The Capitalist Mode of Power: Critical Engagements with the Power Theory of Value (RIPE Series in Global Political Economy)
Tim Di Muzio
Format: PDF / Kindle (mobi) / ePub
This edited volume offers the first critical engagement with one of the most provocative and controversial theories in political economy: the thesis that capital can be theorized as power and that capital is finance and only finance. The book also includes a detailed introduction to this novel thesis first put forward by Nitzan and Bichler in their Capital as Power.
Although endorsing the capital as power argument to varying extents, contributors to this volume agree that a new understanding of capital that radically departs from Marxist and Neoclassical theories cannot be ignored. Offering the first application and appraisal of Nitzan and Bichler’s theory, chapters examine the thesis in the context of energy and global capitalization, US Investment Banks, trade and investment agreements between Canada, the US and Mexico, and multinational corporations in Apartheid South Africa. Balancing theory, methodology and empirical analysis throughout, this book is accessible to new readers, whilst contextualising and advancing the original theoretical debate.
The Capitalist Mode of Power
will be of interest to students and scholars of International Relations, Political Economy, Globalization and Critical Theory.
was 4.6 per cent per year from 1910 to 2010. I use the short scale for orders of magnitude: 1 trillion = 1,000,000,000,000. 11 This ﬁgure is a snapshot. It was calculated by using data from the World Federation of Exchanges on total market capitalization – US$45 trillion as of September 2011 and adding it with the amount outstanding on the global bond market as recorded by TheCityUK – US$95 trillion. TheCityUK, Bond Markets, July 2011, http://www. thecityuk.com/assets/Uploads/BondMarkets2011.pdf
us is that workers made relative gains from the close of the Second World War to the NAFTA, when capital began to win decisively the distributional struggle. This trend corresponds, albeit imperfectly, with the pattern of the top percentile income share. Once again, the TAIL regime acts as a turning point in terms of distributional outcomes. After having explored the distribution of income in the previous section and differential business performance in this section, the operative question
Sullivan Task Group 7, March 8, 1983. 17 Broderick to Kommer, May 6, 1983. 18 Report by R.L. Phillips, Secretary reporting for Marzullo, to all meeting participants, October 7, 1982. 19 Marzullo to Weedon, May 31, 1983. 20 Roger Crawford, Johnson & Johnson to Marzullo, August 29, 1983. 21 A total of seven withdrew, however, one ﬁrm merged with another signatory and two sold their South Africa operations. 22 Marzullo to Derek Fitton, Otis Elevator Company, May 31, 1983. 23 Secretary of State
false dichotomy of politics and economics, and on the conceptualization of dominant capital.6 The separation of politics and economics I think their argument that the creation and accumulation of value in a capitalist society is both political and economic is utterly convincing. Implicit in this acceptance is a rejection of both the utility and labour theories of value, replaced with the conception of value as socially constructed, subjective and determined by power – hence the power theory of
become more important because of their role in the logic of capital. Robert Cox (1987), for example, (from a different perspective) argues 128 Sean Starrs that the ‘transnationalization of the state’ has made those organs most involved with global capitalism (such as the Central Bank, the Executive, the Ministries of Finance and Foreign Affairs), more important within the state than other organs, such as the Ministries of Health, Labour, Welfare, and so on. But, for reasons stated in the