Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/157801
Authors: 
Bichler, Shimshon
Nitzan, Jonathan
Year of Publication: 
2016
Citation: 
[Journal:] Real-World Economics Review [Issue:] 77 [Pages:] 119-154
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 capitalized power. The model demonstrates that (1) the valuation of equities represents capitalized power; (2) capitalized power is dialectically intertwined with systemic fear; and (3) systemic fear and capitalized power are mediated through strategic sabotage. This triangular model, we posit, can offer a basis for examining the asymptotes, or limits, of capitalized power and the ways in which these asymptotes relate to the historical and ongoing transformation of the capitalist mode of power.
Subjects: 
capital as power
crisis
mismatch thesis
stock market
strategic sabotage
systemic fear
valuation
URL of the first edition: 
Creative Commons License: 
http://creativecommons.org/licenses/by-nc-nd/4.0/
Document Type: 
Article






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