Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/157913
Authors: 
Nitzan, Jonathan
Bichler, Shimshon
Year of Publication: 
2014
Citation: 
[Journal:] Review of Capital as Power [Volume:] 1 [Year:] 2014 [Issue:] 1 [Pages:] 110-155
Abstract: 
Economic, financial and social commentators from all directions and of various persuasions are obsessed with the prospect of recovery. The world remains mired in a deep, prolonged crisis, and the key question seems to be how to get out of it. The purpose of our paper is to ask a very different question that few if any seem concerned with: can capitalists afford recovery in the first place? The article contextualizes and examines this question from the viewpoint of economic policy. The analysis is divided into three parts. The first part deals with the mainstream macroeconomic perspective. This approach claims to have already solved all the theoretical riddles, so the main emphasis here is on the practical question of how to engineer a recovery. The second part deals with the Marxist view. Marxists stress the inherent contradictions of accumulation, so the question for them is the very possibility of sustained growth. The third and final part takes the view of capital as power. Capitalized power hinges not on growth, but on strategic sabotage. So from this viewpoint, the key question is not how capitalists can achieve and sustain a recovery, but whether they can afford it to start with.
Subjects: 
crisis
DA
economic policy
economic theory
expectations
growth
income distribution
Keynesianism
Marxism
monetarism
neoclassical economics
profit
underconsumption
URL of the first edition: 
Creative Commons License: 
http://creativecommons.org/licenses/by-nc-nd/4.0/
Document Type: 
Article






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