dunnettreader + capital_as_power   19

Luca Corchia - Europe: The debate between Habermas and Streeck about the Left and Europe’s future | Reset Dialogues on Civilizations - 25 March 2014
Over the next few months the press and television networks will one again focus on European events, returning the interest of Italian public opinion to these matters, and this will take place on the basis of the pressing timeframe dictated by political issues. In a few weeks’ time the election campaign for a European Union’s parliament, scheduled for May 22-25, will be fully under way in all 28 member states. -- check out footnotes -- downloaded pdf to Note
EU  EU_governance  Eurozone  ECB  Great_Recession  financial_crisis  Greece-Troika  democracy  democracy_deficit  legitimacy  elections  capitalism-systemic_crisis  capitalism-varieties  capital_as_power  Eurosceptic  European_integration  elites  elites-self-destructive  parties  social_democracy  right-wing  nationalism  nation-state  national_interest  political_press  political_culture  economic_culture  Habermas 
july 2015 by dunnettreader
Jürgen Habermas - Re Wolfgang Streeck - Freedom and Democracy: Democracy or Capitalism? | Reset Dialogues on Civilizations - 1 July 2013
1st of a back-and-forth with Streeck and others -- Freedom and Democracy: Democracy or Capitalism? On the Abject Spectacle of a Capitalistic World Society fragmented along National Lines -- In his book on the deferred crisis of democratic capitalism Wolfgang Streeck develops an unsparing analysis of the origins of the present banking and debt crisis that is spilling over into the real economy. This bold, empirically based study developed out of Adorno Lectures at the Institute of Social Research in Frankfurt. At its best—that is, whenever it combines political passion with the eye-opening force of critical factual analysis and telling arguments—it is reminiscent of The Eighteenth Brumaire of Louis Napoleon. It takes as its starting point a justified critique of the crisis theory developed by Claus Offe and me in the early 1970s. The Keynesian optimism concerning governance prevalent at the time had inspired our assumption that the economic crisis potential mastered at the political level would be diverted into conflicting demands on an overstrained governmental apparatus and into “cultural contradictions of capitalism” (as Daniel Bell put it a couple of years later) and would find expression in a legitimation crisis. Today we are not (yet?) experiencing a legitimation crisis but we are witnessing a palpable economic crisis.
political_economy  political_philosophy  international_political_economy  capitalism-systemic_crisis  capital_as_power  finance_capital  financialization  Great_Recession  democracy  democracy_deficit  legitimacy  nationalism  financial_crisis  sovereign_debt  social_theory  globalization  global_governance  political_culture  economic_culture  stagnation  economic_sociology  Habermas  post-secular  Eurozone  European_integration  monetary_union  EU_governance  EU  Europe-federalism  downloaded 
july 2015 by dunnettreader
Suzanne J. Konzelmann, Marc Fovargue-Davies - Anglo-Saxon Capitalism in Crisis? Models of Liberal Capitalism and the Preconditions for Financial Stability :: SSRN (rev'd September 2011) Cambridge Centre for Business Research Working Paper No. 422
Suzanne J. Konzelmann, Birkbeck College - Social Sciences, School of Management and Organizational Psychology; Cambridge - Social and Political Sciences -- Marc Fovargue-Davies, U of London - The London Centre for Corporate Governance & Ethics -- The return to economic liberalism in the Anglo-Saxon world was motivated by the apparent failure of Keynesian economic management to control the stagflation of the 1970s and early 1980s. In this context, the theories of economic liberalism, championed by Friederich von Hayek, Milton Friedman and the Chicago School economists, provided an alternative. However, the divergent experience of the US, UK, Canada and Australia reveals two distinct ‘varieties’ of economic liberalism: the ‘neo-classical’ incarnation, which describes American and British liberal capitalism, and the more ‘balanced’ economic liberalism that evolved in Canada and Australia. In large part, these were a product of the way that liberal economic theory was understood and translated into policy, which in turn shaped the evolving relationship between the state and the private sector and the relative position of the financial sector within the broader economic system. Together, these determined the nature and extent of financial market regulation and the system’s relative stability during the 2008 crisis. -- PDF File: 61 -- Keywords: Corporate governance, Regulation, Financial market instability, Liberal capitalism, Varieties of capitalism -- downloaded pdf to Note
