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Unbridgeable: Why Political Economists Cannot Accept Capital as Power

Author

Listed:
  • Nitzan, Jonathan
  • Bichler, Shimshon
Abstract
The theory of capital as power (CasP) is radically different from conventional political economy. In the conventional view, mainstream as well as heterodox, capital is seen a 'real' economic entity engaged in the production of goods and services, and capitalism is thought of as a mode of production and consumption. Finance in this approach is either a mere reflection/lubricant of the real economy (the mainstream view), or a parasitic fiction (the heterodox perspective). CasP rejects this framework. Capital, it argues, is not a productive economic entity, but a symbolic representation of organized societal power writ large, and capitalism should be analysed not as a mode of production and consumption, but as a mode of power. In this approach, finance is neither a reflection nor a fiction, but the symbolic language that organizes and creorders - or creates the order of - capitalized power. These are foundational claims. They go to the very heart of political economy, and they have far-reaching implications. So far-reaching, in fact, that if we accept them, we must rewrite, often from scratch, much of the theory, history and possible futures of the capitalist order. Many have complained about CasP being aloof. Our approach, they have argued, insists on being 'right' - to the exclusion of all others. It shows no interest in 'building bridges'. It dismisses neoclassical liberalism altogether, and although sometimes sympathetic to Marx, it aims not to revise Marxism, but to discard it altogether. In this research note - excerpted and revised from our 2020 invited-then-rejected interview with Revue de la regulation - we explain the basis for these complaints and why CasP and conventional political economy cannot be easily bridged. Stated briefly, the problem is not unwillingness but built-in barriers. As it stands, political economy cannot accept capital as power. Its very foundations prevent it from doing so.

Suggested Citation

  • Nitzan, Jonathan & Bichler, Shimshon, 2021. "Unbridgeable: Why Political Economists Cannot Accept Capital as Power," EconStor Preprints 228594, ZBW - Leibniz Information Centre for Economics.
    • Handle: RePEc:zbw:esprep:228594
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    File URL: https://www.econstor.eu/bitstream/10419/228594/1/20210100_bn_unbridgeable_rn.pdf
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    References listed on IDEAS

    as
    1. Fix, Blair & Nitzan, Jonathan & Bichler, Shimshon, 2019. "Real GDP: The Flawed Metric at the Heart of Macroeconomics," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue 88, pages 51-59.
    2. Bichler, Shimshon & Nitzan, Jonathan, 2015. "Capital Accumulation: Fiction and Reality," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue 72, pages 47-68.
    3. Bichler, Shimshon & Nitzan, Jonathan, 2012. "Capital as Power: Toward a New Cosmology of Capitalism," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue 61, pages 65-84.
    4. Nitzan, Jonathan & Bichler, Shimshon, 2009. "Capital as Power. A Study of Order and Creorder," EconStor Books, ZBW - Leibniz Information Centre for Economics, number 157973, September.
    5. Nitzan, Jonathan, 1992. "Inflation As Restructuring. A Theoretical and Empirical Account of the U.S. Experience," EconStor Theses, ZBW - Leibniz Information Centre for Economics, number 157989, September.
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    Cited by:

    1. Julien Vastenaekels, 2024. "Degrowth and capitalist power: A step towards a theory of change," Post-Print hal-04584989, HAL.

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    More about this item

    Keywords

    capital as power; Marxism; neoclassical economics; political economy; power; value;
    All these keywords.

    JEL classification:

    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • C18 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Methodolical Issues: General

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