Chris Mouré Note: this is the manuscript version of an article now featured in The Mint Magazine. Few will argue with the claim that shortages are socially harmful. Shortages, by definition, imply a lack of something – not enough stuff to go around. A shortage of food implies hunger; a shortage of electricity implies darkness. […]
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Reconsidering Systemic Fear and the Stock Market A Reply to Baines and Hager JAMES MCMAHON August 2021 Abstract This article responds to Baines and Hager’s recent critique of the capital-as-power model of the stock market. Proposed by Bichler and Nitzan, this model seeks to explain how financial crises are tied to the concept of ‘systemic […]
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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 as Power (CasP) model of the stock market developed by Shimshon Bichler and Jonathan Nitzan. Specifically, we extend the CasP […]
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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 recent ‘financial crisis’. The very term already attests to the presumed nature and causes of the crisis, which most observers indeed believe […]
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Abstract This paper maps an empirical history of corporate profit and taxation in the United States, with a special focus on the differential profit and taxation of banks relative to other corporations. An examination of these trends reveals a striking anomaly within the American banking sector: from the early 1980s until the financial crisis of […]
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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 paper offers the first comprehensive analysis of the pattern of public debt ownership within the US corporate sector. The research shows that over […]
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Abstract After the 1997 financial crisis, the neo-liberal restructuring of the Korean political economy accelerated dramatically. While there is a general consensus that the reform has had negative consequences for Korean society, heated debates continue over the culprits of the 1997 crisis and the changes that followed in its wake. Major opinions have largely coalesced […]
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