paper  SSRN  economic_history  20thC  21stC  post-WWII  post-Cold_War  US_politics  UK_politics  political_economy  political_culture  ideology  neoliberalism  economic_theory  economic_sociology  business_practices  business-and-politics  business-norms  business_influence  Keynesianism  neoclassical_economics  Austrian_economics  Chicago_School  capitalism-systemic_crisis  capitalism-varieties  corporate_governance  corporate_finance  capital_markets  capital_as_power  financialization  finance_capital  financial_regulation  Great_Recession  financial_crisis  policymaking  trickle-down  Canada  Australia  downloaded 
july 2015 by dunnettreader
Leo E. Strine - The Dangers of Denial: The Need for a Clear-Eyed Understanding of the Power and Accountability Structure Established by the Delaware Law :: SSRN Wake Forest Law Review, 2015, Forthcoming (March 20, 2015)
Supreme Court of Delaware; Harvard Law School; Penn Law School -- There is now a tendency among those who believe that corporations should be more socially responsible to pretend that corporate directors do not have an obligation under Delaware corporate law to make stockholder welfare the sole end of corporate governance within the limits of their legal discretion. These advocates of CSR contend that Delaware directors may subordinate stockholder welfare to other interests, such as those of the company’s workers or society generally. (..) But, the problem with that argument is that it is inconsistent with both judge-made common law of corporations in Delaware and the design of the Delaware General Corporation Law. More important, pretending that the nation’s leading corporate law is fundamentally different than it is runs contrary to the goal of ensuring that for-profit corporations behave lawfully, responsibly, and ethically. Lecturing others to do the right thing without acknowledging the rules that apply to their behavior and the power dynamics to which they are subject is not a responsible path to social progress. Rather, it provides an excuse to avoid tougher policy challenges, such as advocating for stronger externality regulation and encouraging institutional investors to exercise their power as stockholders responsibly. Those challenges must be confronted if we are to ensure that for-profit corporations are vehicles for responsible, sustainable, long-term wealth creation. -- PDF File: 43 -- downloaded pdf to Note
US_legal_system  US_politics  corporate_law  corporate_citizenship  corporate_governance  shareholder_value  profit_maximization  principal-agent  fiduciaries  law-and-economics  CSR  capital_as_power  duties-legal  duties-civic  duty_of_care  duty_of_loyalty  Delaware_law  downloaded 
july 2015 by dunnettreader
Lyman Johnson, David Millon - Corporate Law after Hobby Lobby :: SSRN (rev'd Jan 2015) THE BUSINESS LAWYER, Vol 70 - November 2014
Lyman Johnson, Washington and Lee University - School of Law; University of St. Thomas, St. Paul/Minneapolis, MN - School of Law -- David Millon
Washington and Lee University - School of Law -- We evaluate the U.S. Supreme Court's controversial decision in the Hobby Lobby case from the perspective of state corporate law. We argue that the Court is correct in holding that corporate law does not mandate that business corporations limit themselves to pursuit of profit. Rather, state law allows incorporation 'for any lawful purpose.' We elaborate on this important point and also explain what it means for a corporation to 'exercise religion.' In addition, we address the larger implications of the Court's analysis for an accurate understanding both of state law's essentially agnostic stance on the question of corporate purpose and also of the broad scope of managerial discretion. -- PDF File: 33 -- Keywords: Corporate purpose, Corporate personhood, Shareholder wealth maximization, Shareholder primacy, Corporate social responsibility -- downloaded pdf to Note
article  SSRN  corporate_law  corporate_citizenship  corporate_governance  shareholders  freedom_of_conscience  SCOTUS  civil_liberties  corporate_control  corporate_personhood  limited_liability  corporations-closely-held  corporations  CSR  shareholder_value  shareholder_voting  profit_maximization  law-and-economics  labor_law  employee_benefits  power-asymmetric  capital_as_power  constitutional_law  downloaded 
july 2015 by dunnettreader
David Millon - Radical Shareholder Primacy :: SSRN - Aug 2014
