Financial Crisis, Inequality, and Capitalist Diversity: A Critique of the Capital as Power Model of the Stock Market
| Autor: | Joseph Baines, Sandy Brian Hager |
|---|---|
| Rok vydání: | 2019 |
| Předmět: |
HC
inequality Inequality Financial economics media_common.quotation_subject Geography Planning and Development capital as power Financial crisis Development HG stock market 050601 international relations Power (social and political) comparative capitalisms Empirical research ddc:330 050602 political science & public administration Economics CASP media_common G17 05 social sciences P16 0506 political science Capital (economics) Political Science and International Relations Stock market G01 D3 Diversity (business) |
| Zdroj: | Baines, J & Hager, S B 2020, ' Financial Crisis, Inequality, and Capitalist Diversity : A Critique of the Capital as Power Model of the Stock Market ', New Political Economy, vol. 25, no. 1, pp. 122-139 . https://doi.org/10.1080/13563467.2018.1562434 |
| ISSN: | 1469-9923 1356-3467 |
| DOI: | 10.1080/13563467.2018.1562434 |
| Popis: | The relationship between inequality and financial instability has become a thriving topic of research in heterodox political economy. This article offers the first critical engagement with one framework within this wider literature: the Capital as Power (CasP) model of the stock market developed by Shimshon Bichler and Jonathan Nitzan. Specifically, we extend the CasP model to other advanced capitalist countries, including Germany, France, the United Kingdom, and Japan. Our findings affirm the core prediction of the CasP model, showing that unequal power relations reliably predict future stock market performance. Yet when it comes to the CasP model’s explanation of why power relations predict stock market returns, our findings are more ambiguous. We find little empirical support for the claims that capitalist power is dialectically intertwined with systemic fear, and that systemic fear and capitalised power are mediated through strategic sabotage. The main lesson of our analysis is that any model of the stock market must be attentive to the geographical unevenness and continued national diversity in capitalist development. |
| Databáze: | OpenAIRE |
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