Upper Saddle River, NJ:
Prentice
Hall.
Nitzan Bichler - 2012 - Capital as Power
1991.
Global Arms Trade.
OTA-ISC-460, June. Washington D. C. : GPO.
U. S. Department of Commerce. Bureau of Economic Analysis. 1985. Corporate
Profits: Profits Before Tax, Profits Tax Liability and Dividends. Methodology Papers: U. S. National Income and Product Accounts, Series MP-2. Washington D. C. : Government Printing Office.
---- 1999. Fixed Reproducible Tangible Wealth in the United States, 1925-94. Washington D. C. : Government Printing Office.
---- 2001. A Guide to the NIPA's. Methodology, National Income and Product Accounts, 1929-97. Washington D. C. : Government Printing Office.
---- 2005. Government Transactions. Methodology Paper: U. S. National Income and Product Accounts. Washington D. C. : Government Printing Office.
U. S. Department of Commerce. Bureau of the Census. 1975. Historical Statistics of the United States. Colonial Times to 1970. 2 vols. Washington D. C. : Government Printing Office.
428 References
---- Statistics of U. S. Business: 2005, http://www. census. gov/csd/susb/susb05. htm, accessed on January 3, 2008.
U. S. Department of Commerce. Economics and Statistics Administration. 2004. Numerical List of Manufacturing and Mineral Products. Manufacturing and Mining Reference Series, EC02M31R-NL.
U. S. Federal Reserve Board. 2008. Minutes of the Federal Open Market Committee, December 15-16, 2008.
Ulmer, M. J. 1949. The Economic Theory of Cost of Living Index Numbers. New York: Columbia University Press.
United Nations Conference on Trade and Development. 2000. World Investment Report. Cross-Border Mergers and Acquisitions and Development. New York: United Nations.
United Nations Conference on Trade and Development. 2007. World Investment Report. Transnational Corporations, Executive Industries and Development. New York and Geneva: United Nations.
United Nations. Department of Economic and Social Affairs, Statistical Division. 1993. System of National Accounts 1993 (Updated Version). New York: United Nations.
United Nations. Department of Economic and Social Affairs, Statistical Office. 1977. Guidelines on Principles of a System of Price and Quality Statistics. Statistical Papers, Series M, No. 59. New York: United Nations.
Varga, Eugen. 1935. The Great Crisis and its Political Consequences. Economics and Politics, 1928-1934. London: Modern Books Limited.
Veblen, Thorstein. 1898. [1934]. The Beginning of Ownership. In Essays in Our Changing Order, edited by L. Ardzrooni. New York: The Viking Press, pp. 32-49.
---- 1899a. [1934]. The Barbarian Status of Women. In Essays in Our Changing Order, edited by L. Ardzrooni. New York: The Viking Press, pp. 50-64.
---- 1899b. The Theory of the Leisure Class. An Economic Study in the Evolution of Institutions. New York: The Macmillan Company.
---- 1904. [1975]. The Theory of Business Enterprise. Clifton, NJ: Augustus M. Kelley, Reprints of Economics Classics.
---- 1908. [1961]. On the Nature of Capital. I: The Productivity of Capital Goods. In The Place of Science in Modern Civilisation and Other Essays. New York: Russell & Russell, pp. 324-51.
---- 1919. [1934]. The Vested Interest and the State of Industrial Arts. New York: B. W. Huebsch.
---- 1923. [1967]. Absentee Ownership and Business Enterprise in Recent Times. The Case of America. With an introduction by Robert Leckachman. Boston, MA: Beacon Press.
Vogel, Harold L. 2007. Entertainment Industry Economics. A Guide for Financial Anal- ysis. 7th edn. Cambridge: Cambridge University Press.
Wakefield, Ernest Henry. 1994. History of the Electric Automobile. Battery-Only Powered Cars. Warrendale, PA: Society of Automotive Engineers.
Wallich, Henry C. 1984. Why is Net International Investment So Small? In Inter- national Capital Movements, Debt and Monetary System, edited by W. Engles, A. Gutowski and H. C. Wallich. Mainz: v. Hase & Koehler, pp. 417-37.
Wang, Ning. 2007. Measuring Transaction Costs: Diverging Approaches, Contending Practices. Division of Labor & Transaction Costs 2 (2): 111-46.
References 429
Weber, Max. 1978. Economy and Society. An Outline of Interpretive Sociology. Berkeley, CA: University of California Press.
Weeks, John. 1981. Capital and Exploitation. Princeton, NJ: Princeton University Press.
Weinberg, Steven. 1992. Dreams of a Final Theory. New York: Vintage Books.
Weiss, Linda. 1998. The Myth of the Powerless State. Cornell studies in political
economy. Ithaca, NY: Cornell University Press.
Weston, J. Fred. 1987. The Payoff in Mergers and Acquisitions. In The Mergers and
Acquisition Handbook, edited by M. L. Rock. New York: McGraw Hill, pp. 31-47. Weston, J. Fred, Kwang S. Chung, and Juan A. Siu. 1998. Takeovers, Restructuring
and Corporate Governance.
Upper Saddle River, NJ: Prentice Hall.
Whitley, Richard. 1986. The Transformation of Business Finance into Financial Economics: The Roles of Academic Expansion and Changes in U. S. Capital
Markets. Accounting, Organization and Society 11 (2): 171-92.
Wicksell, Knut. 1935. Lectures On Political Economy. Translated from the Swedish by E. Classen and Edited with an Introduction by L. Robbins. 2nd edn. 2 vols.
London: George Routledge & Sons.
Williams, Karel, William Lazonick, Mary O'Sullivan, Franc? ois Morin, Ulrich
Ju? rgens, Katrin Naumann, Joachim Rupp, Julie Froud, Colin Haslam, Sukhdev Johal, Robert Boyer, Michel Aglietta, John Grahl, and Paul Teague. 2000. Special Issue on Shareholders Value and Financialization. Economy and Society 29 (1, February): 1-178.
Williamson, Oliver E. 1985. The Economic Institutions of Capitalism: Firms, Markets, Relational Contracting. New York: Free Press and Collier Macmillan.
---- 1986. Transforming Merger Policy: The Pound of New Perspectives. American Economic Review, Papers and Proceedings 76 (2, May): 114-19.
Winston, Clifford. 1998. U. S. Industry Adjustment to Economic Deregulation. Journal of Economic Perspectives 12 (3, Summer): 89-110.
Wolf, Martin. 2007. Barbarians at the Gates: The Balance of Pros and Cons. Financial Times, February 28, p. 15.
Wolff, Edward N. 1975. The Rate of Surplus Value in Puerto Rico. Journal of Political Economy 83 (5, October): 935-50.
Wolff, Richard, Bruce Roberts, and Antonino Callari. 1982. Marx's (not Ricardo's) "Transformation Problem": A Radical Reconceputalization. History of Political Economy 14 (4): 564-82.
World Bank. Online. World Development Indicators. Washington D. C. : World Bank. Wray, L. Randall, ed. 2004. Credit and State Theories of Money. The Contributions of
A. Mitchell Innes. Cheltenham, UK: Edward Elgar.
Wright, Erik Olin. 1977. Alternative Perspectives in Marxist Theory of Accumulation
and Crisis. In The Subtle Anatomy of Capitalism, edited by J. Schwartz. Santa
Monica, CA: Goodyear, pp. 195-231.
Yergin, Daniel. 1991. The Prize. The Epic Quest for Oil, Money, and Power. New
York: Simon and Schuster.
Zeitlin, Maurice. 1974. Corporate Ownership and Control: The Large Corporation
and the Capitalist Class. American Journal of Sociology 79 (5): 1073-1119.
Zinn, Howard. 1999. A People's History of the United States, 1492-Present. Twentieth
Anniversary edn. New York: Harper Collins Publishers Inc.
Zweig, Stefan. 1943. The World of Yesterday. An Autobiography. New York: Viking
Press.
Index
absentee ownership 14, 16, 227, 230-2, 237, 239, 246, 248, 252-3, 259, 261, 270, 325, 395
abstract labour 6-7, 13, 20, 42-3, 51, 61, 63, 86, 89-90, 107, 124, 125, 128, 138-144, 147-50, 221, 259, 296; see also skilled vs unskilled labour, socially necessary abstract labour
accumulation 7, 8, 10, 11, 12, 13-18, 19, 30, 40, 43, 125-7, 181-2, 183-7, 196, 209-11, 226, 228, 247, 253, 259, 271-4, 296, 298, 307-15, 320, 322-6, 346, 362-3, 375-6, 379; accumulation crisis in Marxism 18, 322-3; accumulation crisis in power theory of capital 325, 380-1, 398-400; accumulation through crisis 19, 375-9, 389; in classical political economy 40-1, 48, 68; definition 7, 16, 150, 183, 218, 221, 307, 313, 323-4; and globalization 358-9; in Marxism 6, 12-13, 18, 20, 27, 28-9, 32, 59-63, 84-7, 91, 111, 118, 121, 122, 126, 138, 143, 144, 168-9, 211, 247, 249, 259-60, 261-2, 276-8, 280, 295-6, 301-2, 312, 313, 345-6; primitive accumulation 295-6; in neoclassical economics 6, 11, 12, 13, 18, 27-8, 67, 81, 125-38, 177-8, 180-2, 209-11, 312, 313, 323-4, 363; in US 177-8, 181-2, 320, 322-4, 338-9; see also differential accumulation
advertising 112-14, 161
Adalbero of Laon, Bishop 115-16 AFL-CIO 102
Agassi, Joseph 38, 279
Al-Naimi, Ali 67
Alder, Ken 41, 311
Allen, Franklin 206, 207-8
AMEX Biotechnology Index 161 Anderson, Perry 60-1
Aquinas, Thomas 84
Arensberg, Conrad M. 149
Aristotle 6, 148-9
armament companies: in US 121, 236, 392-4 arms exports 390-4
Asian financial crisis 180, 395
Austrian school 81, 91
autonomy and heteronomy 17, 20-1, 42, 46,
267
Aymara people 187
Bakunin, Mikhail 47
Baran, Paul 51-3, 91, 144
base and superstructure 27, 29, 62
Baumol, William J. 155, 376-7
Bechler, Zev 6-7
Bell, Daniel 55-6
benchmark 21, 198, 206, 209, 292, 297, 307-11,
314, 315, 326; see also normal rate of return Bentham, Jeremy 39, 128, 135
Bernoulli, Daniel 128, 158-9, 201-2, 203, 204,
210
Bernstein, Peter L. 129, 199
beta 206-7
Bichler, Shimshon 298, 375, 398-9
Black, Fischer 193
Blinder, A. S. 376-7
Bliss, C. J. 67
Bloch, Marc 228, 282
Bohm, David 30, 153, 307
Bo? hm-Bawerk, Eugene von 81, 91
Bonbright James C. 157
Bond, feudal 283, 285-6
bond market 178, 181, 182, 246, 260, 297 bonds 32, 262; catastrophe 165; corporate, 174,
178, 181, 256, 344, 353-4; government 164, 207, 246, 292, 293, 294-5, 297, 300, 341, 344, 353-4 see also debt (corporate), debt (public), US Treasury bills
Bortkiewicz, Ladislaus von 99-100, 108, 118 Bouchaud, Jean-Philippe 194
bourg 25, 286-90
bourgeoisie 25-6, 31, 58, 59, 111, 273, 287-93 Bowen, Brian 112
Brainard, William C. 174, 343
Braverman, Harry 140, 141
breadth 18, 19, 326-31, 334-9, 346, 359, 362,
