The Allure of Marxism … And Why It’s a Mistake

Originally published on Economics from the Top Down. Karl Marx is probably the most important social scientist in history. But while his influence is beyond compare, Marx’s legacy is, in many ways, disastrous. Few thinkers have inspired so many people to commit crimes against humanity. Think of Stalinist gulags. Think of the Ukrainian famine of […]

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Theory and Praxis, Theory and Practice, Practical Theory

Corentin DeBailleul, Shimshon Bichler and Jonathan Nitzan 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 research, reactions and critiques is the perfect occasion to raise a few questions […]

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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 […]

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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 […]

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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 […]

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The 1%, Exploitation and Wealth

Shimshon Bichler, Jonathan Nitzan and Tim Di Muzio Abstract Tim Di Muzio interviews Shimshon Bichler and Jonathan Nitzan about how their ‘capital as power’ framework fits with the Occupy Wallstreet movement, the Marxist theory of exploitation, and the origins of wealth. Keywords capital as power, exploitation, Marxism, Occupy Wall Street, power theory of value, the […]

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