Bichler 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 Reading

No. 2016/01: Debailleul, Bichler and Nitzan, “Theory and Praxis, Theory and Practice, Practical Theory”

Working Paper No. 2016/01 Corentin Debailleul, Shimshon Bichler and Jonathan Nitzan, “Theory and Praxis, Theory and Practice, Practical Theory” This working paper contains an intervention by Corentin Debailleul and an extended reply by Shimshon Bichler and Jonathan Nitzan. The exchange was first posted on the Capital as Power Forum in January 2016. Debailleul’s original questions 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

Capital 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 Reading