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New imperialism or new capitalism?

Author

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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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    File URL: https://mpra.ub.uni-muenchen.de/5578/1/MPRA_paper_5578.pdf
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    References listed on IDEAS

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    1. repec:zbw:espost:157775 is not listed on IDEAS
    2. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(2), pages 209-223.
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    4. Nitzan, Jonathan & Bichler, Shimshon, 2001. "Going Global: Differential Accumulation and the Great U-turn in South Africa and Israel," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 21-55.
    5. Harcourt,G. C., 1972. "Some Cambridge Controversies in the Theory of Capital," Cambridge Books, Cambridge University Press, number 9780521096720.
    6. repec:zbw:espost:157771 is not listed on IDEAS
    7. Rowley, Robin & Bichler, Shimshon & Nitzan, Jonathan, 1989. "The Armadollar-Petrodollar Coalition and the Middle East," EconStor Preprints 157847, ZBW - German National Library of Economics.
    8. Veblen, Thorstein, 1904. "Theory of Business Enterprise," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1904.
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    11. Joan Robinson, 1953. "The Production Function and the Theory of Capital," Review of Economic Studies, Oxford University Press, vol. 21(2), pages 81-106.
    12. Nitzan, Jonathan & Rowley, Robin & Bichler, Shimshon, 1989. "Changing Fortunes: Armaments and the U.S. Economy," EconStor Preprints 157846, ZBW - German National Library of Economics.
    13. Bichler, Shimshon & Rowley, Robin & Nitzan, Jonathan, 1989. "The Armadollar-Petrodollar Coalition: Demise or New Order?," EconStor Preprints 157848, ZBW - German National Library of Economics.
    14. Obstfeld,Maurice & Taylor,Alan M., 2005. "Global Capital Markets," Cambridge Books, Cambridge University Press, number 9780521671798.
    15. Harvey, David, 2005. "The New Imperialism," OUP Catalogue, Oxford University Press, number 9780199278084.
    16. Bichler, Shimshon & Nitzan, Jonathan, 2002. "New Economy or Transnational Ownership? The Global Political Economy of Israel," EconStor Preprints 157818, ZBW - German National Library of Economics.
    17. repec:zbw:espost:157769 is not listed on IDEAS
    18. Steedman, Ian, 1975. "Positive Profits with Negative Surplus Value," Economic Journal, Royal Economic Society, vol. 85(337), pages 114-123, March.
    19. Nitzan, Jonathan, 1989. "Price and Quantity Measurements: Theoretical Biases in Empirical Procedures," EconStor Preprints 157849, ZBW - German National Library of Economics.
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    Citations

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    Cited by:

    1. repec:zbw:espost:157791 is not listed on IDEAS
    2. Bichler, Shimshon & Nitzan, Jonathan, 2012. "Capital as Power: Toward a New Cosmology of Capitalism," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 65-84.
    3. Bichler, Shimshon & Nitzan, Jonathan, 2014. "Energy Conflicts and Differential Profits: An Update," EconStor Preprints 157857, ZBW - German National Library of Economics.
    4. repec:zbw:espost:157988 is not listed on IDEAS
    5. repec:zbw:caprev:176890 is not listed on IDEAS
    6. Bichler, Shimshon & Nitzan, Jonathan, 2017. "Arms and Oil in the Middle East: A Biography of Research," Working Papers on Capital as Power 2017/04, Capital As Power - Toward a New Cosmology of Capitalism.
    7. Bichler, Shimshon & Nitzan, Jonathan, 2015. "The CasP Project: Past, Present, Future," Working Papers on Capital as Power 2015/04, Capital As Power - Toward a New Cosmology of Capitalism.
    8. Bichler, Shimshon & Nitzan, Jonathan, 2015. "Still About Oil?," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 49-79.
    9. Bichler, Shimshon & Nitzan, Jonathan, 2017. "Oil and Blood in the Orient, Redux," EconStor Preprints 172198, ZBW - German National Library of Economics.

    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;

    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 - Economic Systems - - Capitalist Systems
    • 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 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
    • 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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