PLENARY: A CasP Model of the Stock Market - Jonathan Nitzan (September 2016) скачать в хорошем качестве

PLENARY: A CasP Model of the Stock Market - Jonathan Nitzan (September 2016)

4th Forum on Capital as Power: Broadening the Vista September 28-30, 2016, York University, Toronto http://bnarchives.yorku.ca/478/ 8 (Plenary). A CasP Model of the Stock Market Shimshon Bichler, Israel ([email protected]) and Jonathan Nitzan, York University ([email protected]) 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. Conference page: http://bnarchives.yorku.ca/478/ Presentation page: http://bnarchives.yorku.ca/489/ Paper: http://bnarchives.yorku.ca/493/