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.
- Sprache
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Englisch
- Erschienen in
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Journal: Real-World Economics Review ; ISSN: 1755-9472 ; Year: 2021 ; Issue: 97 ; Pages: 78-95 ; Bristol: World Economics Association
- Klassifikation
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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
- Thema
-
capitalization
discounting
power
stock market
- Ereignis
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Geistige Schöpfung
- (wer)
-
Fix, Blair
- Ereignis
-
Veröffentlichung
- (wer)
-
World Economics Association
- (wo)
-
Bristol
- (wann)
-
2021
- Handle
- Letzte Aktualisierung
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10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Fix, Blair
- World Economics Association
Entstanden
- 2021
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