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  • 1
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    s.l.: Forum on Capital As Power - Toward a New Cosmology of Capitalism
    Publication Date: 2018-06-22
    Description: The U.S. stock market is again in turmoil. After a two-year bull run in which share prices soared by nearly 50 per cent, the market is suddenly dropping. Since the beginning of 2018, it lost nearly 10 per cent of its value, threatening investors with an official ‘correction’ or worse. As always, there is no shortage of explanations. Politically inclined analysts emphasize Trump’s recently announced trade wars, sprawling scandals and threatening investigations, as well as the broader turn toward ‘populism’; interest-rate forecasters point to central-bank tightening and china’s negative credit impulse; quants speak of breached support lines and death crosses; bottom-up analysts highlight the negative implications of the Face-book/Cambridge Analytica debacle for the ‘free-data’ business model; and top-down fundamentalists indicate that, at near-record valuations, the stock market is a giant bubble ready to be punctured. And on the face of it, these explanations all ring true. They articulate various threats to future profits, interest rates and risk perceptions, and since equity prices discount expected risk-adjusted future earnings, these threats imply lower prices. But there is one little problem. Unlike their pundits, capitalists nowadays tend to look not forward, but backward: instead of matching asset prices to the distant future, they fit them to the immediate past.
    Keywords: P16 ; G01 ; ddc:330 ; asset pricing ; capitalization ; capitalized power ; major bear markets ; stock market ; systemic fear
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 2
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    Jerusalem and Montreal: The Bichler and Nitzan Archives
    Publication Date: 2018-07-03
    Description: Las teorías convencionales del capitalismo están sumidas en una profunda crisis: tras siglos de debates todavía son incapaces de decirnos qué es el capital. Tanto liberales como marxistas se refieren al capital como una entidad ‘económica’ que puede ser contabilizada en unidades universales de ‘utilidad’ o de ‘trabajo abstracto’. Pero estas unidades son totalmente ficticias. Nadie ha sido capaz de observarlas ni medirlas, y esto por una buena razón: no existen. Y dado que liberalismo y marxismo dependen de estas unidades inexistentes, sus teorías están suspendidas en el aire. No pueden explicar el proceso que más importa: la acumulación de capital. Este libro ofrece una alternativa radical. De acuerdo con los autores, el capital no es una entidad económica estrechamente identificable, sino una cuantificación simbólica del poder. Tiene poco que ver con la utilidad o el trabajo abstracto, y se extiende más allá de las máquinas y las líneas de producción. El capital, afirman Bichler y Nitzan, representa el poder organizado de los grupos del capital dominante para reconfigurar –o creordenar– su sociedad. Escrito en un lenguaje simple, accesible a lectores neófitos y expertos, este libro desarrolla una economía política novedosa. Conduce al lector a través de la historia, los supuestos y las limitaciones de la economía dominante y sus teorías políticas asociadas, examina la evolución del pensamiento marxista sobre la acumulación y el Estado, y articula una innovadora teoría del ‘capital como poder’, así como una nueva historia del ‘modo de poder capitalista’.
    Description: 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 ever been able to observe or measure them, and for a good reason: they don’t exist. Since liberalism and Marxism depend on these non-existing units, their theories hang in suspension. They cannot explain the process that matters most – the accumulation of capital. This book offers a radical alternative. According to the authors, capital is not a narrow economic entity, but a symbolic quantification of power. It has little to do with utility or abstract labour, and it extends far beyond machines and production lines. Capital, the authors claim, represents the organized power of dominant capital groups to reshape – or creorder – their society. Written in simple language, accessible to lay readers and experts alike, the book develops a novel political economy. It takes the reader through the history, assumptions and limitations of mainstream economics and its associated theories of politics. It examines the evolution of Marxist thinking on accumulation and the state. And it articulates an innovative theory of 'capital as power and a new history of the 'capitalist mode of power'.
    Keywords: P16 ; ddc:330 ; capital as power ; corporation ; differential accumulation ; dominant capital ; finance ; inflation ; capitalization ; value theory ; modes of power ; mergers and acquisitions ; sabotage ; stagflation ; profit ; state ; redistribution ; power
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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  • 3
    Publication Date: 2018-12-05
    Description: As these lines are being written (April 2018), the The U.S. stock market is again in turmoil. After a two-year bull run in which share prices soared by nearly 50 per cent, the market is suddenly dropping. Since the beginning of 2018, it lost nearly 10 per cent of its value, threatening investors with an official ‘correction’ or worse. As always, there is no shortage of explanations. Politically inclined analysts emphasize Trump’s recently announced trade wars, sprawling scandals and threatening investigations, as well as the broader turn toward ‘populism’; interest-rate forecasters point to central-bank tightening and china’s negative credit impulse; quants speak of breached support lines and death crosses; bottom-up analysts highlight the negative implications of the Facebook / Cambridge Analytica debacle for the ‘free-data’ business model; and top-down fundamentalists indicate that, at near-record valuations, the stock market is a giant bubble ready to be punctured. And on the face of it, these explanations all ring true. They articulate various threats to future profits, interest rates and risk perceptions, and since equity prices discount expected risk-adjusted future earnings, these threats imply lower prices. But there is one little problem. Unlike their pundits, capitalists nowadays tend to look not forward, but backward: instead of matching asset prices to the distant future, they fit them to the immediate past.
