Capitalism without capitalists

Originally published at pluralistic.net Cory Doctorow One of the most exciting, eye-opening articles I’ve read in AGES. Showing how shareholder capitalism is a lie BY ITS PROPONENTS’ OWN TERMS…Genius. https://lpeblog.org/2020/02/18/privatizing-sovereignty-socializing-property-what-economics-doesnt-teach-you-about-the-corporation/ Marx thought individual property would end up being socialized, and he was right…but also wrong. The state hasn’t socialized property, corporations have. Corporatism is “capitalism […]

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Hager, ‘Public Debt, Inequality, and Power: The Making of a Modern Debt State’

Abstract Who are the dominant owners of US public debt? Is it widely held, or concentrated in the hands of a few? Does ownership of public debt give these bondholders power over our government? What do we make of the fact that foreign-owned debt has ballooned to nearly 50 percent today? Until now, we have […]

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The Renminbi on the World Stage

DT Cochrane The IMF recently announced that China’s currency, the CYN (Chinese Yuan Renminbi), would be included in the IMF’s basket of currencies, known as the SRD (special drawing rights). The designation comes after China adopted certain reforms in accordance with International Monetary Fund (IMF) policies. The CYN will comprise 11% of the basket, with […]

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

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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