No. 2017/01: Cochrane, ‘Differentiating Diamonds’

January 3, 2017

In 1939, the De Beers diamond company faced a dire situation. The company’s accumulation had been dwindling for decades. The Great Depression not only pushed diamond sales to historic lows, it shifted American attitudes around consumption and thriftiness to the detriment of the luxury object. In this article, I bring together Liz McFall’s assertion that … Read More

Spiegel Online Analysis of Deutsche Bank’s Differential Misfortune

January 2, 2017

Deutsche Bank was a central figure of the 2008 global financial crisis. While some of its compatriots, such as Goldman Sachs, have re-ascended to the commanding heights of global capital, Deutsche remains a shadow of its former self as seen in the graph below (screenshot from Yahoo! Finance). A comparison of Deutsche Bank (DB) with … Read More

Call for Papers for a Special Issue of the RECASP: ‘Broadening the Vista’

December 31, 2016

Click here for the official call. Submissions deadline: December 31st, 2016 Submission guidelines: http://www.recasp.com/contact Contact: Tim Di Muzio, University of Wollongong, Australia (tdimuzio@uow.edu.au) Alternative location: http://bnarchives.yorku.ca/488/

Trump, US Public Debt, and the Future of Global Financial Power

December 16, 2016

The following post is based loosely on my presentation at the first annual Thammasat University-Conference for Asia Pacific Studies in Phuket, Thailand (8-9 December 2016).  What a difference a few months makes. This past summer I published a piece in the European Journal of International Relations on the role of US Treasury securities as the … Read More

Bichler and Nitzan, ‘A CasP Model of the Stock Market’

December 15, 2016

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 … Read More

No. 2016/6: Pitts, ‘Capital as Power in the Creative Industries’

September 25, 2016

Using Nitzan and Bichler’s understanding of the dissonant relationship between creativity and power and business and industry, this paper investigates the rhythms of freelance creative work. It reports findings from interviews conducted with freelancers working in the Dutch creative industries. The findings suggest that freelancers enjoy more responsibility and autonomy than formal employees. But this autonomy represents a risk that … Read More

No. 2016/5: Cochrane, “Disobedient Things”

August 24, 2016

Analysis of the Deepwater Horizon disaster and the accumulatory decline of BP demonstrates both the analytical efficacy of the capital-as-power (CasP) approach to value theory, and the irreducible role of objects in the process of accumulation. Rather than productivity per se, accumulation depends on control of productivity. Owners’ control is over both the human and … Read More

Sandy Brian Hager, Public Debt, Inequality, and Power: The Making of a Modern Debt State

June 27, 2016

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 … Read More