    Keywords: G01 ; G17 ; P16 ; ddc:330 ; asset pricing ; capitalization ; capitalized power ; major bear markets ; stock market ; systemic crisis ; systemic fear
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 4
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    Jerusalem and Montreal: The Bichler & Nitzan Archives
    Publication Date: 2018-09-18
    Description: הדברים הבאים נכתבו ב-2007 כטיוטה שטרם נסתיימה. במקורם, הם היו אמורים להיות ראשיתו של מאמר שיתאר את סופרי "המלחמה הגדולה", מלחמת-העולם הראשונה, אלה שכתבו עליה כחיילים, כנפגעים, כפליטים או כמשקיפים. אלא שהמאמר הלך והסתלסל ויצא לדרכים חדשות עד שקיבל חיים משלו. מכל מקום, הוא לא נכתב כסקירה אקדמית בעלת יומרות תיאורטיות, אלא כמעגלי זרימה מתחברים, ערבסקות של מחשבות וצלליות חומקות המשתלבות למבנה רופף שמתגלה ונעלם. העבודה על המאמר, שהיה אמור להיות רחב בהיקפו, לא הסתיימה, וכנראה לא נשוב אליו עוד. ואף על פי כן מצאנו עניין בפרסומו כפי שהוא בתוספת כמה הבהרות והערות
    Keywords: ddc:330 ; academia ; literature ; research ; science ; war
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hebrew
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  • 5
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    Toronto, Ontario: The Bichler and Nitzan Archives
    Publication Date: 2017-05-22
    Description: This paper offers a new theoretical approach for comparing the current political-economic U-turns in South Africa and Israel. Our principal focus is on a revised notion of capital, emphasizing the central role of differential accumulation by dominant capital groups. We further distinguish between an antagonistic “depth” regime in which differential accumulation is achieved via stagflation, and a less conflictual “breadth” regime where redistribution occurs through growth. Within this framework, we argue that both the recent transition in the two countries, as well as their former regimes, were greatly affected by global developments. Until the 1980s, accumulation in both countries depended largely on depth, characterized by a marked disparity between deepening crisis on the one hand, and rapid differential accumulation on the other. In South Africa, the large companies benefited disproportionately from the impact on gold profit of global inflation, and were therefore reluctant to abandon apartheid. Similarly, Israel’s leading firms recorded spectacular gains riding the global arms race and regional conflict, and hence voiced little opposition to the continuation of a war economy at home. Recently, however, these global forces went into reverse, triggering in both countries a shift from depth to breadth. The disinflation associated with rapid globalization undermined gold profit in South Africa, while the end of the Cold War pulled the rug from under the global arms race, drying up the flow of war profit in Israel. In these new conditions, dominant capital groups in the two countries can sustain their differential accumulation only by investing outside their own borders. Capital mobility, though, requires political-economic stability, hence the support of these groups for democracy in South Africa and to regional reconciliation in Israel.
    Keywords: ddc:330 ; Arms ; accumulation ; acquisitions ; apartheid ; capital ; capitalism ; centralization ; competition ; conflict ; conglomeration ; corporation ; credit ; crisis ; debt ; demographics ; development ; distribution ; dual economy ; elite ; energy ; finance ; globalization ; gold
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 6
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    Toronto, Ontario: The Bichler and Nitzan Archives
    Publication Date: 2017-05-22
    Description: Existing theories of capital, neo-classical as well as Marxist, are anchored in the material sphere of production and consumption. This article offers a new analytical framework for capital as a crystallization of power. The relative nature of power requires accumulation to be measured in differential, not absolute, terms. For absentee owners, the main goal is not to maximize pro.ts, but rather to “beat the average” and exceed the “normal rate of return”. The theoretical framework builds on Thorstein Veblen’s separation of industry from business and on Lewis Mumford’s dichotomy between democratic and authoritarian techniques. Extending their contributions, we argue that capital is a business, not an industrial category, a human mega-machine rather than a material artefact. Indeed, it is the social essence of capital which makes accumulation possible in the .rst place. Capital measures the present value of future business earnings, and these depend not on the productivity of industry as such, but on the ability of absentee owners strategically to limit such productivity to their own differential ends. Introducing the twin concepts of the “differential power of capital” (DPK) and the rate of “differential accumulation” (DA), we examine the non-linear and possibly negative link between industrial growth and accumulation in the USA.
