Sharp, 'Corporate Urbanization: Between the Future and Survival in Lebanon'

ABSTRACT If you look today at the skyline of downtowns throughout the Middle East and beyond, the joint-stock corporation has transformed the urban landscape. The corporation makes itself present through the proliferation of its urban mega-projects, including skyscrapers, downtown developments and gated communities; retail malls and artificial islands; airports and ports; and highways. Built into […]

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Fix, 'Energy and Institution Size'

ABSTRACT Why do institutions grow? Despite nearly a century of scientific effort, there remains little consensus on this topic. This paper offers a new approach that focuses on energy consumption. A systematic relation exists between institution size and energy consumption per capita: as energy consumption increases, institutions become larger. I hypothesize that this relation results […]

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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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Park and Doucette, 'Financialization or Capitalization? Debating Capitalist Power in South Korea in the Context of Neoliberal Globalization'

ABSTRACT The article reviews debates concerning financialization in South Korea, with a focus on ongoing arguments between liberal, post-Keynesian, institutionalist and Marxist economists. It argues that post-Keynesian and institutionalist perspectives in particular neglect important class processes through which the financial circuit operates within the Korean economy, especially the power of Korea’s large, family-led conglomerates, or […]

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No. 2015/04: Bichler and Nitzan, “The CasP Project: Past, Present, Future”

Working Paper No. 2015/04 Shimson Bichler and Jonathan Nitzan, “The CasP Project: Past, Present, Future” The study of capital as power (CasP) began when we were students in the 1980s and has since expanded into a broader project involving a growing number of researchers and new areas of inquiry. This paper provides a bird’s-eye view […]

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Putting Power Back into Growth Theory

Blair Fix Abstract Neoclassical growth theory assumes that economic growth is an atomistic process in which changes in distribution play no role. Unfortunately, when this assumption is tested against real-world evidence, it is systematically violated. This paper argues that a reality-based growth theory must reject neoclassical principles in favour of a power-centered approach. Building on […]

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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 […]

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No. 2014/05: Fix, "Putting Power Back Into Growth Theory" (Winner of the 2014 RECASP Essay Prize)

Working Paper No. 2014/05 Blair Fix, “Putting Power Back Into Growth Theory” * Winner of the 2014 RECASP Essay Prize * Neoclassical growth theory assumes that economic growth is an atomistic process in which changes in distribution play no role. Unfortunately, when this assumption is tested against real-world evidence, it is systematically violated. This paper […]

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No. 2014/04: Bichler and Nitzan, "Still About Oil?"

Working Paper No. 2014/04 Shimshon Bichler and Jonathan Nitzan, “Still About Oil?” During the late 1980s and early 1990s, we identified a new Middle East phenomenon that we called ‘energy conflicts’ and argued that these conflicts were intimately linked with the global processes of capital accumulation. This paper outlines the theoretical framework we have developed over the years […]

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The Weekly Sabotage: Week 4

Royal Authority and Private Property Last week we considered the concept of ownership though the work of Veblen and Marx. We noted that the establishment and protection of private property involved the dispossession of the many by the few and that this tendency begins with the appropriation of humans (slavery) and land for private profit.  […]

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The Weekly Sabotage: Week 1

Welcome to a weekly investigation into the fascinating world of corporate sabotage where human creativity, cooperation, mutual aid and well-being are all held ransom for the profit and power of dominant owners. Every week this column will explore various aspects of what Veblen called ‘strategic sabotage’.  But first, a bit of context. It appears that […]

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The Capitalist Mode of Power: Critical Engagements with the Power Theory of Value

This edited volume offers the first critical engagement with one of the most provocative and controversial theories in political economy: the thesis that capital can be theorized as power and that capital is finance and only finance. The book also includes a detailed introduction to this novel thesis first put forward by Nitzan and Bichler […]

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Capital as Power: A Study of Order and Creorder

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 both think of capital as an ‘economic’ entity that they count in universal units of ‘utils’ or ‘abstract labour’, respectively. But these units are totally fictitious. Nobody has […]

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