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New imperialism or new capitalism?

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  • Nitzan, Jonathan
  • Bichler, Shimshon

Abstract

Over the past century, the institution of capital and the process of its accumulation have been fundamentally transformed. By contrast, the theories that explain this institution and process have remained largely unchanged. The purpose of this paper is to address this mismatch. Using a broad brush, we outline a new, power theory of capital and accumulation. We use this theory to assess the changing meaning of the corporation and the capitalist state, the new ways in which capital gets accumulated and the specific historical trajectory of twentieth-century capitalism up to the present.

Suggested Citation

  • Nitzan, Jonathan & Bichler, Shimshon, 2006. "New imperialism or new capitalism?," MPRA Paper 5578, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:5578
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    References listed on IDEAS

    as
    1. Bichler, Shimshon & Nitzan, Jonathan, 1996. "Putting the State In Its Place: US Foreign Policy and Differential Accumulation in Middle-East “Energy Conflicts”," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 3(4), pages 608-661.
    2. Nitzan, Jonathan, 2001. "Regimes of Differential Accumulation: Mergers, Stagflation and the Logic of Globalization," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 8(2), pages 226-274.
    3. Rowley, Robin & Bichler, Shimshon & Nitzan, Jonathan, 1989. "The Armadollar-Petrodollar Coalition and the Middle East," EconStor Preprints 157847, ZBW - Leibniz Information Centre for Economics.
    4. Nitzan, Jonathan & Bichler, Shimshon, 2000. "Capital Accumulation: Breaking the Dualism of "Economics" and "Politics"," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 67-88.
    5. Joan Robinson, 1953. "The Production Function and the Theory of Capital," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 21(2), pages 81-106.
    6. Obstfeld,Maurice & Taylor,Alan M., 2005. "Global Capital Markets," Cambridge Books, Cambridge University Press, number 9780521671798.
    7. Bichler, Shimshon & Nitzan, Jonathan, 2002. "New Economy or Transnational Ownership? The Global Political Economy of Israel," EconStor Preprints 157818, ZBW - Leibniz Information Centre for Economics.
    8. Bichler, Shimshon & Nitzan, Jonathan, 2004. "Dominant Capital and the New Wars," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 10(2), pages 254-327.
    9. Steedman, Ian, 1975. "Positive Profits with Negative Surplus Value," Economic Journal, Royal Economic Society, vol. 85(337), pages 114-123, March.
    10. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 51(2), pages 209-223.
    11. Nitzan, Jonathan & Bichler, Shimshon, 2002. "The Global Political Economy of Israel," EconStor Books, ZBW - Leibniz Information Centre for Economics, number 157972, July.
    12. Nitzan, Jonathan & Bichler, Shimshon, 2001. "Going Global: Differential Accumulation and the Great U-turn in South Africa and Israel," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 33(1), pages 21-55.
    13. Harcourt,G. C., 1972. "Some Cambridge Controversies in the Theory of Capital," Cambridge Books, Cambridge University Press, number 9780521096720.
    14. Veblen, Thorstein, 1904. "Theory of Business Enterprise," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1904.
    15. Nitzan, Jonathan & Bichler, Shimshon, 1995. "Bringing Capital Accumulation Back In: The Weapondollar-Petrodollar Coalition – Military Contractors, Oil Companies and Middle-East "Energy Conflicts"," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 2(3), pages 446-515.
    16. Nitzan, Jonathan & Rowley, Robin & Bichler, Shimshon, 1989. "Changing Fortunes: Armaments and the U.S. Economy," EconStor Preprints 157846, ZBW - Leibniz Information Centre for Economics.
    17. Bichler, Shimshon & Rowley, Robin & Nitzan, Jonathan, 1989. "The Armadollar-Petrodollar Coalition: Demise or New Order?," EconStor Preprints 157848, ZBW - Leibniz Information Centre for Economics.
    18. Harvey, David, 2005. "The New Imperialism," OUP Catalogue, Oxford University Press, number 9780199278084.
    19. Nitzan, Jonathan, 1989. "Price and Quantity Measurements: Theoretical Biases in Empirical Procedures," EconStor Preprints 157849, ZBW - Leibniz Information Centre for Economics.
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    Cited by:

