Tag Archives: finance
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 … Read More
No. 2016/07: Bichler and Nitzan, ‘A CasP Model of the Stock Market’
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 capitalized … Read More
Logics AND the Logic of Accumulation
The presiding logic of capitalism is that of accumulation. CasP re-emphasizes and re-theorizes accumulation as ‘Moses & the Prophets’ of capitalism. However, Nitzan and Bichler’s theorization severs the link between accumulation and productivity that grounds both mainstream and critical value theory. Instead, they emphasize the meaning of the nominal quantities of capital as a translation … Read More
Protecting the Game from the Players
In certain circles, Charlie Munger is a demi-god. He is the vice-chairman of Berkshire Hathaway, the holding company controlled by the god of markets himself, or rather, Warren Buffett. The words spoken and written by both Buffett and Munger are treated as divine insights on the way the world works or ought to work. Recently, Munger … Read More
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 … Read More
No. 2015/03: Bichler and Nitzan, “Capital Accumulation: Fiction and Reality”
Working Paper No. 2015/03 Shimshon Bichler and Jonathan Nitzan, “Capital Accumulation: Fiction and Reality” What do economists mean when they talk about ‘capital accumulation’? Surprisingly, the answer to this question is anything but clear, and it seems the most unclear in times of turmoil. Consider the recent ‘financial crisis’. The very term already attests to … Read More
Mediating the Intra-capitalist Struggle
U.S. regulators have subpoenaed powerhouses of financial intermediation, Goldman Sachs and JPMorgan Chase, as part of a probe into metal warehousing. Two companies identified with the supposedly ephemeral world of finance are being called to answer questions as owners of the decidedly concrete warehouses used to store aluminum. The investigation is being conducted by the … Read More