By Cassandra Jeffery1 and M. V. Ramana2 The “largest bribery, money-laundering scheme ever perpetrated against the people and the state of Ohio” came to light during an unexpected press conference in July 2020 in Columbus. Speaking haltingly and carefully, US Attorney for the Southern District of Ohio David DeVillers announced “the arrest of Larry Householder, […]
Continue ReadingPower and Price Construction in Capital as Power
D.T. Cochrane Abstract Perhaps the most contentious concept in Nitzan and Bichler’s power theory of value (CasP), is that of power itself. The contention is rightly placed. The concept has a long, complicated history and its widespread use within the social sciences is a problematic one, in part because its meaning is often taken for […]
Continue Reading2020/04: McMahon, ‘Reconsidering Systemic Fear and the Stock Market: A Reply to Baines and Hager’
ABSTRACT A recent New Political Economy article by Baines and Hager (2020) critiqued Shimshon Bichler and Jonathan Nitzan’s capital-as-power (CasP) model of the stock market (Bichler & Nitzan, 2016). Bichler and Nitzan’s model of the stock market seeks to explain how financial crises are tied to the (upper) limits of redistributing income through power. Bichler […]
Continue ReadingThe Autocatalytic Sprawl of Pseudorational Mastery
Ulf Martin Abstract 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: capital is power quantified in monetary terms. But what do we do when we quantify? What is the nature of money in a capitalist society? […]
Continue ReadingSharp, 'Corporate Urbanization: Between the Future and Survival in Lebanon'
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 mega-projects, including skyscrapers, downtown developments and gated communities; retail malls and artificial islands; airports and ports; and highways. Built into […]
Continue ReadingDiMuzio and Dow, 'Uneven and Combined Confusion'
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 or omissions, the omissions in How the West came to rule lead to a mistaken view of the emergence of […]
Continue ReadingBichler and Nitzan, 'A CasP Model of the Stock Market'
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 model, examining the stock market not from the mechanical viewpoint of a distorted economy, but from the dialectical perspective of […]
Continue ReadingNo. 2016/07: Bichler and Nitzan, 'A CasP Model of the Stock Market'
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 model, examining the stock market not from the mechanical viewpoint of a distorted economy, but from the dialectical perspective of capitalized […]
Continue ReadingPark and Doucette, 'Financialization or Capitalization? Debating Capitalist Power in South Korea in the Context of Neoliberal Globalization'
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 processes through which the financial circuit operates within the Korean economy, especially the power of Korea’s large, family-led conglomerates, or […]
Continue ReadingNo. 2014/01: McMahon, "Capitalist Power, Distribution and the Order of Cinema"
Working Paper No. 2014/01 James McMahon, “Capitalist Power, Distribution and the Order of Cinema” In this paper, the structure of Hollywood film distribution will be analyzed through the lens of risk. In both its technical and conceptual senses, risk is relevant to the study of Hollywood’s dominant firms. In the interest of lowering risk, the business […]
Continue ReadingNo Way Out: Crime, Punishment and the Capitalization of Power
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 of the labour force – in jail, in prison, on parole and on probation. Is this an anomaly, or does the […]
Continue ReadingThe Rise of a Confident Hollywood: Risk and the Capitalization of Cinema
James McMahon 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 ability to predict the financial rankings of its films. More specifically, the Hollywood film business has become better […]
Continue ReadingThe Price of Human Life
This American Life is a great public radio show based out of Chicago. They just hit their 500th episode and to celebrate, Ira Glass talked with his other producers about favourite past episodes. Alex Blumberg, one of the producers of Planet Money, reflected on a particular co-production with This American Life. All the way back in […]
Continue ReadingThe Rise of a Confident Hollywood: Risk and the Capitalization of Cinema
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 ability to predict the financial rankings of its films. More specifically, the Hollywood film business has become better at predicting which […]
Continue ReadingCapital as Power: Toward a New Cosmology of Capitalism
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 that they count in universal units of utils and abstract labour, respectively. But these units are totally fictitious: they can be […]
Continue ReadingCapital as Power: A Study of Order and Creorder
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’ entity that they count in universal units of ‘utils’ or ‘abstract labour’, respectively. But these units are totally fictitious. Nobody has […]
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