365, 380-1, 384-91, 393, 394-6, 397, 400; in Asia 391, 394; in developed countries 390-1; external 329-30, 335-6, 338, 346, 359, 391, 395; global 389-91; internal 329, 330, 338-9, 365, 384-6, 397; in US 338-9, 343-5, 384-6, 387-9, 394; see also differential accumulation, green-field investment, mergers and acquisitions
Brealey, Richard 206, 207-8, 339
Bude? , Guillaume 125
bureaucracy 49, 55-7, 268, 272, 281
business see industry vs business
business as usual 16, 236-9, 243, 293, 375, 397 business cycle 181, 386-7
business enterprise see industry vs business buy-to-build indicator 338-9, 343-4, 384-6
Cambridge Controversy 79-81, 197, 248-9 Capek, Karel 165-6
capital 2, 39, 67-8, 85, 197, 218, 247, 253, 298;
as counterproductive 248-58; in classical political economy 11, 41, 68-70; definition 2, 7-10, 32-3, 211-12, 230-1, 249, 253, 262, 270-2, 311, 322; etymology 68, 329; fractions of 32, 259-61; in Marxism 6-7, 8, 11, 12-13, 28-30, 31-2, 41, 42-3, 48, 53, 59-64, 68, 84-8, 92, 96, 109, 121, 127, 138, 148, 211, 248, 249, 262, 274, 276, 295-6, 311, 314, 329; in neoclassical economics 5-6, 7, 8, 11-12, 13, 27-8, 31, 32, 42, 64, 67-8, 69-72, 77-83, 127, 128-37, 148, 170-3, 185, 211, 231, 248, 350; see also constant capital, organic composition of capital, real vs financial assets, variable capital
capital accumulation see accumulation capital asset pricing model (CAPM) 158, 203,
205-8, 210
capital flow see capital mobility
capital goods 14, 32-3, 68, 127, 211-12, 222,
228, 230-1, 255-6; in Austrian school 81; in classical political economy 68-9; in Marxism 31-2, 68, 143, 167, 170, 187-8, 261-2; in neoclassical economics 13, 31, 32, 68, 69-70, 77-9, 81, 132-3, 167, 170-5, 182, 187-8, 323; see also fixed assets, real vs financial assets, real vs nominal spheres
capital mobility 276, 277, 350-9, 372, 386 capital, power theory of 3, 7-10, 14-21, 30, 33,
42, 64, 112, 124, 141, 144, 150, 160, 182, 185, 188, 208-12, 217-20, 223, 227, 228-9, 231-4, 239-42, 244, 246-50, 255-7, 260, 262, 263, 270-2, 275, 280-2, 291-2, 294-302, 305-7, 309, 311-33, 344, 240-8, 350, 356-9, 361-2, 366, 396-8, 372-82, 383-4, 386-8, 400;
see also capitalist mode of power, state of
capital
capital-state dichotomy see state-capital
dichotomy
capital stock see capital goods
capitalism 1-2, 8, 14, 21, 25, 30, 36-7, 40, 42-3,
141, 148-9, 150-1, 153, 160, 169, 210, 217-19, 230, 232, 239, 257, 306, 309, 312, 315, 337, 359, 361, 363, 375-6; and market 26, 306-7; in classical political economy 38-40; in Marxism 13, 14, 18-19, 20, 26, 28-30, 47-9, 55, 59-64, 84-94, 98-9, 103-5, 110-11, 122-4, 140-1, 232-3, 295-6, 345-6; maturity of 256-8; in neoclassical economics 18-19, 40; warfare and 289-94; see also
Index 431
capital (power theory of), mega-machine
(capitalist)
capitalist class 3, 19-21, 30, 31, 57, 64, 248, 270,
306, 319, 327, 380, 388, 397, 400; in Marxism 59-61, 168-9, 261; see also absentee ownership, dominant capital
capitalist creorder see creorder
capitalist crisis: in power theory of capital 325,
380-1, 398-400; see also crisis
capitalist mega-machine see mega-machine capitalist mode of power 263, 281, 287, 291;
see also state of capital
capitalist nomos see nomos
capitalization 8-10, 13-14, 20, 150, 155, 166,
167, 183-98, 199, 202, 208-12, 217-18, 246, 249, 253-7, 260, 270-2, 273, 294-9, 306-15, 317-22, 326-9, 342-5, 361, 379, 396, 397; of climate 164-5; definition 8-10, 153-5, 184, 263; of education 161-2; of entertainment 161; history of concept 155-8; of humans 158-61; of law 162; in Marxism 13-14, 92, 160, 167-70; in neoclassical economics 13-14, 150, 156-8, 167, 170-82, 183-4, 185, 203-8; of power 8, 9, 294-5, 311, 359, 362; of religion 162-3; of war 163-4; see also differential capitalization (DK), Tobin's Q
Cardano, Girolano 199
Cardoza, Keith 176
Castoriadis, Cornelius xi, 20, 102, 140-1, 148-9 Chicago School see University of Chicago China: ancient 266-7; urbanization rates 152 Christianity 36, 80, 163
Cipolla, Carlo M. 152
circulation: in Marxism 60, 101, 112-17,
259-60, 282
civilization see power civilization
Clark, John Bates 68-73, 75-8, 80, 81, 221 class 43-4, 49, 115; in Marxism 229; in
neoclassical economics 46; see also capitalist
class
class conflict 115, 288; in Marxism 29-30, 48-9,
50-1, 59-61, 85, 88, 100, 105, 115, 248; see also exploitation, exploitation vs oppression, intra-capitalist struggle
classical dichotomy see real vs nominal spheres Cobb, John 135
Cohen, Gerald A. 59
concentration: aggregate 316-19
concrete labour 89, 138-44; see also skilled vs unskilled labour
Consumer Price Index (CPI) 308; in industrialized countries 390; in US 298 constant capital 32, 68, 85, 86, 96, 97-8, 101, 108 143, 148; see also capital goods, organic composition of capital
Cordas, Lori 159
corporate-government coalitions 314-15 corporation, the 155, 248-54, 262, 271, 272-4,
314, 321, 328; emergence of modern corporation 16, 73, 157, 232, 249-50, 251,
432 Index
314-15, 386; in institutionalism 56-7; in Marxism 168, 249, 272-3, 314, 345-6; in neoclassical economics 46, 249-50, 339-41
corporations: as constituents of state of capital 8, 185, 281, 297, 299, 311, 314-15; transnational corporations 276, 327, 352, 354, 388, 391; US 316-18, 320-4, 336-7, 374; see also dominant capital
cosmos and cosmology 21, 36-7, 39, 267
cost cutting 329-30, 362-5, 380, see also depth Cowles, Alfred III 183
Cowles Commission 183-4
credit 14, 221, 249, 252, 298; ancient history of
244; in Marxism 26-7, 112-13, 167, 169, 170, 295-6; in neoclassical economics 159; role in creating capitalism 244, 291-3, 295-6
creorder 18, 305-6, 307; capitalist 18, 19-21 306, 307, 309, 310-12, 315, 325-6, 327, 347, 350, 356-9, 362, 375, 381-2, 383, 386, 396, 397, 400
crisis: accumulation crisis in Marxism 18, 322-3; accumulation crisis in power theory of capital 325, 380-1, 398-400; accumulation through crisis 19, 375-9, 386; Asian financial crisis 179; capitalist 36, 48, 52-3, 59, 64, 123, 169; in early capitalism 293; global 46, 378-9, 388, 392, 395, 397; and prices 240-1, 366-7, 380-1; oil crisis 392; see also Great Depression, stagflation, stagnation
Croesus 196-7
Daly, Herman 135
Darrough, Masako 195
de Roover, Raymond Adrien 155
dead labour see constant capital
debt, corporate 8, 16, 23, 253, 255, 256-7, 350;
Marxist interpretations of 260; neoclassical
economics interpretations of 75, 156, 257 debt, public 295-6, 352; Marxist
interpretations of 168, 295-6; neoclassical economics interpretations of 75; origins and ancient history 159, 198, 244-5, 295-6
deflation 367, 376, 397-400; in Great Britain 367; in US 398
demand and supply 38, 67, 72-4, 80, 91, 231, 240, 370, 376; see also equilibrium
depth 18-19, 326-7, 328, 329-31, 362-5, 366, 371, 374, 380-1, 384, 385-92, 395-7, 400; external 329-31, 362-3, 365, 366, 372, 374, 381, 384, 35-92, 395-7, 400; internal 329-30, 362-5, 380; in US 322-5, 384; see also differential accumulation, stagflation
determinism 21, 45, 397
Descartes, Rene? 110
differential accumulation 18-19, 310, 312-16,
320, 321-33, 339, 346, 347, 349, 358-9, 362-3, 365, 366, 372-5, 379, 380-2, 383, 385-92, 395-8, 400; cycles in regimes of 327, 348, 387-9; regimes of 18-19, 327, 329-32; in
US 18, 322-4, 372-5, 382, 385-6, 387-91; see also breadth, depth, differential capitalization
differential capitalization (DK) 18, 21, 310-13, 319-21, 327, 328, 379; in US 320-1; see also capitalization, differential accumulation
differential earnings see earnings differential markup 372-4 see also earnings,
markup, price
differential risk see risk
discount rate 165, 183, 190, 196-8, 203, 206-7;
in pre-capitalism 198-9; see also
capitalization
discounting see capitalization disequilibrium 67, 134, 370
disinflation 376, 381, 398
diversification 113, 203-6, 210, 231, 260-2,
347
Dodd, David L. 185
Domhoff, William 57
dominant capital 17-19, 21, 218, 315-23, 325,
326-32, 334-6, 362-6, 372-6, 379, 380-2, 383, 385, 386, 387, 388-9, 396-90; in US 316-18, 320-3, 334-7, 339, 342, 345, 347-8, 350, 359, 364-5, 383
Dow Jones Industrial Average 195 Downs, Anthony 28
'dual economy' 287-8
Dymski, Gary A. 170
earnings 8, 9-10, 16, 31-2, 71, 150, 153-8, 166, 168, 182, 184-98, 201, 208-14, 217, 218, 221, 223, 226, 227-9, 231, 232, 236-7, 239, 247, 249, 252, 260, 261, 281, 294, 327-31, 347, 356, 362, 379; differential earnings 18, 255, 297-8, 315, 327-31, 362, 366, 372, 379-80
earnings per share (EPS) 185-8, 189, 195, 212-14,195, 370-2; in US 186, 188, 212, 371-2
'East', the 34-5
East Asia 377, 391
economics see neoclassical economics economics-politics dichotomy see politics-
economics duality
economies of scale 250, 345-6
economy, the see politics-economics duality Edgeworth, Francis 129
efficient frontier 204-5
efficient market hypothesis 192-4
Egypt, ancient 266-8
Eis, Carl 359
Einstein, Albert 4-5, 7, 123, 278
elementary particles 6, 14, 36, 183-5, 188, 212,
327; of Marxism 125; of neoclassical economics 125, 128; in physics 6, 125; see also abstract labour, earnings, hype, normal rate of return, risk, util
Elson, Diane 122
emerging markets 391, 393-5, 398 Engels, Friedrich 47-8, 103, 121, 229, 309
England: debt 293-4; feudalism in 283, 285-8, 290, 361; history of aggregate statistics in 41; Hundred Years War 293; joint stock companies 277, 294; Norman Conquest 283, 285; primitive accumulation in 295-6; proletarianization in 288; tax revenues in 293-4; urbanization rates 151-2
Erdo? s, Paul 38
equilibrium: in liberalism 28; in Marxism 89,
92, 94, 105, 143, 144; in neoclassical economics 11, 42, 46-7, 72-4, 76, 80, 81, 130-5, 149, 185, 370; in classical political economy 38, 39; see also demand and supply
equity 8, 16, 26, 174, 178, 180, 181, 207, 253, 255-7, 314, 341, 354; in Marxism 260; in neoclassical economics 185, 257; see also stocks
equity premium puzzle 207
exchange value see value (in Marxism) exploitation, Marxist understanding of 29, 144;
see also class conflict
exploitation vs oppression, 10, 26, 29-30, 63,
223, 276, 281; see also class conflict
factors of production 34, 36, 69-70, 82, 221-2, 225
Fama, Eugene 192, 207
Farjoun, Emmanuel 105, 211
fascism 43, 49-50
faubourg 287
Faulhaber, Gerald R. 155
Faustmann, Martin 155-6
Federal Reserve Board 400
Ferguson, Charles 80, 81
