Baines & Hager, ‘Financial Crisis, Inequality, and Capitalist Diversity: A Critique of the Capital as Power Model of the Stock Market’

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 […]

Continue Reading

No. 2015/03: Bichler and Nitzan, “Capital Accumulation: Fiction and Reality”

Working Paper No. 2015/03 Shimshon Bichler and Jonathan Nitzan, “Capital Accumulation: Fiction and Reality” 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 […]

Continue Reading

No. 2015/01: Hager, "Public Debt as Corporate Power"

Working Paper No. 2015/01 Sandy Brian Hager, “Public Debt as Corporate Power” 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 […]

Continue Reading