Washington and Lee University - School of Law -- University of St. Thomas Law Journal, Vol. 10:4 (2013) -- Washington & Lee Legal Studies Paper No. 2014-17 -- written for a symposium on the history of CSR, seeks to make sense of the surprising disagreement on the foundational legal question of corporate purpose: does the law require shareholder primacy or not? (..) disagreement is due to the unappreciated ambiguity in the shareholder primacy idea. (.. ) 2 models, the 'radical' and the 'traditional.' Radical shareholder primacy originated at Chicago in the later 1970s, (Daniel Fischel and Frank Easterbrook). [It asserts] that corporate management is the agent of the shareholders, charged with maximizing their wealth. There is no legal authority for this claim; Fischel drew it from the financial economists Michael Jensen and William Meckling, who used the agency idea in a non-legal sense. [The traditional model is] the idea that shareholders hold a privileged position within the corporation's governance structure, ... and (..) fiduciary duties as being owed to 'the corporation and its shareholders.' (..) shareholders enjoy primacy over (..) other stakeholders, although there is no maximization mandate and shareholders [have limited effective legal means] to insist that management privilege their interests. Nevertheless, this version of shareholder primacy is enshrined in the law, and, if the radical version's agency claim is laid to rest, there is no harm in acknowledging that fact. -- PDF File: 34 -- saved to briefcase
paper  SSRN  corporate_law  corporate_citizenship  corporate_governance  shareholder_value  profit_maximization  principal-agent  fiduciaries  law-and-economics  CSR  capital_as_power  status_quo_bias 
july 2015 by dunnettreader
David Millon - The Single Constituency Argument in the Economic Analysis of Business Law :: SSRN - Jan 2007
David Millon, Washington and Lee University - School of Law -- Research in Law and Economics, 2007 -- Washington & Lee Legal Studies Paper No. 2007-01 -- The essay points out an interesting parallel in law-and-economics business law scholarship. Working largely independently of each other, economically oriented scholars working in different areas have argued that the law should focus on the interests of a single constituency - shareholders in corporate law, creditors in bankruptcy law, and consumers in antitrust law. Economic analysts thus have rejected arguments advanced by progressive scholars working in each of these areas that the law should instead concern itself with the full range of constituencies affected by business activity. The law-and-economics single constituency claim rests in part on skepticism about judicial competence but the underlying objection is to the use of law for redistributive purposes. The primary value is efficiency, defined in terms of market-generated outcomes. In this essay, I question this political commitment, suggesting that it implies a strong tendency toward maintenance of the existing distribution of wealth. Even more importantly, the single constituency claim may actually have redistributive implications. In each of these areas of business law, however, it is a regressive program that favors owners of capital against those who are generally less well of, such as workers and small business owners. -- Number of Pages in PDF File: 31 -- saved to briefcase
paper  SSRN  philosophy_of_law  jurisprudence  legal_theory  political_philosophy  political_economy  law-and-economics  conflict_of_interest  principal-agent  profit_maximization  incentives  incentives-distortions  efficiency  shareholder_value  creditors  consumers  consumer_protection  competition  status_quo_bias  capital  inequality-wealth  inequality-opportunity  power-asymmetric  capital_as_power  distribution-income  distribution-wealth  corporate_governance  corporate_law  corporate_citizenship  bankruptcy  antitrust  conservative_legal_challenges 
july 2015 by dunnettreader
Geoffrey Jones (HBS Working Papers 2013) - Debating the Responsibility of Capitalism in Historical and Global Perspective
This working paper examines the evolution of concepts of the responsibility of business in a historical and global perspective. It shows that from the nineteenth century American, European, Japanese, Indian and other business leaders discussed the responsibilities of business beyond making profits, although until recently such views have not been mainstream. There was also a wide variation concerning the nature of this responsibility. This paper argues that four factors drove such beliefs: spirituality; self-interest; fears of government intervention; and the belief that governments were incapable of addressing major social issues.