Ferma, Pierre de 199
Fetter, Frank 156-7, 184
feudalism 17, 25-6, 27, 58, 60, 80, 115-16, 151,
227, 233, 244, 250, 257, 282-7; feudal mode of power 17, 264, 282-91, 295; transition to capitalism 229, 282, 287-92, 295, 297
fictitious capital see real vs financial assets finance 7-10, 26, 184, 253, 262, 338-9; in
Marxism 10, 26, 32, 261, 296; in neoclassical economics 10, 26, 31, 32, 183-4, 185, 195-6, 202, 209-10; public 292-4, 297, 300; see also capital (definition); real vs financial assets, real vs nominal spheres
finance capital 48
financial analysts 193-5
financial assets see real vs financial assets financial strategists 193, 195
Fine, Ben 101-2, 111-12
Fisher, Franklin M. 112
Fisher, Irving 69, 128, 156, 157, 170-2, 175,
178-9, 182, 183
fixed assets 80, 127, 173-6, 177-1, 323, 343-5;
see also capital goods, real vs financial
assets, tangible vs intangible assets fixed capital formation see green-field
investment
Index 433
fixed investment see green-field investment Foley, Duncan 96, 97, 106, 108
force 34-9, 42, 108-9, 125, 295, 305, 313 forces of production 61, 103, 282
Ford, Henry 134
foreign direct investment 356, 359
Fortune 500 364, 372-3
fractions of capital see capital (fractions of) France 41; feudalism in 283-6, 290-1; French
Revolution 147, 161; inflation in 375; May
1968 20; Napoleonic Wars 293-4 Frankfurt school 49-50, 53-4
French, Kenneth R. 207
Friedman, Milton 147, 161, 368-9, 398-9
Galbraith, John Kenneth 114, 220, 222, 272-3 Galileo 4-5, 6-7, 381
Galton, Francis 93, 160
Ganshof, Franc? ois Louis 286, 287, 306
Gates, Bill 200, 254
General Electric 210, 349
General Motors 172-3, 210, 234
Genuine Progress Indicator (GPI) 135 Germany: early discounting in 155-6; inflation
in 375, 378, 380
German derivation debate 62
global GDP 352-4
globalization 275-6, 332, 349-59, 386, 395 goodwill 161, 175, 254-5
Gould, Eric 112
government: as constituent of state of capital
8, 17-18, 185, 270, 281, 288-302, 311 Graham, Benjamin 185
Graunt, John 199
Great Britain 41; deflation in 367
Great Depression 180, 140-1, 258, 337 green-field investment 18-19, 329-30, 331, 332,
334-9, 342-8, 354-5, 359-60, 363, 376, 383, 384-5, 391, 394-5; in US 338-9, 343-5;
see also breadth (external), buy-to-build indicator
Greenspan, Alan 179, 398-9 Greenstone, Michael 164 Griliches, Zvi 112
Grimm, W. T. 360
Guedj, Olivier 194
Hall, R. L. 241-2
Harris, Laurence 101-2, 111-12
Harvey, David 121, 144
hedonic regression 136-8
Hegel, Friedrich 36, 54, 262, 289, 312 Heisenberg, Werner 7
Henwood, Doug 170, 312
Hilferding, Rudolf 48, 122, 142-3
Hitch, Charles Johnson 75, 163, 241-2 holism 82, 219, 222-3; see also hologram hologram 9, 16, 223-5, 249, 256, 255, 262 Houellebecq Michel 183
Howard, Michael Charles 47, 91
434 Index
human capital 158-9
Hundred Years War 292-3
Hume, David 30, 202
Huxley, Aldous 45, 160-1
hype 188-96, 327-8, 379, 393, 395; hype index
212-14
income: in neoclassical economics 12, 68-71, 74, 83, 149, 156, 158-9, 170-1
Index of Sustainable Economic Welfare (ISEW) 135
India: caste system 35; peasantry in 246; urbanization rates 152
industry vs business 15-16, 219-39, 243, 247-9, 251-9, 262-3, 315, 322, 325-6, 335, 341-2, 345, 346, 347, 356, 376, 394; in US 236, 237-9, 251-2, 257-8
inflation 19, 43, 289-91, 294, 306, 332, 334, 361-2, 364, 366-81, 384-5, 388-94, 395, 397-400; and arms exports 390-1, 392; in classical political economy 367-8; in France 375; in Germany 375, 378, 380; hyperinflation 380, 381; in industrialized countries 389-94; in Israel 375; in neoclassical economics 179, 361, 366, 368-70; in UK 366-8; in US 366, 367, 368, 370-4, 375, 377-8, 384-5, 388-9, 398-400; war and 289-91, 294; see also price, stagflation
institutionalism 15, 55-8, 272, 311; new institutionalism 15; radical institutionalism 56-7, 211
Institutional Brokers Estimate System (IBES) 193-4, 213
intangible assets see tangible vs intangible assets
intra-capitalist struggle 248, 315, 386; in Marxism 248, 259
Iraq 164, 301-2
irrationality: neoclassical economics theories of
177-80, 196
Islam 35; Islamic finance industry 162-3 Israel 35-6; inflation in 375
Jevons, Stanley 81, 129
joint production 101-2, 104, 143 Judaism 35-6
Kalecki, Michal 14-15, 50-1, 242, 313, 387 Kaysen, Carl 112
Kendall, Maurice 192
Kendrick, John W. 41
Kennedy, John F. 163
Keynes, John Maynard 46, 50, 190, 195, 202-3,
205, 209, 210
Keynesianism 49, 50, 58; Military
Keynesianism 52, 163 Kidron, Michael 118 Kliman, Andrew 95, 106, 109 King, J. E. 47, 91
Kuhn, Thomas 83
Knight, Frank 69, 95, 106, 129, 202, 209, 210 Koestler, Arthur 20, 267
Kolko, Gabriel 61
Kondratieff, Nikolai 123
labour power 47, 86-7, 91-2, 96, 108, 111-12, 138, 142, 222
labour theory of value 12, 13, 14, 15, 20, 30, 31-2, 47, 49, 50, 53, 63-4, 82, 84, 86-109, 110, 118, 139, 143, 169-70, 280, 324;
New Interpretation of 106-9; qualitative labour theory of value 121-4; Temporal Single-System Interpretation (TSSI) 106-9; see also value (in Marxism)
Laibman, David 105-6
language: as technology 264-5
Laplace, Pierre-Simon 37, 310-11
Laughlin, Robert 82, 125
Lavoisier, Antoine 147
Law of Conservation of Matter 140, 147
Le Goff, Jacques 31, 115-16, 282, 283, 284, 290 Leibnitz, Gottfried 278; Leibnitzian space see
space
Lenin, Vladimir Ilyitch 48, 123, 140
Lewis, Michael 165, 254
liberty and liberties: capitalist 26, 229, 287-9 Lintner, John 158, 205, 207
Locke, John 31, 151, 229
London, Jack 48, 110
Lopez, Robert 80, 250, 283, 288, 289, 290, 291,
293
Louis XVI 147
Lynch, Jones and Ryan (LJR) 193-4
McCallum, John 250 McGlone, Ted 109 Machover Moshe? 105, 211 McKean, Roland N. 75, 163 McNamara, Robert 163 Mandel, Ernest 61
Mann, Michael 57
Marcuse, Herbert 34, 53-4, 103, 160, 312 marginal productivity 69-82; 109, 131-2, 209,
221, 233-4, 241, 243, 340, 369-70; see also
marginal utility, utility theory of value marginal utility 128, 201-2, 210; see also utility
theory of value
Markowitz, Harry 158, 203-4 markup 50, 241-2, 252, 372-4, see also
differential markup, earnings, price Ma? rquez, Gabriel Garci? a 383, 396
Marshall, Alfred 47, 69-71, 130, 339
Marx, Karl 7, 13, 14-15, 20, 26, 31-2, 43, 48-9,
54, 63, 68, 84-8, 91-4, 97-100, 102-4, 105, 107-9, 110-11, 114, 120, 122-4, 138-9, 140-3, 147, 153, 167-70, 217, 219, 221, 226, 232, 248-9, 259, 274, 280, 289, 295-6, 309, 311, 314, 345-6
measure of our ignorance see residual
mega-machine 14, 16, 263, 268-71, 282; capitalist 16-17, 263, 270-2, 273-4, 282, 302, 307, 311, 362
Mehra, Rajnish 207
Meiksins Wood, Ellen 62
mergers and acquisitions 18-19, 176, 252, 255,
271, 329-32, 334, 338-50, 359-60, 362-5, 380-2, 383-6, 388, 391, 393-8; in food industry 348; in US 338-9, 343-5, 359-60, 384-6, 381, 388, 393-5; waves of 332, 349-51; see also breadth (internal), buy-to- build indicator
Mesopotamia 68, 198, 229, 266, 267 metric system 41
Microsoft 172-3, 175, 253-4, 297 Middle East 133, 230, 389-92 Miliband, Ralph 59-60
Mills, C. Wright 56-7
minimum efficient scale of production 341 Minsky, Hyman P. 170
mode of power 263, 280-2, 305-6, 311; see also
capital (power theory of), feudalism mode of production 16, 34, 49, 60-1, 85, 100,
103, 249, 263, 280, 295
Monopoly Capital school 48, 50-53, 261-2,
331, 345-6
monopoly, degree of 15, 50-1, 242, 313 Monthly Review 51, 262
Morishima, Michio 105
Mosse, George 140
Mumford, Lewis 14-15, 16, 264-70, 282 Mussolini, Benito 140
Myers, Stewart C. 206, 207-8
Napoleon, Louis Bonaparte 37
national accounts 42, 75, 132, 134-5, 163, 261,
354; Marxist 144, 170
natural right 30-1, 39; of investment 227-9 Nelson, Ralph L. 359
neoclassical economics: as ideology 2-3, 12, 27,
39, 49, 71-2, 76, 77, 83, 180, 219 neoclassical synthesis 74
neoclassical political economy see neoclassical
economics
Neolithic societies 264-9
neo-Marxism 47-55, 58-64
Neumann, Franz 50
Newman, James Roy 160
Newton, Sir Isaac 27-8, 36-9, 43-4, 108-9, 179,
278
Nitzan, Jonathan 4, 298, 374, 375, 391, 395-6,
398-9
nominal sphere see real vs nominal spheres nomos 148-9; capitalist 149-50, 153, 158, 166,
182, 184, 187, 203, 205, 211, 270, 281, 312,
384, 387, 396, 398
Nordhaus, William D. 164-5, 211, 250 normal rate of return 16, 21, 198, 232, 239,
243-8, 256, 270, 292, 297, 326, 327-8; see also benchmark
Index 435
North American Industry Classification System (NAICS) 152
North American Product Classification System (NAPCS) 152
Nu? n? ez, Rafael E. 187
Oakley, David 165
Obstfeld, Maurice 353-4
O'Connor, James 118
OECD 134, 375
oppression see exploitation vs oppression
oil 67, 130-3, 136-7, 163, 230, 255-6, 298, 302,
378, 389-90, 392-4, 399
oil industry 230, 298, 302, 347, 389-90, 392-4,
399
oligopoly 12, 46, 48, 50, 51-2, 72-3, 76, 240,
309, 343, 349
OPEC 302, 392
organic composition of capital 61, 90, 98 324;
see also constant capital, variable capital Orwell, George 140-1, 316
ownership vs control: separation of 272-4
Palestinian Intifada 20 Pashigian, B. Peter 112
Pareto Optimality 72
Pareto, Vilfredo 72
Pascal, Blaise 199
Payne, Cecilia 1
Pearson, Harry W. 149 Perelman, Michael 107, 169 Pigou, Arthur 69, 368
Pincock, Stephen 187
Pirenne, Henri 250, 283, 288-92 Plato 25
Plutarch 196-7
Polanyi, Karl 86-7, 149
political economy: etymology of term 38; as
science 38-40; 122-4
political Marxism 61-3
politics-economics duality 3, 8-13, 25-6, 30,
34, 42-4, 65, 67, 148, 217, 274-5, 281, 288, 386-7, 396; in classical political economy 40-2; in Marxism 8, 11-13, 26, 28-30, 41, 43, 45-6, 47, 49-55, 59-64, 143, 280, 289, 311, 312; in neoclassical economics 8, 11-12, 26, 27-8, 29-31, 43, 45-7, 67, 71, 148, 274-5, 279, 312, 387; in pre-capitalism 25; see also state, state-capital dichotomy
Pollock, Friedrich 49-50
portfolio investment 210, 352, 355, 356, 358 portfolio selection theory 158, 204-6, 210 postmodernism 2, 26, 34, 53-5, 396
Postone, Moishe 122
Poulantzas, Nicos 59-60
power: definition 17, 305-6, 309, 328-9, 397-8;
and market 306-7; and hype 191, in institutionalism 55-8; in Marxism 10, 11-12, 26, 29, 45-54, 62, 64, 85, 91-92, 112, 119, 211-12, 276-8, 280, 295-6, 346;
436 Index