    1. Bichler, Shimshon & Nitzan, Jonathan, 2012. "Capital as Power: Toward a New Cosmology of Capitalism," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue 61, pages 65-84.
    2. Fix, Blair, 2019. "Human Activity, Energy & Money in the United States: Connecting the Biophysical Economy with its Pecuniary Image," Thesis Commons e74ng, Center for Open Science.
    3. Bichler, Shimshon & Nitzan, Jonathan, 2023. "Manuscripts Don't Burn," Review of Capital as Power, Capital As Power - Toward a New Cosmology of Capitalism, vol. 2(2), pages 175-189.
    4. Bichler, Shimshon & Nitzan, Jonathan, 2023. "The Capital As Power Approach. An Invited-then-Rejected Interview with Shimshon Bichler and Jonathan Nitzan," Review of Capital as Power, Capital As Power - Toward a New Cosmology of Capitalism, vol. 2(2), pages 96-174.
    5. Di Muzio, Tim, 2016. "Energy, Capital as Power and World Order," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 267-287.
    6. Fix, Blair, 2013. "Human Activity, Energy & Money in the Unlted States: Connecting the Biophysical Economy with its Pecuniary Image," EconStor Theses, ZBW - Leibniz Information Centre for Economics, number 203120, October.
    7. Michael M Bell, 2009. "The Problem of the Original Capitalist," Environment and Planning A, , vol. 41(6), pages 1276-1282, June.
    8. Baines, Joseph & Hager, Sandy Brian, 2021. "The Great Debt Divergence and its Implications for the Covid-19 Crisis: Mapping Corporate Leverage as Power," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue Latest Ar.
    9. Baines, Joseph, 2014. "The Ethanol Boom and the Restructuring of the Food Regime," Working Papers on Capital as Power 2014/03, Capital As Power - Toward a New Cosmology of Capitalism.
    10. Nitzan, Jonathan & Bichler, Shimshon, 2018. "Arms and Oil in the Middle East: A Biography of Research," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 30(3), pages 418-440.
    11. Bichler, Shimshon & Nitzan, Jonathan, 2015. "Still About Oil?," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue 70, pages 49-79.
    12. Bichler, Shimshon & Nitzan, Jonathan, 2014. "Energy Conflicts and Differential Profits: An Update," EconStor Preprints 157857, ZBW - Leibniz Information Centre for Economics.
    13. Nitzan, Jonathan & Bichler, Shimshon, 2018. "The CasP Project: Past, Present, Future," Review of Capital as Power, Capital As Power - Toward a New Cosmology of Capitalism, vol. 1(3), pages 1-39.
    14. Bichler, Shimshon & Nitzan, Jonathan, 2019. "Making America Great Again," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue 90, pages 2-12.
    15. Bichler, Shimshon & Nitzan, Jonathan, 2017. "Oil and Blood in the Orient, Redux," EconStor Preprints 172198, ZBW - Leibniz Information Centre for Economics, revised 2017.

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    More about this item

    Keywords

    arms; accumulation; capital flow; capitalism; conflict; corporation; crisis; distribution; elite; energy; finance; globalization; growth; imperialism; GPE; liberalism; Marxism; Middle East; military; national interest; neoclassical economics; neoliberalism; nomos; oil; OPEC; ownership; peace; power; profit; ruling class; security; stagflation; state; stock market; TNC; United States; US; utility; value; violence; war;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • P1 - Political Economy and Comparative Economic Systems - - Capitalist Economies
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • F5 - International Economics - - International Relations, National Security, and International Political Economy
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • F54 - International Economics - - International Relations, National Security, and International Political Economy - - - Colonialism; Imperialism; Postcolonialism
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory

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