Artikel
The Ritual of Capitalization
For more than a century, political economists have sought to understand the nature of capital. The prevailing wisdom is that there must be something ‘real’ – some productive capacity – that underpins capitalized values. This thinking, I argue, is a mistake. Building on Jonathan Nitzan and Shimshon Bichler’s theory of capital as power, I argue that capitalization is an ideology. It is a quantitative ritual for converting earnings into present value. Although the ritual is arbitrary, it gives rise to astonishing empirical regularities, reviewed here.
- Language
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Englisch
- Bibliographic citation
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Journal: Real-World Economics Review ; ISSN: 1755-9472 ; Year: 2021 ; Issue: 97 ; Pages: 78-95 ; Bristol: World Economics Association
- Classification
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Wirtschaft
Capitalist Systems: Political Economy
Socialist Systems and Transitional Economies: Political Economy; Property Rights
Other Economic Systems: Political Economy; Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies
Financial Markets and the Macroeconomy
- Subject
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capitalization
discounting
power
stock market
- Event
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Geistige Schöpfung
- (who)
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Fix, Blair
- Event
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Veröffentlichung
- (who)
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World Economics Association
- (where)
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Bristol
- (when)
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2021
- Handle
- Last update
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10.03.2025, 11:44 AM CET
Data provider
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Fix, Blair
- World Economics Association
Time of origin
- 2021
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