in neoclassical economics 10, 11-12, 27, 40, 42, 45-7, 64, 67, 71, 73-4, 76-7, 135, 148, 196, 202, 208, 212, 239-41, 256, 346, 372; and risk 200, 202, 208-10, 250; see also capital (power theory of), mode of power, state (as mode of power)
power civilization 263, 266-9, 329, 361 Prescott, Edward C. 207
price 9, 19, 148-9, 151-3, 156-7, 158, 159-60,
163, 166, 170, 185-6, 188-93, 208-9, 218, 220-1, 234, 239-43, 246, 255-6, 271-2, 306-8, 311, 328, 330-2, 345, 358, 361-74, 377-82, 388, 397-400; as fundamental unit of capitalist order 9, 151, 166, 239; history of 151-2, 290-2, 361-2, 366-8, 370-4, 377-8; markup 50, 241-2, 372-4; in Marxism 7, 13, 26-7, 33, 47, 51-2, 84-109, 110, 122-3, 142, 143-4, 148-9, 167-70, 211, 313; in neoclassical economics 7, 26-7, 30, 33, 39, 72-5, 78-80, 83, 126-8, 130-7, 148-9, 156-7, 170-82, 192-3, 203-6, 208, 233-4, 240, 307-8, 313, 343-5, 363, 368-71; as reflection of power 234, 240-6, 256; see also differential markup, inflation
price-earning (PE) ratio 188, 342 primitive accumulation 295-6; see also
accumulation
probability 93, 158, 197, 199-202; see also
statistics
production 7, 8, 11, 13-14, 15-16, 25, 31, 82,
101, 147-9, 182, 187-8, 217-23, 225, 227, 229-33, 236-7, 247, 249, 253-60, 262, 275, 280, 296, 328, 332, 341-2, 350, 356; in classical political economy 38-40, 71, 148, 367-8; in institutionalism 272; in Marxism 5-6, 10, 26-7, 28-9, 31, 48-9, 51-3, 59-63, 85-104, 105-8, 110-22, 125, 139, 141, 144, 148-50, 167-70, 187, 274, 276, 280, 295-6, 346, 367-8; in neoclassical economics 5, 10, 26, 30, 69-71, 81, 148, 182, 187, 249-50, 274, 279; see also production function, productivity
production function 69-73, 75-6, 80-2; see also marginal productivity
productive vs unproductive labour 13, 31-2, 86, 89, 96, 110-21, 168, 280, 296; see also productivity (in Marxism)
productivity 8, 16, 17, 27, 68, 69, 78-80, 110, 126, 127-32, 151, 159, 188, 209, 218-20, 223, 225-6, 228, 229, 231-6, 239, 248-56, 259, 271, 307, 322-3, 332, 341, 356, 363-5, 394; in classical political economy 68-9, 110; in institutionalism 271; in Marxism 12-13, 20, 29, 31-2, 51, 103, 141, 142, 149-50, 167-70, 211, 225, 248, 259-62, 276, 311, 313, 314, 345-6; in neoclassical economics 5-6, 12, 31, 67, 69-80, 81, 83, 110-11, 128, 136, 149, 167, 170-80, 198, 209, 211, 221-2, 225, 244, 279, 350, 356, 368, 370; in US 251-2; see also marginal productivity, production,
production function, productive vs
unproductive labour
profit 15-16, 30, 149, 160, 186-7, 218, 220, 221,
226, 228, 231-43, 246-57, 259, 262, 263, 270-1, 282, 297-8, 301, 307, 309, 313, 317-18, 320-4, 329, 335, 341-2, 345-6, 356-9, 363-4, 372-6, 397; in institutionalism 272-3; in Marxism 12-13, 31, 50-3, 86, 88, 90, 91, 96-100, 105, 119-23, 149, 211, 259-61, 346; in neoclassical economics 12, 13, 30-1, 47, 70-1, 73, 75, 77-80, 149, 164, 171, 177, 198, 309-10, 341-2, 356; war profits 392-4, 395; see also tendency of the falling rate of profit
public management 74-6
real vs nominal spheres 10-11, 13-14, 16, 25, 26, 30-2, 126-8, 187, 220-1, 307-10, 323, 368, 396; in Marxism 7, 10-11, 13, 27, 31-3, 42-3, 92, 126, 143-4, 167-70, 187-8, 211, 261-2, 296; in neoclassical economics 10-11, 13, 26, 30-1, 42-3, 68, 126, 127, 128-38, 167, 171, 178, 179-82, 187-8, 211, 220, 307-9, 322, 368; see also capital goods, real vs financial assets
real vs financial assets: in Marxism 148-9, 167-9, 261-2; in neoclassical economics 130-8, 174-82, 343-5; see also finance, real vs nominal spheres, tangible vs intangible assets
regulation school 322
relations of production 28, 49, 103, 114, 282 residual 82, 137, 176-7
revealed preferences 129-30, 203
Ricardo, David 68, 151
Ricciardi, Victor 204
risk 8, 21, 43, 157, 198-212, 249-50, 255, 257,
260, 273, 294, 297-8, 327-8, 330, 347, 379; differential risk 328, 330, 347; in Marxism 210-11; in neoclassical economics 158, 202-11, 249-50; see also uncertainty
Rizzi, Bruno 49
Robinson, Joan 78-80, 83, 130, 242, 249 Rockefeller family 76
Rockefeller, John D. 76-7, 162, 347 Rome, ancient 36, 68, 151, 233, 244-5, 293 Ruggie, John 74, 351
ruling class see capitalist class
Russell, Thomas 195
sabotage 14-15, 16, 223, 227-9, 231-2, 235-9, 241-50, 257-9, 267, 283, 289, 291, 294, 315, 335, 346, 375, 375-6, 386, 394, 397; differential or strategic sabotage 227-9, 231-2, 246, 249, 257, 283, 294, 375-6, 386; in United States 234, 237-40, 252, 257-8
St. Augustine 80
Samuelson, Paul A. 74, 80, 100, 129-30, 203,
211, 249-50, 366, 376 Saudi Arabia 67
Savran, Sungur 112, 114-15, 116-18, 120 Scarth, W. M. 376-7
Schumpeter, Joseph A. 67-9
'scientist': etymology of term 37
securities 157; in feudalism 292; in Marxism
168-9; in neoclassical economics 156, 206;
see also bonds, stocks Senior, Nassau 70
Sexwale, Tokyo 147
Shaikh, Anwar 85, 144 Sharpe, William 203, 205, 207 Sinclair, Upton 125
skilled vs unskilled labour 43, 139-44; see also abstract labour, concrete labour
Skocpol, Theda 58
Smith, Adam 38, 68, 110, 151
socialism 63-4
socially necessary abstract labour 8, 86-9, 96,
128
social structures of accumulation (SSA) school
322
Socrates 25
Solon 196-7
Sonnenshein-Mantel-Debreu conditions 74 South Africa 349
sovereign wealth funds 300
Soviet Union 20, 49, 123
space 17, 278, 288-9, 292; Leibnitzian 17,
278-9, 280, 281-2; Newtonian 17, 278-80,
281
Sraffa, Pierro 78-80, 101, 249
stagflation 19, 326, 329-32, 362, 366, 375-9,
381, 383-9, 392, 394, 395-7; in East Asia 377; in industrialized countries 389; in US 377-8, 384-6, 387-9; see also inflation, stagnation, depth (external)
Stalin, Joseph 123, 233
stagnation 19, 331-2, 338, 343, 359, 366-7,
375-6, 378, 379, 385, 391-2, 395; see also
stagflation
Standard & Poor's 500 161, 176, 186-90, 195,
212-14, 371-2
state 232, 246, 270; liberal theories of 275-6;
in Marxism 12, 49-50, 55, 58-63, 118-21, 229, 276-8; as mode of power 263, 281; origins of 229; realist theories of 275; institutionalist theories of 55-7 see also state-capital dichotomy, state of capital
state-capital dichotomy 3, 274, 275, 280-1, 288, 350; in classical political economy 11; in Marxism 8, 11-12, 29-30, 48-50, 59-63, 274, 276-8, 280, 295-6; in neoclassical economics 8, 11, 46, 274-5; see also politics-economics duality, state
state of capital 8, 10, 17, 263, 274-5, 278, 281-2, 288, 294-302, 310, 311, 345, 350-1, 362, 380, 381-2, 397, 400; see also capital (power theory of), capitalist mode of power
statistics 40-1, 93, 158, 197, 199-201; see also probability
Index 437
Steedman, Ian 101
Stigler, George 46
stock market 5, 10, 31, 178, 181, 188, 190, 252,
260, 297
stocks 32, 68, 92, 156, 157, 174, 185, 188, 190,
194, 207-8, 256, 261-2, 297, 314, 344, 353;
see also equity
Sullivan, Richard J. 152
superstructure see base and superstructure supply see demand and supply
surplus value 13, 29, 32, 51, 85-7, 96, 97-100,
108, 111-14, 118-21, 141, 144, 259-60, 280,
296
Sweezy, Paul 48, 51-3, 91, 100, 122, 261-2, 273,
282
Sweetser, Eve 187
tangible vs intangible assets 173-8, 182, 182, 227-9, 229, 253-6; see also goodwill, fixed assets
taxation: early capitalist 292-5; pre-capitalist 288
Taylor, Alan M. 353-4
Taylor, Frederick 74 Technodollar-Mergerdollar coalition 393-5 technology 15, 43, 196, 218, 222-3, 227, 232,
264-7, 364; in institutionalism 222; in neoclassical economics 5, 82, 133, 172, 173, 176, 351, 352, 369-70
tendency of the falling rate of profit 51, 118, 123; see also profit (in Marxism)
Thompson, E. P. 29-30
Tilly, Charles 58
Tobin, James 174, 204, 343
Tobin's Q 174-7, 180, 343-5; in US 174-7, 180,
343-5
Tonak, E. Ahmet 112, 114-15, 116-18, 120,
144
Toynbee, Arnold 9
transaction costs 340
transformation problem 89-109, 221 Traven, B. 210, 218, 270
Tsuru, Shigeto 102
Tuchman, Barbara Wertheim 283, 288, 290,
293
uncertainty 13, 197-200, 202, 205, 208-11, 255; in feudalism 283-4; see also risk
United Kingdom: inflation in 866-8
United States: accumulation in 177-8, 181-2,
320, 322-4, 338-9; accumulation crisis in 398-400; accumulation crisis in, Marxist interpretation of 18, 322-3; armament companies 121, 236, 392-4; breadth in 338-9, 343-5, 384-6, 387-9, 394; capital imports 300; corporate profit in 273-4, 357; Consumer Price Index (CPI) 298; differential capitalization (DK) in 320-1; dominant capital in 316-18, 320-3, 334-7, 339, 342, 345, 347-8, 350, 359, 383, 364-5; earnings
438 Index
per share (EPS) in 186, 188, 212, 371-2; excess capacity in 331; foreign investment from 357-9; foreign investment in 356-8; GDP 338, 357; green-field investment in 338-9, 343-5; hegemony 277; industry vs business in 236, 237-9, 251-2, 257-8; inflation in 366, 367, 368, 370-4, 375, 377-8, 384-5, 388-9, 398-400; and Iraq 301-2; mergers and acquisitions in 338-9, 343-5, 359-60, 384-6, 381, 388, 393-5; military 163-4; 'national interest' 301-2; ownership of financial assets in 315; political parties in 28; population in 251-2; productivity 251-2; Tobin's Q in 174-7, 180, 343-5; trade 357-8; sabotage in 234, 237-40, 252, 257-8; unemployment 243, 384-5; urbanization rates 152
University of Chicago 46, 76-7
unskilled labour see skilled vs unskilled labour urbanization 151-2
use value 88, 103, 111, 114-15, 116, 117,
118-20, 138-9, 221
U. S. Defense Advanced Research Projects
Agency (DARPA) 163-4
US Treasury bills 25, 208
utility theory of value 6-7, 13, 15, 28, 30, 42, 46,
75, 81, 82, 91, 109, 111, 124-5, 128-36, 138, 144, 147-50, 170-1, 196, 201-3, 208, 210-11, 218-20, 234, 279, 308, 313, 370-1; see also marginal productivity, marginal utility
utils 6-7, 13, 90, 109, 124, 125, 128-9, 131-4, 144, 148, 170-1, 201-2, 203; see also utility theory of value
value: in Marxism 12, 13, 27, 29, 30-2, 47, 50, 51, 63, 84, 86-90, 110-24, 138-44, 148-50, 169-70, 221, 259, 313
Varga, Eugen 123
variable capital 85-6, 96-9, 108; see also
organic composition of capital Veblen, Thorstein 14-16, 102-3, 219-32,
236-41, 243, 248-50, 252, 264, 308, 314, 342-3
warfare, modern 163-4, 289-94, 378, 388, 390-2, 393-5; see also arms exports
Weapondollar-Petrodollar coalition 392-5, 399
Weber, Max 280
Weberianism see institutionalism 'West', the 34-5
Weston, J. Fred 360
Whewell, William 37
Wicksell, Knut 77, 81
Wolff, Edward N.
