal income distribution. According to this theory, individual income is the result of ‘human capital’. The idea is that human capital makes people more productive, …
Abstract This essay interweaves two stories—one theoretical and empirical, the other autobiographical. The first story embeds the Israeli-Palestinian conflict in the broader political economy of the Middle East and the global accumulation of “capital as …
Abstract As these lines are being written (April 2018), the The U.S. stock market is again in turmoil. After a two-year bull run in which share prices soared by nearly 50 per cent, the market …
Abstract Elsewhere I argue that the legal concept of property was created in the image of money in the late Roman Republic. Since then, the division of property and contract has been an underlying structure …
Abstract This paper seeks to explain why Hollywood’s dominant firms are narrowing the scope of creativity in the contemporary period (1980–2015). The largest distributors have sought to prevent the art of filmmaking and its related …
Abstract What is the unit of analysis in economics? The prevailing orthodoxy in mainstream economic theory is that the individual is the ‘ultimate’ unit of analysis. The implicit goal of mainstream economics is to root …
Abstract What explains the power-law distribution of top incomes? This paper tests the hypothesis that it is firm hierarchy that creates the power-law income distribution tail. Using the available case-study evidence on firm hierarchy, I …
Abstract Las teorías convencionales del capitalismo están sumidas en una profunda crisis: tras siglos de debates todavía son incapaces de decirnos qué es el capital. Tanto liberales como marxistas se refieren al capital como una …
Abstract In their paper ‘The CasP Project: Past, Present and Future’, Shimshon Bichler and Jonathan Nitzan invite readers to engage critically with their theoretical framework, known as capital as power (CasP). This call for further …
Abstract The study of capital as power (CasP) began when we were students in the 1980s and has since expanded into a broader project involving a growing number of researchers and new areas of inquiry. …
Abstract Globalization and Capitalist Geopolitics is concerned with the growth of transnational corporate power against the backdrop of the decline of the West and the struggle by non-Western states to challenge and overcome domination of …
Abstract How might an objective observer conceive of what humans have accomplished as a species over its brief history? Benjamin argues that history can be judged as one giant catastrophe. Liberals suggest that this is …
Abstract Background: Big brewers, which have experienced declining sales for their beer brands in the last decade, have been accused of “craftwashing” by some craft brewers and their aficionados—they define craftwashing as big brewers (>6 …
Abstract This article is a critical investigation and application of the aesthetic theory of Cornelius Castoriadis, one of the most important 20th-century theorists of radical democracy. We outline Castoriadis’s thoughts on autonomy, the social-historical nature …
Abstract Winner of the RRPE Annual Best Paper Award for 2016 This paper aims to transcend current debates on Korea’s post-1997 restructuring, which rely on a dichotomy between domestic industrial capital and foreign financial capital, …
Abstract La mayoría de las explicaciones de las alzas y bajas del mercado de valores se basan en la comparación de la lógica “fundamental” subyacente de la economía con los factores exógenos que supuestamente la …
Abstract This paper considers the domestic and international ramifications of financialization and grain price instability in the US agri-food sector. It finds that during the recent period of high and volatile prices, the average income …
Abstract This article offers a critique of Alexander Anievas and Kerem Nişancioğlu’s “How the West came to rule: the geopolitical origins of capitalism”. We argue that while all historiography features a number of silences, shortcomings …
Abstract Why do institutions grow? Despite nearly a century of scientific effort, there remains little consensus on this topic. This paper offers a new approach that focuses on energy consumption. A systematic relation exists between …
Abstract Most explanations of stock market booms and busts are based on contrasting the underlying ‘fundamental’ logic of the economy with the exogenous, non-economic factors that presumably distort it. Our paper offers a radically different …
Abstract The article reviews debates concerning financialization in South Korea, with a focus on ongoing arguments between liberal, post-Keynesian, institutionalist and Marxist economists. It argues that post-Keynesian and institutionalist perspectives in particular neglect important class …
Abstract Until late, the subject of energy and its importance for capitalism and the constitution and reconstitution of world order has been sorely overlooked in the international political economy (IPE) literature. Indeed, only two of …
Abstract This article offers new theoretical and empirical insights to explain the resilience of U.S. Treasury securities as the world’s premier safe or “risk free” asset. The standard explanation of resilience emphasizes the relative safety …
Abstract Building on the definition of critical education residing in the crossroads of cultural politics and political economy, this theoretical article offers an inquiry into the intersection between critical education research and the central ritual …
Abstract Who are the dominant owners of US public debt? Is it widely held, or concentrated in the hands of a few? Does ownership of public debt give these bondholders power over our government? What …