Keywords: Rachel Carson; Sustainability; Local Food; Operations Management; Supply Chain; Business And Society; Business Ethics; Business History; Corporate Philanthropy; Corporate Social Responsibility; Corporate Social Responsibility And Impact; Environmentalism; Environmental Entrepreneurship; Environmental And Social Sustainability; Ethics; Globalization; History; Religion; Consumer Products Industry; Chemical Industry; Beauty and Cosmetics Industry; Energy Industry; Food and Beverage Industry; Forest Products Industry; Green Technology Industry; Manufacturing Industry; Asia; Europe; Latin America; Middle East; North and Central America; Africa
paper  downloaded  economic_history  business_history  imperialism  US  British_Empire  France  Germany  Japan  Spain  Dutch  Latin_America  Ottoman_Empire  India  18thC  19thC  20thC  corporate_citizenship  corporate_governance  business  busisness-ethics  business-and-politics  common_good  communitarian  environment  labor  patriarchy  paternalism  labor_standards  regulation  product_safety  inequality  comparative_economics  capital_as_power  capitalism  CSR  political_economy  economic_culture  economic_sociology  self-interest  ideology 
january 2015 by dunnettreader
Richard Andrew Berman - The Architects of Eighteenth Century English Freemasonry, 1720 - 1740 (2010 thesis) | University of Exeter
Advisors: Black, Jeremy & Goodrick-Clarke, Nicholas -- Date Issued: 2010-09-22 --
URI: http://hdl.handle.net/10036/2999 -- Following the appointment of its first aristocratic Grand Masters in the 1720s and in the wake of its connections to the scientific Enlightenment, ‘Free and Accepted’ Masonry rapidly became part of Britain’s national profile and the largest and arguably the most influential of Britain’s extensive clubs and societies. (..) Freemasonry became a vehicle for the expression and transmission of the political and religious views of those at its centre, and for the scientific Enlightenment concepts that they championed. The ‘Craft’ also offered a channel through which many sought to realise personal aspirations: social, intellectual and financial. Through an examination of relevant primary and secondary documentary evidence, this thesis seeks to contribute to a broader understanding of contemporary English political and social culture, and to explore the manner in which Freemasonry became a mechanism that promoted the interests of the Hanoverian establishment and connected and bound a number of élite metropolitan and provincial figures. A range of networks centred on the aristocracy, parliament, the magistracy and the learned and professional societies are studied, and key individuals instrumental in spreading and consolidating the Masonic message identified. The thesis also explores the role of Freemasonry in the development of the scientific Enlightenment. The evidence suggests that Freemasonry should be recognised not only as the most prominent of the many 18thC fraternal organisations, but also as a significant cultural vector and a compelling component of the social, economic, scientific and political transformation then in progress. -- downloaded pdf to Note
thesis  18thC  1720s  1730s  1740s  Walpole  Whigs-oligarchy  British_history  British_politics  Enlightenment  science-public  Scientific_Revolution  science-and-politics  Freemasonry  cultural_history  intellectual_history  networks-social  networks-political  networks-business  sociology_of_science_&_technology  elites  aristocracy  Parliament  MPs  political_nation  economic_sociology  economic_culture  commerce-doux  finance_capital  banking  capital_markets  capital_as_power  history_of_science  historical_sociology  historical_change  center-periphery  provinces  clubs  social_capital  judiciary  professions  professionalization  religious_culture  science-and-religion  latitudinarian  natural_religion  Newtonian  bibliography  downloaded  EF-add 
january 2015 by dunnettreader
ECONOMICS AS SOCIAL THEORY - Routledge Series edited by Tony Lawson - Titles List
Social theory is experiencing something of a revival within economics. Critical analyses of the particular nature of the subject matter of social studies and of the types of method, categories and modes of explanation that can legitimately be endorsed for the scientific study of social objects, are re-emerging. Economists are again addressing such issues as the relationship between agency and structure, between the economy and the rest of society, and between inquirer and the object of inquiry. There is renewed interest in elaborating basic categories such as causation, competition, culture, discrimination,evolution, money, need, order, organisation, power, probability, process, rationality, technology, time, truth, uncertainty and value, etc. The objective for this series is to facilitate this revival further. In contemporary economics the label `theory' has been appropriated by a group that confines itself to largely a-social, a-historical, mathematical `modelling'. Economics as Social Theory thus reclaims the `theory' label, offering a platform for alternative, rigorous, but broader and more critical conceptions of theorising.