OTA-ISC-460, June. Washington D. C. : GPO.
U. S. Department of Commerce. Bureau of Economic Analysis. 1985. Corporate
Profits: Profits Before Tax, Profits Tax Liability and Dividends. Methodology Papers: U. S. National Income and Product Accounts, Series MP-2. Washington D. C. : Government Printing Office.
---- 1999. Fixed Reproducible Tangible Wealth in the United States, 1925-94. Washington D. C. : Government Printing Office.
---- 2001. A Guide to the NIPA's. Methodology, National Income and Product Accounts, 1929-97. Washington D. C. : Government Printing Office.
---- 2005. Government Transactions. Methodology Paper: U. S. National Income and Product Accounts. Washington D. C. : Government Printing Office.
U. S. Department of Commerce. Bureau of the Census. 1975. Historical Statistics of the United States. Colonial Times to 1970. 2 vols. Washington D. C. : Government Printing Office.
428 References
---- Statistics of U. S. Business: 2005, http://www. census. gov/csd/susb/susb05. htm, accessed on January 3, 2008.
U. S. Department of Commerce. Economics and Statistics Administration. 2004. Numerical List of Manufacturing and Mineral Products. Manufacturing and Mining Reference Series, EC02M31R-NL.
U. S. Federal Reserve Board. 2008. Minutes of the Federal Open Market Committee, December 15-16, 2008.
Ulmer, M. J. 1949. The Economic Theory of Cost of Living Index Numbers. New York: Columbia University Press.
United Nations Conference on Trade and Development. 2000. World Investment Report. Cross-Border Mergers and Acquisitions and Development. New York: United Nations.
United Nations Conference on Trade and Development. 2007. World Investment Report. Transnational Corporations, Executive Industries and Development. New York and Geneva: United Nations.
United Nations. Department of Economic and Social Affairs, Statistical Division. 1993. System of National Accounts 1993 (Updated Version). New York: United Nations.
United Nations. Department of Economic and Social Affairs, Statistical Office. 1977. Guidelines on Principles of a System of Price and Quality Statistics. Statistical Papers, Series M, No. 59. New York: United Nations.
Varga, Eugen. 1935. The Great Crisis and its Political Consequences. Economics and Politics, 1928-1934. London: Modern Books Limited.
Veblen, Thorstein. 1898. [1934]. The Beginning of Ownership. In Essays in Our Changing Order, edited by L. Ardzrooni. New York: The Viking Press, pp. 32-49.
---- 1899a. [1934]. The Barbarian Status of Women. In Essays in Our Changing Order, edited by L. Ardzrooni. New York: The Viking Press, pp. 50-64.
---- 1899b. The Theory of the Leisure Class. An Economic Study in the Evolution of Institutions. New York: The Macmillan Company.
---- 1904. [1975]. The Theory of Business Enterprise. Clifton, NJ: Augustus M. Kelley, Reprints of Economics Classics.
---- 1908. [1961]. On the Nature of Capital. I: The Productivity of Capital Goods. In The Place of Science in Modern Civilisation and Other Essays. New York: Russell & Russell, pp. 324-51.
---- 1919. [1934]. The Vested Interest and the State of Industrial Arts. New York: B. W. Huebsch.
---- 1923. [1967]. Absentee Ownership and Business Enterprise in Recent Times. The Case of America. With an introduction by Robert Leckachman. Boston, MA: Beacon Press.
Vogel, Harold L. 2007. Entertainment Industry Economics. A Guide for Financial Anal- ysis. 7th edn. Cambridge: Cambridge University Press.
Wakefield, Ernest Henry. 1994. History of the Electric Automobile. Battery-Only Powered Cars. Warrendale, PA: Society of Automotive Engineers.
Wallich, Henry C. 1984. Why is Net International Investment So Small? In Inter- national Capital Movements, Debt and Monetary System, edited by W. Engles, A. Gutowski and H. C. Wallich. Mainz: v. Hase & Koehler, pp. 417-37.
Wang, Ning. 2007. Measuring Transaction Costs: Diverging Approaches, Contending Practices. Division of Labor & Transaction Costs 2 (2): 111-46.
References 429
Weber, Max. 1978. Economy and Society. An Outline of Interpretive Sociology. Berkeley, CA: University of California Press.
Weeks, John. 1981. Capital and Exploitation. Princeton, NJ: Princeton University Press.
Weinberg, Steven. 1992. Dreams of a Final Theory. New York: Vintage Books.
Weiss, Linda. 1998. The Myth of the Powerless State. Cornell studies in political
economy. Ithaca, NY: Cornell University Press.
Weston, J. Fred. 1987. The Payoff in Mergers and Acquisitions. In The Mergers and
Acquisition Handbook, edited by M. L. Rock. New York: McGraw Hill, pp. 31-47. Weston, J. Fred, Kwang S. Chung, and Juan A. Siu. 1998. Takeovers, Restructuring
and Corporate Governance.
Upper Saddle River, NJ: Prentice Hall.
Whitley, Richard. 1986. The Transformation of Business Finance into Financial Economics: The Roles of Academic Expansion and Changes in U. S. Capital
Markets. Accounting, Organization and Society 11 (2): 171-92.
Wicksell, Knut. 1935. Lectures On Political Economy. Translated from the Swedish by E. Classen and Edited with an Introduction by L. Robbins. 2nd edn. 2 vols.
London: George Routledge & Sons.
Williams, Karel, William Lazonick, Mary O'Sullivan, Franc? ois Morin, Ulrich
Ju? rgens, Katrin Naumann, Joachim Rupp, Julie Froud, Colin Haslam, Sukhdev Johal, Robert Boyer, Michel Aglietta, John Grahl, and Paul Teague. 2000. Special Issue on Shareholders Value and Financialization. Economy and Society 29 (1, February): 1-178.
Williamson, Oliver E. 1985. The Economic Institutions of Capitalism: Firms, Markets, Relational Contracting. New York: Free Press and Collier Macmillan.
---- 1986. Transforming Merger Policy: The Pound of New Perspectives. American Economic Review, Papers and Proceedings 76 (2, May): 114-19.
Winston, Clifford. 1998. U. S. Industry Adjustment to Economic Deregulation. Journal of Economic Perspectives 12 (3, Summer): 89-110.
Wolf, Martin. 2007. Barbarians at the Gates: The Balance of Pros and Cons. Financial Times, February 28, p. 15.
Wolff, Edward N. 1975. The Rate of Surplus Value in Puerto Rico. Journal of Political Economy 83 (5, October): 935-50.
Wolff, Richard, Bruce Roberts, and Antonino Callari. 1982. Marx's (not Ricardo's) "Transformation Problem": A Radical Reconceputalization. History of Political Economy 14 (4): 564-82.
World Bank. Online. World Development Indicators. Washington D. C. : World Bank. Wray, L. Randall, ed. 2004. Credit and State Theories of Money. The Contributions of
A. Mitchell Innes. Cheltenham, UK: Edward Elgar.
Wright, Erik Olin. 1977. Alternative Perspectives in Marxist Theory of Accumulation
and Crisis. In The Subtle Anatomy of Capitalism, edited by J. Schwartz. Santa
Monica, CA: Goodyear, pp. 195-231.
Yergin, Daniel. 1991. The Prize. The Epic Quest for Oil, Money, and Power. New
York: Simon and Schuster.
Zeitlin, Maurice. 1974. Corporate Ownership and Control: The Large Corporation
and the Capitalist Class. American Journal of Sociology 79 (5): 1073-1119.
Zinn, Howard. 1999. A People's History of the United States, 1492-Present. Twentieth
Anniversary edn. New York: Harper Collins Publishers Inc.
Zweig, Stefan. 1943. The World of Yesterday. An Autobiography. New York: Viking
Press.
