Here we show the after-tax profit and market capitalization of the top 0.01% of U.S.-based corporations, expressed as a % of U.S. GDP....Nitzan and Bichler view "capitalism" (monetary production economy with private property) as the ongoing struggle for power between capital and labor. Concentrated capital (monopoly and oligopoly power) is winning hands down in this round.
Real-World Economics Review Blog
The power of dominant capital continues to rise
The Intercept
The Great American Science Heist
Alexander Zaitchik
The power of dominant capital continues to rise
Jonathan Nitzan and Shimshon Bichler
See also
Related
The Great American Science Heist
Alexander Zaitchik
1 comment:
Nitzan, Bichler, and Blair Fix are doing great work in bringing up the concept of "capital as power" but they're making errors in the numbers they are using.
For example, "power index = stock index / average wage"
Here, they are comparing the stock index which is a stock variable to the average wage which is a flow variable. Apples and oranges. For example, the stock index can climb in the depths of a recession while wages are falling because it's capitalizing earnings far into the future.
Or that a rising stock index due to a lower discount rate means the rich are getting richer, which is not the case, as all it does it pull forward future returns.
Post a Comment