books  social_theory  economic_theory  social_sciences  intellectual_history  political_economy  causation-social  economic_sociology  economic_culture  rationality-economics  rational_choice  rationality-bounded  rational_expectations  critical_realism  evolution-social  history_of_science  historical_sociology  agency-structure  power  power-asymmetric  business-and-politics  capitalism  capital_as_power  Marxist  Post-Keynesian  epistemology  epistemology-social  conventions  social_order  civil_society  public_policy  public_goods  anarchism  competition  financialization  development  economic_growth 
october 2014 by dunnettreader
Bichler, Shimshon and Nitzan, Jonathan - Differential Accumulation (Reprint) | bnarchives
Dissident Voice. 28 December 2011. pp. 1-13. (Magazine Article; English). -- This is the latest version of this eprint. -- Early in 2011, we received a surprising invitation from the Financial Times Lexicon. A reader had suggested that an entry on differential accumulation be added to the Lexicon, and the online content developer asked us if we would be willing to write it. Our first thought was that this must have been a mistake. . . . Keywords: capital, capitalization, differential accumulation, finance, investment, modes of power, sabotage -- downloaded pdf to Note
article  capital_as_power  capital  capitalism  capitalization  accumulation  accumulation-differential  financial_system  finance_capital  financialization  investment  power  power-asymmetric  sabotage-by_business  downloaded  EF-add 
october 2014 by dunnettreader
Jonathan Nitzan - Global Capital: Political Economy of Capitalist Power (YorkU, Graduate Seminar, Fall Term, 2014-15) | bnarchives
The seminar has two related goals: substantive and pedagogical. The substantive purpose is to tackle the question of capital head on. The course explores a spectrum of liberal and Marxist theories, ideologies and dogmas – as well as a radical alternative to these views. The argument is developed theoretically, historically and empirically. The first part of the seminar provides a critical overview of political economy, examining its historical emergence, triumph and eventual demise. The second part deals with the two ‘materialistic’ schools of capital – the liberal theory of utility and the Marxist theory of labour time – dissecting their structure, strengths and limitations. The third part brings power back in: it analyses the relation between accumulation and sabotage, studies the institutions of the corporation and the state and introduces a new framework – the capitalist mode of power. The final part offers an alternative approach – the theory of capital as power – and illustrates how this approach can shed light on conflict-ridden processes such as corporate merger, stagflation, imperialism and Middle East wars. Pedagogically, the seminar seeks to prepare students toward conducting their own independent re-search. Students are introduced to various electronic data sources, instructed in different methods of analysis and tutored in developing their empirical research skills. As the seminar progresses, these skills are used both to assess various theories and to develop the students’ own theoretical/empirical research projects. -- Keywords: arms accumulation capital capitalism conflict corporation crisis distribution elite energy finance globalization growth imperialism GPE liberalism Marxism military Mumford national interest neoclassical neoliberalism oil ownership peace power profit ruling class security stagflation state stock market technology TNC Veblen violence war -- syllabus and session handouts downloaded pdf to Note
bibliography  syllabus  capital_as_power  international_political_economy  political_economy  economic_theory  liberalism  neoliberalism  neoclassical_economics  Keynesian  Marxist  capital  capitalism  social_theory  power-asymmetric  globalization  financial_system  financial_regulation  risk-systemic  international_finance  finance_capital  financialization  production  distribution-income  distribution-wealth  inequality  MNCs  corporations  corporate_finance  corporate_ownership  corporate_control_markets  economic_growth  economic_models  imperialism  military  military-industrial_complex  IR_theory  ruling_class  class_conflict  energy  energy-markets  MENA  accumulation  accumulation-differential  capital_markets  public_finance  profit  investment  technology  elite_culture  elites-self-destructive  capitalism-systemic_crisis  Veblen  Mumford  downloaded  EF-add 
october 2014 by dunnettreader
Nitzan, Jonathan - LSE Public Event: Can Capitalists Afford Recovery? -- Video and Paper (May 2014) | bnarchives