Index
absentee ownership 14, 16, 227, 230-2, 237, 239, 246, 248, 252-3, 259, 261, 270, 325, 395
abstract labour 6-7, 13, 20, 42-3, 51, 61, 63, 86, 89-90, 107, 124, 125, 128, 138-144, 147-50, 221, 259, 296; see also skilled vs unskilled labour, socially necessary abstract labour
accumulation 7, 8, 10, 11, 12, 13-18, 19, 30, 40, 43, 125-7, 181-2, 183-7, 196, 209-11, 226, 228, 247, 253, 259, 271-4, 296, 298, 307-15, 320, 322-6, 346, 362-3, 375-6, 379; accumulation crisis in Marxism 18, 322-3; accumulation crisis in power theory of capital 325, 380-1, 398-400; accumulation through crisis 19, 375-9, 389; in classical political economy 40-1, 48, 68; definition 7, 16, 150, 183, 218, 221, 307, 313, 323-4; and globalization 358-9; in Marxism 6, 12-13, 18, 20, 27, 28-9, 32, 59-63, 84-7, 91, 111, 118, 121, 122, 126, 138, 143, 144, 168-9, 211, 247, 249, 259-60, 261-2, 276-8, 280, 295-6, 301-2, 312, 313, 345-6; primitive accumulation 295-6; in neoclassical economics 6, 11, 12, 13, 18, 27-8, 67, 81, 125-38, 177-8, 180-2, 209-11, 312, 313, 323-4, 363; in US 177-8, 181-2, 320, 322-4, 338-9; see also differential accumulation
advertising 112-14, 161
Adalbero of Laon, Bishop 115-16 AFL-CIO 102
Agassi, Joseph 38, 279
Al-Naimi, Ali 67
Alder, Ken 41, 311
Allen, Franklin 206, 207-8
AMEX Biotechnology Index 161 Anderson, Perry 60-1
Aquinas, Thomas 84
Arensberg, Conrad M. 149
Aristotle 6, 148-9
armament companies: in US 121, 236, 392-4 arms exports 390-4
Asian financial crisis 180, 395
Austrian school 81, 91
autonomy and heteronomy 17, 20-1, 42, 46,
267
Aymara people 187
Bakunin, Mikhail 47
Baran, Paul 51-3, 91, 144
base and superstructure 27, 29, 62
Baumol, William J. 155, 376-7
Bechler, Zev 6-7
Bell, Daniel 55-6
benchmark 21, 198, 206, 209, 292, 297, 307-11,
314, 315, 326; see also normal rate of return Bentham, Jeremy 39, 128, 135
Bernoulli, Daniel 128, 158-9, 201-2, 203, 204,
210
Bernstein, Peter L. 129, 199
beta 206-7
Bichler, Shimshon 298, 375, 398-9
Black, Fischer 193
Blinder, A. S. 376-7
Bliss, C. J. 67
Bloch, Marc 228, 282
Bohm, David 30, 153, 307
Bo? hm-Bawerk, Eugene von 81, 91
Bonbright James C. 157
Bond, feudal 283, 285-6
bond market 178, 181, 182, 246, 260, 297 bonds 32, 262; catastrophe 165; corporate, 174,
178, 181, 256, 344, 353-4; government 164, 207, 246, 292, 293, 294-5, 297, 300, 341, 344, 353-4 see also debt (corporate), debt (public), US Treasury bills
Bortkiewicz, Ladislaus von 99-100, 108, 118 Bouchaud, Jean-Philippe 194
bourg 25, 286-90
bourgeoisie 25-6, 31, 58, 59, 111, 273, 287-93 Bowen, Brian 112
Brainard, William C. 174, 343
Braverman, Harry 140, 141
breadth 18, 19, 326-31, 334-9, 346, 359, 362,
365, 380-1, 384-91, 393, 394-6, 397, 400; in Asia 391, 394; in developed countries 390-1; external 329-30, 335-6, 338, 346, 359, 391, 395; global 389-91; internal 329, 330, 338-9, 365, 384-6, 397; in US 338-9, 343-5, 384-6, 387-9, 394; see also differential accumulation, green-field investment, mergers and acquisitions
Brealey, Richard 206, 207-8, 339
Bude? , Guillaume 125
bureaucracy 49, 55-7, 268, 272, 281
business see industry vs business
business as usual 16, 236-9, 243, 293, 375, 397 business cycle 181, 386-7
business enterprise see industry vs business buy-to-build indicator 338-9, 343-4, 384-6
Cambridge Controversy 79-81, 197, 248-9 Capek, Karel 165-6
capital 2, 39, 67-8, 85, 197, 218, 247, 253, 298;
as counterproductive 248-58; in classical political economy 11, 41, 68-70; definition 2, 7-10, 32-3, 211-12, 230-1, 249, 253, 262, 270-2, 311, 322; etymology 68, 329; fractions of 32, 259-61; in Marxism 6-7, 8, 11, 12-13, 28-30, 31-2, 41, 42-3, 48, 53, 59-64, 68, 84-8, 92, 96, 109, 121, 127, 138, 148, 211, 248, 249, 262, 274, 276, 295-6, 311, 314, 329; in neoclassical economics 5-6, 7, 8, 11-12, 13, 27-8, 31, 32, 42, 64, 67-8, 69-72, 77-83, 127, 128-37, 148, 170-3, 185, 211, 231, 248, 350; see also constant capital, organic composition of capital, real vs financial assets, variable capital
capital accumulation see accumulation capital asset pricing model (CAPM) 158, 203,
205-8, 210
capital flow see capital mobility
capital goods 14, 32-3, 68, 127, 211-12, 222,
228, 230-1, 255-6; in Austrian school 81; in classical political economy 68-9; in Marxism 31-2, 68, 143, 167, 170, 187-8, 261-2; in neoclassical economics 13, 31, 32, 68, 69-70, 77-9, 81, 132-3, 167, 170-5, 182, 187-8, 323; see also fixed assets, real vs financial assets, real vs nominal spheres
capital mobility 276, 277, 350-9, 372, 386 capital, power theory of 3, 7-10, 14-21, 30, 33,
42, 64, 112, 124, 141, 144, 150, 160, 182, 185, 188, 208-12, 217-20, 223, 227, 228-9, 231-4, 239-42, 244, 246-50, 255-7, 260, 262, 263, 270-2, 275, 280-2, 291-2, 294-302, 305-7, 309, 311-33, 344, 240-8, 350, 356-9, 361-2, 366, 396-8, 372-82, 383-4, 386-8, 400;
see also capitalist mode of power, state of
capital
capital-state dichotomy see state-capital
dichotomy
capital stock see capital goods
capitalism 1-2, 8, 14, 21, 25, 30, 36-7, 40, 42-3,
141, 148-9, 150-1, 153, 160, 169, 210, 217-19, 230, 232, 239, 257, 306, 309, 312, 315, 337, 359, 361, 363, 375-6; and market 26, 306-7; in classical political economy 38-40; in Marxism 13, 14, 18-19, 20, 26, 28-30, 47-9, 55, 59-64, 84-94, 98-9, 103-5, 110-11, 122-4, 140-1, 232-3, 295-6, 345-6; maturity of 256-8; in neoclassical economics 18-19, 40; warfare and 289-94; see also
Index 431
capital (power theory of), mega-machine
(capitalist)
capitalist class 3, 19-21, 30, 31, 57, 64, 248, 270,
306, 319, 327, 380, 388, 397, 400; in Marxism 59-61, 168-9, 261; see also absentee ownership, dominant capital
capitalist creorder see creorder
capitalist crisis: in power theory of capital 325,
380-1, 398-400; see also crisis
capitalist mega-machine see mega-machine capitalist mode of power 263, 281, 287, 291;
see also state of capital
capitalist nomos see nomos
capitalization 8-10, 13-14, 20, 150, 155, 166,
167, 183-98, 199, 202, 208-12, 217-18, 246, 249, 253-7, 260, 270-2, 273, 294-9, 306-15, 317-22, 326-9, 342-5, 361, 379, 396, 397; of climate 164-5; definition 8-10, 153-5, 184, 263; of education 161-2; of entertainment 161; history of concept 155-8; of humans 158-61; of law 162; in Marxism 13-14, 92, 160, 167-70; in neoclassical economics 13-14, 150, 156-8, 167, 170-82, 183-4, 185, 203-8; of power 8, 9, 294-5, 311, 359, 362; of religion 162-3; of war 163-4; see also differential capitalization (DK), Tobin's Q
Cardano, Girolano 199
Cardoza, Keith 176
Castoriadis, Cornelius xi, 20, 102, 140-1, 148-9 Chicago School see University of Chicago China: ancient 266-7; urbanization rates 152 Christianity 36, 80, 163
Cipolla, Carlo M. 152
circulation: in Marxism 60, 101, 112-17,
259-60, 282
civilization see power civilization
Clark, John Bates 68-73, 75-8, 80, 81, 221 class 43-4, 49, 115; in Marxism 229; in
neoclassical economics 46; see also capitalist
class
class conflict 115, 288; in Marxism 29-30, 48-9,
50-1, 59-61, 85, 88, 100, 105, 115, 248; see also exploitation, exploitation vs oppression, intra-capitalist struggle
classical dichotomy see real vs nominal spheres Cobb, John 135
Cohen, Gerald A. 59
concentration: aggregate 316-19
concrete labour 89, 138-44; see also skilled vs unskilled labour
Consumer Price Index (CPI) 308; in industrialized countries 390; in US 298 constant capital 32, 68, 85, 86, 96, 97-8, 101, 108 143, 148; see also capital goods, organic composition of capital
Cordas, Lori 159
corporate-government coalitions 314-15 corporation, the 155, 248-54, 262, 271, 272-4,
314, 321, 328; emergence of modern corporation 16, 73, 157, 232, 249-50, 251,
432 Index
314-15, 386; in institutionalism 56-7; in Marxism 168, 249, 272-3, 314, 345-6; in neoclassical economics 46, 249-50, 339-41
corporations: as constituents of state of capital 8, 185, 281, 297, 299, 311, 314-15; transnational corporations 276, 327, 352, 354, 388, 391; US 316-18, 320-4, 336-7, 374; see also dominant capital
cosmos and cosmology 21, 36-7, 39, 267
cost cutting 329-30, 362-5, 380, see also depth Cowles, Alfred III 183
Cowles Commission 183-4
credit 14, 221, 249, 252, 298; ancient history of
244; in Marxism 26-7, 112-13, 167, 169, 170, 295-6; in neoclassical economics 159; role in creating capitalism 244, 291-3, 295-6
creorder 18, 305-6, 307; capitalist 18, 19-21 306, 307, 309, 310-12, 315, 325-6, 327, 347, 350, 356-9, 362, 375, 381-2, 383, 386, 396, 397, 400
crisis: accumulation crisis in Marxism 18, 322-3; accumulation crisis in power theory of capital 325, 380-1, 398-400; accumulation through crisis 19, 375-9, 386; Asian financial crisis 179; capitalist 36, 48, 52-3, 59, 64, 123, 169; in early capitalism 293; global 46, 378-9, 388, 392, 395, 397; and prices 240-1, 366-7, 380-1; oil crisis 392; see also Great Depression, stagflation, stagnation
Croesus 196-7
Daly, Herman 135
Darrough, Masako 195
de Roover, Raymond Adrien 155
dead labour see constant capital
debt, corporate 8, 16, 23, 253, 255, 256-7, 350;
Marxist interpretations of 260; neoclassical
economics interpretations of 75, 156, 257 debt, public 295-6, 352; Marxist
interpretations of 168, 295-6; neoclassical economics interpretations of 75; origins and ancient history 159, 198, 244-5, 295-6
deflation 367, 376, 397-400; in Great Britain 367; in US 398
demand and supply 38, 67, 72-4, 80, 91, 231, 240, 370, 376; see also equilibrium
depth 18-19, 326-7, 328, 329-31, 362-5, 366, 371, 374, 380-1, 384, 385-92, 395-7, 400; external 329-31, 362-3, 365, 366, 372, 374, 381, 384, 35-92, 395-7, 400; internal 329-30, 362-5, 380; in US 322-5, 384; see also differential accumulation, stagflation
determinism 21, 45, 397
Descartes, Rene? 110
differential accumulation 18-19, 310, 312-16,
320, 321-33, 339, 346, 347, 349, 358-9, 362-3, 365, 366, 372-5, 379, 380-2, 383, 385-92, 395-8, 400; cycles in regimes of 327, 348, 387-9; regimes of 18-19, 327, 329-32; in
US 18, 322-4, 372-5, 382, 385-6, 387-91; see also breadth, depth, differential capitalization