    Keywords: ddc:330 ; accumulation ; capital ; capitalism ; centralization ; competition ; conflict ; conglomeration ; corporation ; credit ; crisis ; debt ; development ; distribution ; dual economy ; elite ; finance ; institutionalism ; Marxism ; methodology ; Mumford ; ownership ; Palestine ; po
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 7
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    Toronto, Ontario: The Bichler and Nitzan Archives
    Publication Date: 2017-05-18
    Description: An exchange between Andrew Kliman and Shimshon Bichler and Jonathan Nitzan. 1. Andrew Kliman: 'Value and Crisis: Bichler and Nitzan versus Marx' EDITORS' NOTE: In the first article, Andrew Kliman responds to Bichler and Nitzan's recent paper on 'Systemic Fear, Modern Finance and the Future of Capitalism' (2010). He then goes on to raise a series of issues concerning the critique of Marxian value theory which these authors put forward in their book Capital as Power (Nitzan and Bichler, 2009). It is followed by a rejoinder from Bichler and Nitzan. 2. Shimshon Bichler and Jonathan Nitzan: 'Kliman on Systemic Fear: A Rejoinder' EDITORS' NOTE: Andrew Kliman's paper in this issue, 'Value and Crisis: Bichler and Nitzan versus Marx', consists of two sections. The first section deals with Bichler and Nitzan's recent paper on 'Systemic Fear, Modern Finance and the Future of Capitalism' (2010). The second section takes issue with their earlier critique of Marx’s labour theory of value (Nitzan and Bichler, 2009), and offers an explanation of the global economic crisis. In the following rejoinder, Bichler and Nitzan address the points raised in the first of these sections.
    Keywords: ddc:330 ; behavioural finance ; capital ; capitalization ; distribution ; dogma ; fear ; labour theory of value ; major bear markets ; Marxism ; power ; profit ; science ; sleepwalking ; systemic crisis
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 8
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    Toronto, Ontario: The Bichler and Nitzan Archives
    Publication Date: 2017-05-22
    Description: Over the past century, the institution of capital and the process of its accumulation have been fundamentally transformed. By contrast, the theories that explain this institution and process have remained largely unchanged. The purpose of this paper is to address this mismatch. Using a broad brush, we outline a new, power theory of capital and accumulation. We use this theory to assess the changing meaning of the corporation and the capitalist state, the new ways in which capital gets accumulated and the specific historical trajectory of twentieth-century capitalism up to the present.
    Keywords: ddc:330 ; arms ; accumulation ; capital ; flow ; capitalism ; conflict ; corporation ; crisis ; distribution ; elite ; energy ; finance ; globalization ; growth ; imperialism ; GPE ; liberalism ; Marxism ; Middle East ; military ; national ; interest ; neoclassical economics ; neoliberal
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 9
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    Toronto, Ontario: The Bichler and Nitzan Archives
    Publication Date: 2017-05-18
    Description: This is the latest in a series of articles we have been writing on the current crisis. The purpose of our previous papers was to characterize the crisis. We claimed that it was a 'systemic crisis', and that capitalists were gripped by 'systemic fear'. In this article, we seek to explain why. The problem that capitalists face today, we argue, is not that their power has withered, but, on the contrary, that their power has increased. Indeed, not only has their power increased, it has increased by so much that it might be approaching its asymptote. And since capitalists look not backward to the past but forward to the future, they have good reason to fear that, from now on, the most likely trajectory of this power will be not up, but down. The paper begins by setting up our general framework and key concepts. It continues with a step-by-step deconstruction of key power processes in the United States, attempting to assess how close these processes are to their asymptotes. And it concludes with brief observations about what may lie ahead.
    Keywords: ddc:330 ; capitalization ; distribution ; power ; systemic crisis ; United States
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 10
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    Toronto, Ontario: The Bichler and Nitzan Archives
    Publication Date: 2017-05-18
    Description: Do capitalists really want a recovery? Can they afford it? On the face of it, the question sounds silly: of course capitalists want a recovery; how else can they prosper? According to the textbooks, both mainstream and heterodox, capital accumulation and economic growth are two sides of the same process. Accumulation generates growth and growth fuels accumulation, so it seems bootless to ask whether capitalists want growth. Growth is their lifeline, and the more of it, the better it is. Or is it? In the United States, rising unemployment – which hammers the well-being of workers, unincorporated businesses and the unemployed – serves not to undermine but to boost the overall income share of capitalists. And as employment growth decelerates, the income share of the Top 1% – which includes the capitalists as well as their protective power belt – soars. Under these circumstances, what reason do capitalists have to ‘get the economy going’? Why worry about rising unemployment and zero job growth when these very processes serve to boost their income-share-read-power?
    Keywords: ddc:330 ; crisis ; DA ; economic policy ; economic theory ; growth ; income distribution ; Marxism ; monetarism ; neoclassical economics ; power ; profit ; underconsumption ; United States
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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