Presentation at the LSE Department of International Relations. 27 May 2014. -- Theorists and policymakers from all directions and of all persuasions remain obsessed with the prospect of recovery. For mainstream economists, the key question is how to bring about such a recovery. For heterodox political economists, the main issue is whether sustained growth is possible to start with. But there is a prior question that nobody seems to ask: can capitalists afford recovery in the first place? If we think of capital not as means of production but as a mode of power, we find that accumulation thrives not on growth and investment, but on unemployment and stagnation. And if accumulation depends on crisis, why should capitalists want to see a recovery? -- Video duration: 2:24 hours -- Keywords: crisis, differential accumulation, economic policy, economic theory, expectations, growth, income distribution, Keynesianism, Marxism, monetarism, neoclassical economics, profit, underconsumption -- Subjects: BN State & Government, BN Power, BN Region - North America, BN Business Enterprise, BN Value & Price, BN Crisis, BN Production, BN Macro, BN Conflict & Violence, BN Money & Finance, BN Ideology, BN Distribution, BN Methodology, BN Capital & Accumulation, BN Policy, BN Class, BN Labour, BN Growth -- links to LSE on YouTube -- downloaded pdf to Note
paper  video  Great_Recession  financial_crisis  economic_growth  capital_as_power  capitalism-systemic_crisis  economic_theory  economic_models  macroeconomics  neoclassical_economics  Keynesian  Marxist  monetarism  monetary_policy  fiscal_policy  austerity  sovereign_debt  public_finance  public_policy  productivity  production  consumer_demand  underconsumption  investment  profit  productivity-labor_share  distribution-income  distribution-wealth  finance_capital  financialization  capitalization  accumulation  accumulation-differential  elites-self-destructive  elite_culture  ruling_class  class_conflict  Labor_markets  inequality  unemployment 
october 2014 by dunnettreader
Hyeng-Joon Park - Korea’s Post-1997 Restructuring: An Analysis of Capital as Power | forthcoming in Review of Radical Political Economics (2015) pp. 1-44 | bnarchives
This paper aims to transcend current debates on Korea’s post-1997 restructuring, which rely on a dichotomy between domestic industrial capital and foreign financial capital, by adopting Nitzan and Bichler’s capital-as-power perspective. Based on this approach, the paper analyzes Korea’s recent political economic restructuring as the latest phase in the evolution of capitalist power and its transformative regimes of capital accumulation. -- Keywords: differential accumulation dominant capital chaebols transnationalization strategic sabotage -- Subjects: BN State & Government, BN Institutions, BN Power, BN International & Global, BN Region - Asia, BN Business Enterprise, BN Value & Price, BN Crisis, BN Production, BN Conflict & Violence, BN Money & Finance, BN Distribution, BN Comparative, BN Capital & Accumulation, BN Policy, BN Class, BN Labour, BN Growth -- downloaded from author's blog to Note
article  international_political_economy  capital_as_power  globalization  Korea  East_Asia  20thC  21stC  economic_history  1990s  2000s  2010s  Asian_crisis  Asia_Pacific  international_finance  FDI  finance_capital  financialization  emerging_markets  oligopoly  chaebols  crony_capitalism  industry  production  capitalism  capitalism-systemic_crisis  capitalization  accumulation  distribution-income  distribution-wealth  cross-border  trade  productivity-labor_share  class_conflict  labor_share  Labor_markets  unions  violence  economic_growth  sabotage-by_business  business-and-politics  business-norms  power-asymmetric  public_policy  public_goods  corporate_finance  corporate_ownership  investment  banking  political_culture  economic_culture  economic_reform  economic_policy  democracy  opposition  downloaded  EF-add 
october 2014 by dunnettreader
Bichler, Shimshon and Nitzan, Jonathan - Nonlinearities of the Sabotage-Redistribution Process - Working Paper May 2014 | bnarchives
The relationship between sabotage and redistribution is inherently nonlinear. This research note illustrates aspects of this nolinearity in the case of the United States. 5 pages - Web page has links to small Excel sheet and 5 jpegs of the graphs. -- Keywords: sabotage redistribution United States-- Subjects: BN Conflict & Violence, BN Data & Statistics, BN Methodology, BN Resistance, BN Power, BN Region - North America, BN Capital & Accumulation, BN Business Enterprise -- downloaded pdf to Note