differential capitalization (DK) 18, 21, 310-13, 319-21, 327, 328, 379; in US 320-1; see also capitalization, differential accumulation
differential earnings see earnings differential markup 372-4 see also earnings,
markup, price
differential risk see risk
discount rate 165, 183, 190, 196-8, 203, 206-7;
in pre-capitalism 198-9; see also
capitalization
discounting see capitalization disequilibrium 67, 134, 370
disinflation 376, 381, 398
diversification 113, 203-6, 210, 231, 260-2,
347
Dodd, David L. 185
Domhoff, William 57
dominant capital 17-19, 21, 218, 315-23, 325,
326-32, 334-6, 362-6, 372-6, 379, 380-2, 383, 385, 386, 387, 388-9, 396-90; in US 316-18, 320-3, 334-7, 339, 342, 345, 347-8, 350, 359, 364-5, 383
Dow Jones Industrial Average 195 Downs, Anthony 28
'dual economy' 287-8
Dymski, Gary A. 170
earnings 8, 9-10, 16, 31-2, 71, 150, 153-8, 166, 168, 182, 184-98, 201, 208-14, 217, 218, 221, 223, 226, 227-9, 231, 232, 236-7, 239, 247, 249, 252, 260, 261, 281, 294, 327-31, 347, 356, 362, 379; differential earnings 18, 255, 297-8, 315, 327-31, 362, 366, 372, 379-80
earnings per share (EPS) 185-8, 189, 195, 212-14,195, 370-2; in US 186, 188, 212, 371-2
'East', the 34-5
East Asia 377, 391
economics see neoclassical economics economics-politics dichotomy see politics-
economics duality
economies of scale 250, 345-6
economy, the see politics-economics duality Edgeworth, Francis 129
efficient frontier 204-5
efficient market hypothesis 192-4
Egypt, ancient 266-8
Eis, Carl 359
Einstein, Albert 4-5, 7, 123, 278
elementary particles 6, 14, 36, 183-5, 188, 212,
327; of Marxism 125; of neoclassical economics 125, 128; in physics 6, 125; see also abstract labour, earnings, hype, normal rate of return, risk, util
Elson, Diane 122
emerging markets 391, 393-5, 398 Engels, Friedrich 47-8, 103, 121, 229, 309
England: debt 293-4; feudalism in 283, 285-8, 290, 361; history of aggregate statistics in 41; Hundred Years War 293; joint stock companies 277, 294; Norman Conquest 283, 285; primitive accumulation in 295-6; proletarianization in 288; tax revenues in 293-4; urbanization rates 151-2
Erdo? s, Paul 38
equilibrium: in liberalism 28; in Marxism 89,
92, 94, 105, 143, 144; in neoclassical economics 11, 42, 46-7, 72-4, 76, 80, 81, 130-5, 149, 185, 370; in classical political economy 38, 39; see also demand and supply
equity 8, 16, 26, 174, 178, 180, 181, 207, 253, 255-7, 314, 341, 354; in Marxism 260; in neoclassical economics 185, 257; see also stocks
equity premium puzzle 207
exchange value see value (in Marxism) exploitation, Marxist understanding of 29, 144;
see also class conflict
exploitation vs oppression, 10, 26, 29-30, 63,
223, 276, 281; see also class conflict
factors of production 34, 36, 69-70, 82, 221-2, 225
Fama, Eugene 192, 207
Farjoun, Emmanuel 105, 211
fascism 43, 49-50
faubourg 287
Faulhaber, Gerald R. 155
Faustmann, Martin 155-6
Federal Reserve Board 400
Ferguson, Charles 80, 81
Ferma, Pierre de 199
Fetter, Frank 156-7, 184
feudalism 17, 25-6, 27, 58, 60, 80, 115-16, 151,
227, 233, 244, 250, 257, 282-7; feudal mode of power 17, 264, 282-91, 295; transition to capitalism 229, 282, 287-92, 295, 297
fictitious capital see real vs financial assets finance 7-10, 26, 184, 253, 262, 338-9; in
Marxism 10, 26, 32, 261, 296; in neoclassical economics 10, 26, 31, 32, 183-4, 185, 195-6, 202, 209-10; public 292-4, 297, 300; see also capital (definition); real vs financial assets, real vs nominal spheres
finance capital 48
financial analysts 193-5
financial assets see real vs financial assets financial strategists 193, 195
Fine, Ben 101-2, 111-12
Fisher, Franklin M. 112
Fisher, Irving 69, 128, 156, 157, 170-2, 175,
178-9, 182, 183
fixed assets 80, 127, 173-6, 177-1, 323, 343-5;
see also capital goods, real vs financial
assets, tangible vs intangible assets fixed capital formation see green-field
investment
Index 433
fixed investment see green-field investment Foley, Duncan 96, 97, 106, 108
force 34-9, 42, 108-9, 125, 295, 305, 313 forces of production 61, 103, 282
Ford, Henry 134
foreign direct investment 356, 359
Fortune 500 364, 372-3
fractions of capital see capital (fractions of) France 41; feudalism in 283-6, 290-1; French
Revolution 147, 161; inflation in 375; May
1968 20; Napoleonic Wars 293-4 Frankfurt school 49-50, 53-4
French, Kenneth R. 207
Friedman, Milton 147, 161, 368-9, 398-9
Galbraith, John Kenneth 114, 220, 222, 272-3 Galileo 4-5, 6-7, 381
Galton, Francis 93, 160
Ganshof, Franc? ois Louis 286, 287, 306
Gates, Bill 200, 254
General Electric 210, 349
General Motors 172-3, 210, 234
Genuine Progress Indicator (GPI) 135 Germany: early discounting in 155-6; inflation
in 375, 378, 380
German derivation debate 62
global GDP 352-4
globalization 275-6, 332, 349-59, 386, 395 goodwill 161, 175, 254-5
Gould, Eric 112
government: as constituent of state of capital
8, 17-18, 185, 270, 281, 288-302, 311 Graham, Benjamin 185
Graunt, John 199
Great Britain 41; deflation in 367
Great Depression 180, 140-1, 258, 337 green-field investment 18-19, 329-30, 331, 332,
334-9, 342-8, 354-5, 359-60, 363, 376, 383, 384-5, 391, 394-5; in US 338-9, 343-5;
see also breadth (external), buy-to-build indicator
Greenspan, Alan 179, 398-9 Greenstone, Michael 164 Griliches, Zvi 112
Grimm, W. T. 360
Guedj, Olivier 194
Hall, R. L. 241-2
Harris, Laurence 101-2, 111-12
Harvey, David 121, 144
hedonic regression 136-8
Hegel, Friedrich 36, 54, 262, 289, 312 Heisenberg, Werner 7
Henwood, Doug 170, 312
Hilferding, Rudolf 48, 122, 142-3
Hitch, Charles Johnson 75, 163, 241-2 holism 82, 219, 222-3; see also hologram hologram 9, 16, 223-5, 249, 256, 255, 262 Houellebecq Michel 183
Howard, Michael Charles 47, 91
434 Index
human capital 158-9
Hundred Years War 292-3
Hume, David 30, 202
Huxley, Aldous 45, 160-1
hype 188-96, 327-8, 379, 393, 395; hype index
212-14
income: in neoclassical economics 12, 68-71, 74, 83, 149, 156, 158-9, 170-1
Index of Sustainable Economic Welfare (ISEW) 135
India: caste system 35; peasantry in 246; urbanization rates 152
industry vs business 15-16, 219-39, 243, 247-9, 251-9, 262-3, 315, 322, 325-6, 335, 341-2, 345, 346, 347, 356, 376, 394; in US 236, 237-9, 251-2, 257-8
inflation 19, 43, 289-91, 294, 306, 332, 334, 361-2, 364, 366-81, 384-5, 388-94, 395, 397-400; and arms exports 390-1, 392; in classical political economy 367-8; in France 375; in Germany 375, 378, 380; hyperinflation 380, 381; in industrialized countries 389-94; in Israel 375; in neoclassical economics 179, 361, 366, 368-70; in UK 366-8; in US 366, 367, 368, 370-4, 375, 377-8, 384-5, 388-9, 398-400; war and 289-91, 294; see also price, stagflation
institutionalism 15, 55-8, 272, 311; new institutionalism 15; radical institutionalism 56-7, 211
Institutional Brokers Estimate System (IBES) 193-4, 213
intangible assets see tangible vs intangible assets
intra-capitalist struggle 248, 315, 386; in Marxism 248, 259
Iraq 164, 301-2
irrationality: neoclassical economics theories of
177-80, 196
Islam 35; Islamic finance industry 162-3 Israel 35-6; inflation in 375
Jevons, Stanley 81, 129
joint production 101-2, 104, 143 Judaism 35-6
Kalecki, Michal 14-15, 50-1, 242, 313, 387 Kaysen, Carl 112
Kendall, Maurice 192
Kendrick, John W. 41
Kennedy, John F. 163
Keynes, John Maynard 46, 50, 190, 195, 202-3,
205, 209, 210
Keynesianism 49, 50, 58; Military
Keynesianism 52, 163 Kidron, Michael 118 Kliman, Andrew 95, 106, 109 King, J. E. 47, 91
Kuhn, Thomas 83
Knight, Frank 69, 95, 106, 129, 202, 209, 210 Koestler, Arthur 20, 267
Kolko, Gabriel 61
Kondratieff, Nikolai 123
labour power 47, 86-7, 91-2, 96, 108, 111-12, 138, 142, 222
labour theory of value 12, 13, 14, 15, 20, 30, 31-2, 47, 49, 50, 53, 63-4, 82, 84, 86-109, 110, 118, 139, 143, 169-70, 280, 324;
New Interpretation of 106-9; qualitative labour theory of value 121-4; Temporal Single-System Interpretation (TSSI) 106-9; see also value (in Marxism)
Laibman, David 105-6
language: as technology 264-5
Laplace, Pierre-Simon 37, 310-11
Laughlin, Robert 82, 125
Lavoisier, Antoine 147
Law of Conservation of Matter 140, 147
Le Goff, Jacques 31, 115-16, 282, 283, 284, 290 Leibnitz, Gottfried 278; Leibnitzian space see
space
Lenin, Vladimir Ilyitch 48, 123, 140
Lewis, Michael 165, 254
liberty and liberties: capitalist 26, 229, 287-9 Lintner, John 158, 205, 207
Locke, John 31, 151, 229
London, Jack 48, 110
Lopez, Robert 80, 250, 283, 288, 289, 290, 291,
293
Louis XVI 147
Lynch, Jones and Ryan (LJR) 193-4
McCallum, John 250 McGlone, Ted 109 Machover Moshe? 105, 211 McKean, Roland N. 75, 163 McNamara, Robert 163 Mandel, Ernest 61
Mann, Michael 57
Marcuse, Herbert 34, 53-4, 103, 160, 312 marginal productivity 69-82; 109, 131-2, 209,
221, 233-4, 241, 243, 340, 369-70; see also
marginal utility, utility theory of value marginal utility 128, 201-2, 210; see also utility
theory of value
Markowitz, Harry 158, 203-4 markup 50, 241-2, 252, 372-4, see also
differential markup, earnings, price Ma? rquez, Gabriel Garci? a 383, 396
Marshall, Alfred 47, 69-71, 130, 339
Marx, Karl 7, 13, 14-15, 20, 26, 31-2, 43, 48-9,
54, 63, 68, 84-8, 91-4, 97-100, 102-4, 105, 107-9, 110-11, 114, 120, 122-4, 138-9, 140-3, 147, 153, 167-70, 217, 219, 221, 226, 232, 248-9, 259, 274, 280, 289, 295-6, 309, 311, 314, 345-6
measure of our ignorance see residual
mega-machine 14, 16, 263, 268-71, 282; capitalist 16-17, 263, 270-2, 273-4, 282, 302, 307, 311, 362
Mehra, Rajnish 207
Meiksins Wood, Ellen 62
mergers and acquisitions 18-19, 176, 252, 255,
271, 329-32, 334, 338-50, 359-60, 362-5, 380-2, 383-6, 388, 391, 393-8; in food industry 348; in US 338-9, 343-5, 359-60, 384-6, 381, 388, 393-5; waves of 332, 349-51; see also breadth (internal), buy-to- build indicator
Mesopotamia 68, 198, 229, 266, 267 metric system 41
Microsoft 172-3, 175, 253-4, 297 Middle East 133, 230, 389-92 Miliband, Ralph 59-60
Mills, C. Wright 56-7
minimum efficient scale of production 341 Minsky, Hyman P. 170