Abstract This book seeks to illuminate which firms have become the most dominant, and more importantly, how they shape and reshape society in their efforts to increase their control. These dynamics have received insufficient attention …
Abstract ¿Qué quieren decir los economistas cuando hablan de “acumulación de capital’? La respuesta es todo, menos clara. La opinión convencional es que hay dos tipos de capital: real y financiero, que deben guardar correspondencia …
Abstract What do economists mean when they talk about “capital accumulation”? Surprisingly, the answer to this question is anything but clear, and it seems the most unclear in times of turmoil. Consider the “financial crisis” …
Abstract Modern civilization and the social reproduction of capitalism are bound inextricably with fossil fuel consumption. But as carbon energy resources become scarcer, what implications will this have for energy-intensive modes of life? Can renewable …
Abstract In various writings Karl Marx made references to an ‘aristocracy of finance’ in Western Europe and the United States that dominated ownership of the public debt. Drawing on original research, this article offers the …
Abstract Neoclassical growth theory assumes that economic growth is an atomistic process in which changes in distribution play no role. Unfortunately, when this assumption is tested against real-world evidence, it is systematically violated. This paper …
Abstract In what promises to be a significant contribution to political economy, Malik seeks to combine the philosophical understanding of the nature and logic of the derivatives market with an analysis of the entirely novel, …
Abstract The Scientist and the Church is a wide-ranging biography of research, showcasing Bichler and Nitzan’s attempts to break through the stifling dogmas of the academic church and chart a new scientific cosmology of capitalism. …
Abstract The agrofuel boom has brought about some of the most significant transformations in the world food system in recent decades. A rich and diverse body of agrarian political economy research has emerged that elucidates …
Abstract There is growing awareness in Canada of how unequal society is becoming. It is probably most obvious in the gap between the compensation of Canada’s highest paid corporate executives and the average worker. The …
Abstract This article offers a study on the plutonomy of dominant owners and what their consumptive practices might tell us from the lens of the capital as power framework in IPE. I argue that the …
Abstract While the Occupy movement faces many strategic and organizational challenges, one of its major accomplishments has been to draw global attention to the massive disparity of income, wealth and privilege held by 1% of …
Abstract Neoclassical growth theory is the dominant perspective for explaining economic growth. At its core are four implicit assumptions: 1) economic output can become decoupled from energy consumption; 2) economic distribution is unrelated to growth; …
Abstract This chapter draws on, and develops, some aspects of the capital as power framework so as to provide the first clear quantitative explication of the company’s power trajectory to date. After rapid growth in …
Abstract The first part of the exchange is a short article by Joe Francis. The article provides new long-term estimates and an assessment of the buy-to-build indicator for the United States and Britain, going back …
Abstract Do capitalists really want a recovery? Can they afford it? On the face of it, the question sounds silly: of course capitalists want a recovery; how else can they prosper? According to the textbooks, …
Abstract This article offers a power theory of value analysis of Wal-Mart’s contested expansion in the retail business. More specifically, it draws on, and develops, some aspects of the capital as power framework so as …
Abstract The United States is often hailed as the world’s largest ‘free market’. But this ‘free market’ is also the world’s largest penal colony. It holds over seven million adults – roughly five per cent …
Abstract This edited volume offers the first critical engagement with one of the most provocative and controversial theories in political economy: the thesis that capital can be theorized as power and that capital is finance …
Abstract This paper outlines the contours of a new research agenda for the analysis of food price crises. By weaving together a detailed quantitative examination of changes in corporate profit shares with a qualitative appraisal …
Abstract In 1887 Henry Carter Adams produced a study demonstrating that the ownership of government bonds was heavily concentrated in the hands of a ‘bondholding class’ that lent to and, in Adams’s view, controlled the …
Abstract This paper investigates the historical development of risk in the Hollywood film business. Using opening theatres as a proxy for future expectations, the paper demonstrates how, from 1981 to 2011, Hollywood has improved its …
Abstract Criticism of trade and investment liberalisation (TAIL) in North America has drawn attention to weak economic performance, wage-profit redistribution, social dumping and fiscal pressure on government programmes as evidence that the TAIL regime has …
Abstract Conventional theories of capitalism are mired in a deep crisis: after centuries of debate, they are still unable to tell us what capital is. Liberals and Marxists think of capital as an economic entity …
Abstract Conventional theories of capitalism are mired in a deep crisis: after centuries of debate, they are still unable to tell us what capital is. Liberals and Marxists both think of capital as an ‘economic’ …