paper  data  capital_as_power  US_economy  political_economy  political_culture  economic_culture  business-and-politics  corporations  profit  distribution-income  labor_share  oligopoly  MNCs  military-industrial_complex  financial_system  finance_capital  financialization  accumulation  capitalism  capitalism-systemic_crisis  elites-self-destructive  inequality  neoliberalism  public_goods  sabotage-by_business  privatization  power-asymmetric  downloaded  EF-add 
october 2014 by dunnettreader
Bichler, Shimshon and Nitzan, Jonathan - The Asymptotes of Power - Real-World Economics Review. No. 60. June 2012. pp. 18-53 | bnarchives
Article workup of earlier conference paper -- 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: capitalization distribution power, systemic crisis -- Subjects: BN Money & Finance, BN Conflict & Violence, BN Distribution, BN Resistance, BN Power, BN Region - North America, BN Business Enterprise, BN Capital & Accumulation, BN Value & Price, BN Class, BN Crisis -- downloaded pdf to Note, also Excel data sheet
article  international_political_economy  capital_as_power  financial_system  international_finance  global_economy  global_system  ruling_class  transnational_elites  elite_culture  elites-self-destructive  globalization  power-asymmetric  Great_Recession  financial_crisis  finance_capital  financialization  distribution-income  distribution-wealth  profit  labor_share  risk-systemic  inequality  plutocracy  1-percent  conflict  violence  class_conflict  neoliberalism  corporate_citizenship  systems-complex_adaptive  systems_theory  grassroots  opposition  democracy  democracy_deficit  accumulation  capitalization  US_politics  US_economy  political_economy  political_culture  economic_culture  elites  rebellion  failed_states  property_rights  business-and-politics  business-norms  economic_growth  fear  data  capitalism-systemic_crisis  downloaded  EF-add 
october 2014 by dunnettreader
Bichler, Shimshon and Nitzan, Jonathan - Palan on Piketty - New Left Project, September 2014 | bnarchives
In late August, 2014, we received an invitation from the New Left Project to comment on Ronen Palan’s article ‘Capitalising the Future’. Palan’s piece examines Thomas Piketty’s book ‘Capital in the Twenty-First Century’ (2014), and the editors felt it had strong affinities with our approach. The affinities are certainly there (albeit unmentioned). But they are largely superficial. Palan demonstrates little understanding of our framework, and we very much doubt he has comprehended Piketty’s. His article contains so many elementary errors and fallacies that it is unclear how it got published in the first place. [The NLP piece has been revised to make the text less confrontational. For those interested, we also provide the original unedited version.] -- Keywords: futurity leverage, Sokal Hoax, postism Piketty -- Keywords includes "Sokal Hoax" so looks like B&N have vented their ire at posties on the hapless Palan -- downloaded pdf of unedited version to Note
article  books  review  Piketty  capitalism  inequality  capital_as_power  postmodern  capitalization  political_economy  capital  leverage  downloaded  EF-add 
october 2014 by dunnettreader
Nitzan, Jonathan and Bichler, Shimshon - The Capitalist Algorithm. Reflections on Robert Harris' "The Fear Index" (2014) | bnarchives
Real-World Economics Review. May 2014. pp. 137-142. -- Alexander Hoffmann is a physicist-turned-financier, a refugee from the particle accelerator complex in CERN who now runs a $10-billion algorithmic hedge fund from nearby Geneva. The fund is managed by VIXAL, Hoffmann’s machine learning algorithm, and is incredibly successful. The company’s statistics boast a consistently huge Alpha – a measure indicating by how much the fund beats the average and exceeds the normal rate of return – and the world’s biggest oligarchs and financial institutions are salivating at the mere thought of being allowed to invest in it. Managing their money has made Hoffmann very rich. In just a few years, he has seen his net worth rise from nothing to over a billion dollars. He has acquired a huge mansion, complete with a beautiful wife and a library full of antique books. There is no limit to what he is set to achieve. But things are not exactly what they seem to be. -- Keywords - automation artificial intelligence capitalization financial markets fear hype power -- downloaded pdf to Note
financial_system  capital_markets  capitalism  power-asymmetric  power-symbolic  capital_as_power  artificial_intelligence  hype  fear  markets-psychology  social_psychology  automation  downloaded  EF-add 
october 2014 by dunnettreader

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