mode of power 263, 280-2, 305-6, 311; see also
capital (power theory of), feudalism mode of production 16, 34, 49, 60-1, 85, 100,
103, 249, 263, 280, 295
Monopoly Capital school 48, 50-53, 261-2,
331, 345-6
monopoly, degree of 15, 50-1, 242, 313 Monthly Review 51, 262
Morishima, Michio 105
Mosse, George 140
Mumford, Lewis 14-15, 16, 264-70, 282 Mussolini, Benito 140
Myers, Stewart C. 206, 207-8
Napoleon, Louis Bonaparte 37
national accounts 42, 75, 132, 134-5, 163, 261,
354; Marxist 144, 170
natural right 30-1, 39; of investment 227-9 Nelson, Ralph L. 359
neoclassical economics: as ideology 2-3, 12, 27,
39, 49, 71-2, 76, 77, 83, 180, 219 neoclassical synthesis 74
neoclassical political economy see neoclassical
economics
Neolithic societies 264-9
neo-Marxism 47-55, 58-64
Neumann, Franz 50
Newman, James Roy 160
Newton, Sir Isaac 27-8, 36-9, 43-4, 108-9, 179,
278
Nitzan, Jonathan 4, 298, 374, 375, 391, 395-6,
398-9
nominal sphere see real vs nominal spheres nomos 148-9; capitalist 149-50, 153, 158, 166,
182, 184, 187, 203, 205, 211, 270, 281, 312,
384, 387, 396, 398
Nordhaus, William D. 164-5, 211, 250 normal rate of return 16, 21, 198, 232, 239,
243-8, 256, 270, 292, 297, 326, 327-8; see also benchmark
Index 435
North American Industry Classification System (NAICS) 152
North American Product Classification System (NAPCS) 152
Nu? n? ez, Rafael E. 187
Oakley, David 165
Obstfeld, Maurice 353-4
O'Connor, James 118
OECD 134, 375
oppression see exploitation vs oppression
oil 67, 130-3, 136-7, 163, 230, 255-6, 298, 302,
378, 389-90, 392-4, 399
oil industry 230, 298, 302, 347, 389-90, 392-4,
399
oligopoly 12, 46, 48, 50, 51-2, 72-3, 76, 240,
309, 343, 349
OPEC 302, 392
organic composition of capital 61, 90, 98 324;
see also constant capital, variable capital Orwell, George 140-1, 316
ownership vs control: separation of 272-4
Palestinian Intifada 20 Pashigian, B. Peter 112
Pareto Optimality 72
Pareto, Vilfredo 72
Pascal, Blaise 199
Payne, Cecilia 1
Pearson, Harry W. 149 Perelman, Michael 107, 169 Pigou, Arthur 69, 368
Pincock, Stephen 187
Pirenne, Henri 250, 283, 288-92 Plato 25
Plutarch 196-7
Polanyi, Karl 86-7, 149
political economy: etymology of term 38; as
science 38-40; 122-4
political Marxism 61-3
politics-economics duality 3, 8-13, 25-6, 30,
34, 42-4, 65, 67, 148, 217, 274-5, 281, 288, 386-7, 396; in classical political economy 40-2; in Marxism 8, 11-13, 26, 28-30, 41, 43, 45-6, 47, 49-55, 59-64, 143, 280, 289, 311, 312; in neoclassical economics 8, 11-12, 26, 27-8, 29-31, 43, 45-7, 67, 71, 148, 274-5, 279, 312, 387; in pre-capitalism 25; see also state, state-capital dichotomy
Pollock, Friedrich 49-50
portfolio investment 210, 352, 355, 356, 358 portfolio selection theory 158, 204-6, 210 postmodernism 2, 26, 34, 53-5, 396
Postone, Moishe 122
Poulantzas, Nicos 59-60
power: definition 17, 305-6, 309, 328-9, 397-8;
and market 306-7; and hype 191, in institutionalism 55-8; in Marxism 10, 11-12, 26, 29, 45-54, 62, 64, 85, 91-92, 112, 119, 211-12, 276-8, 280, 295-6, 346;
436 Index
in neoclassical economics 10, 11-12, 27, 40, 42, 45-7, 64, 67, 71, 73-4, 76-7, 135, 148, 196, 202, 208, 212, 239-41, 256, 346, 372; and risk 200, 202, 208-10, 250; see also capital (power theory of), mode of power, state (as mode of power)
power civilization 263, 266-9, 329, 361 Prescott, Edward C. 207
price 9, 19, 148-9, 151-3, 156-7, 158, 159-60,
163, 166, 170, 185-6, 188-93, 208-9, 218, 220-1, 234, 239-43, 246, 255-6, 271-2, 306-8, 311, 328, 330-2, 345, 358, 361-74, 377-82, 388, 397-400; as fundamental unit of capitalist order 9, 151, 166, 239; history of 151-2, 290-2, 361-2, 366-8, 370-4, 377-8; markup 50, 241-2, 372-4; in Marxism 7, 13, 26-7, 33, 47, 51-2, 84-109, 110, 122-3, 142, 143-4, 148-9, 167-70, 211, 313; in neoclassical economics 7, 26-7, 30, 33, 39, 72-5, 78-80, 83, 126-8, 130-7, 148-9, 156-7, 170-82, 192-3, 203-6, 208, 233-4, 240, 307-8, 313, 343-5, 363, 368-71; as reflection of power 234, 240-6, 256; see also differential markup, inflation
price-earning (PE) ratio 188, 342 primitive accumulation 295-6; see also
accumulation
probability 93, 158, 197, 199-202; see also
statistics
production 7, 8, 11, 13-14, 15-16, 25, 31, 82,
101, 147-9, 182, 187-8, 217-23, 225, 227, 229-33, 236-7, 247, 249, 253-60, 262, 275, 280, 296, 328, 332, 341-2, 350, 356; in classical political economy 38-40, 71, 148, 367-8; in institutionalism 272; in Marxism 5-6, 10, 26-7, 28-9, 31, 48-9, 51-3, 59-63, 85-104, 105-8, 110-22, 125, 139, 141, 144, 148-50, 167-70, 187, 274, 276, 280, 295-6, 346, 367-8; in neoclassical economics 5, 10, 26, 30, 69-71, 81, 148, 182, 187, 249-50, 274, 279; see also production function, productivity
production function 69-73, 75-6, 80-2; see also marginal productivity
productive vs unproductive labour 13, 31-2, 86, 89, 96, 110-21, 168, 280, 296; see also productivity (in Marxism)
productivity 8, 16, 17, 27, 68, 69, 78-80, 110, 126, 127-32, 151, 159, 188, 209, 218-20, 223, 225-6, 228, 229, 231-6, 239, 248-56, 259, 271, 307, 322-3, 332, 341, 356, 363-5, 394; in classical political economy 68-9, 110; in institutionalism 271; in Marxism 12-13, 20, 29, 31-2, 51, 103, 141, 142, 149-50, 167-70, 211, 225, 248, 259-62, 276, 311, 313, 314, 345-6; in neoclassical economics 5-6, 12, 31, 67, 69-80, 81, 83, 110-11, 128, 136, 149, 167, 170-80, 198, 209, 211, 221-2, 225, 244, 279, 350, 356, 368, 370; in US 251-2; see also marginal productivity, production,
production function, productive vs
unproductive labour
profit 15-16, 30, 149, 160, 186-7, 218, 220, 221,
226, 228, 231-43, 246-57, 259, 262, 263, 270-1, 282, 297-8, 301, 307, 309, 313, 317-18, 320-4, 329, 335, 341-2, 345-6, 356-9, 363-4, 372-6, 397; in institutionalism 272-3; in Marxism 12-13, 31, 50-3, 86, 88, 90, 91, 96-100, 105, 119-23, 149, 211, 259-61, 346; in neoclassical economics 12, 13, 30-1, 47, 70-1, 73, 75, 77-80, 149, 164, 171, 177, 198, 309-10, 341-2, 356; war profits 392-4, 395; see also tendency of the falling rate of profit
public management 74-6
real vs nominal spheres 10-11, 13-14, 16, 25, 26, 30-2, 126-8, 187, 220-1, 307-10, 323, 368, 396; in Marxism 7, 10-11, 13, 27, 31-3, 42-3, 92, 126, 143-4, 167-70, 187-8, 211, 261-2, 296; in neoclassical economics 10-11, 13, 26, 30-1, 42-3, 68, 126, 127, 128-38, 167, 171, 178, 179-82, 187-8, 211, 220, 307-9, 322, 368; see also capital goods, real vs financial assets
real vs financial assets: in Marxism 148-9, 167-9, 261-2; in neoclassical economics 130-8, 174-82, 343-5; see also finance, real vs nominal spheres, tangible vs intangible assets
regulation school 322
relations of production 28, 49, 103, 114, 282 residual 82, 137, 176-7
revealed preferences 129-30, 203
Ricardo, David 68, 151
Ricciardi, Victor 204
risk 8, 21, 43, 157, 198-212, 249-50, 255, 257,
260, 273, 294, 297-8, 327-8, 330, 347, 379; differential risk 328, 330, 347; in Marxism 210-11; in neoclassical economics 158, 202-11, 249-50; see also uncertainty
Rizzi, Bruno 49
Robinson, Joan 78-80, 83, 130, 242, 249 Rockefeller family 76
Rockefeller, John D. 76-7, 162, 347 Rome, ancient 36, 68, 151, 233, 244-5, 293 Ruggie, John 74, 351
ruling class see capitalist class
Russell, Thomas 195
sabotage 14-15, 16, 223, 227-9, 231-2, 235-9, 241-50, 257-9, 267, 283, 289, 291, 294, 315, 335, 346, 375, 375-6, 386, 394, 397; differential or strategic sabotage 227-9, 231-2, 246, 249, 257, 283, 294, 375-6, 386; in United States 234, 237-40, 252, 257-8
St. Augustine 80
Samuelson, Paul A. 74, 80, 100, 129-30, 203,
211, 249-50, 366, 376 Saudi Arabia 67
Savran, Sungur 112, 114-15, 116-18, 120 Scarth, W. M. 376-7
Schumpeter, Joseph A. 67-9
'scientist': etymology of term 37
securities 157; in feudalism 292; in Marxism
168-9; in neoclassical economics 156, 206;
see also bonds, stocks Senior, Nassau 70
Sexwale, Tokyo 147
Shaikh, Anwar 85, 144 Sharpe, William 203, 205, 207 Sinclair, Upton 125
skilled vs unskilled labour 43, 139-44; see also abstract labour, concrete labour
Skocpol, Theda 58
Smith, Adam 38, 68, 110, 151
socialism 63-4
socially necessary abstract labour 8, 86-9, 96,
128
social structures of accumulation (SSA) school
322
Socrates 25
Solon 196-7
Sonnenshein-Mantel-Debreu conditions 74 South Africa 349
sovereign wealth funds 300
Soviet Union 20, 49, 123
space 17, 278, 288-9, 292; Leibnitzian 17,
278-9, 280, 281-2; Newtonian 17, 278-80,
281
Sraffa, Pierro 78-80, 101, 249
stagflation 19, 326, 329-32, 362, 366, 375-9,
381, 383-9, 392, 394, 395-7; in East Asia 377; in industrialized countries 389; in US 377-8, 384-6, 387-9; see also inflation, stagnation, depth (external)
Stalin, Joseph 123, 233
stagnation 19, 331-2, 338, 343, 359, 366-7,
375-6, 378, 379, 385, 391-2, 395; see also
stagflation
Standard & Poor's 500 161, 176, 186-90, 195,
212-14, 371-2
state 232, 246, 270; liberal theories of 275-6;
in Marxism 12, 49-50, 55, 58-63, 118-21, 229, 276-8; as mode of power 263, 281; origins of 229; realist theories of 275; institutionalist theories of 55-7 see also state-capital dichotomy, state of capital
state-capital dichotomy 3, 274, 275, 280-1, 288, 350; in classical political economy 11; in Marxism 8, 11-12, 29-30, 48-50, 59-63, 274, 276-8, 280, 295-6; in neoclassical economics 8, 11, 46, 274-5; see also politics-economics duality, state
state of capital 8, 10, 17, 263, 274-5, 278, 281-2, 288, 294-302, 310, 311, 345, 350-1, 362, 380, 381-2, 397, 400; see also capital (power theory of), capitalist mode of power
statistics 40-1, 93, 158, 197, 199-201; see also probability
Index 437
Steedman, Ian 101
Stigler, George 46
stock market 5, 10, 31, 178, 181, 188, 190, 252,
260, 297
stocks 32, 68, 92, 156, 157, 174, 185, 188, 190,
194, 207-8, 256, 261-2, 297, 314, 344, 353;
see also equity
Sullivan, Richard J. 152
superstructure see base and superstructure supply see demand and supply
surplus value 13, 29, 32, 51, 85-7, 96, 97-100,
108, 111-14, 118-21, 141, 144, 259-60, 280,
296
Sweezy, Paul 48, 51-3, 91, 100, 122, 261-2, 273,
282
Sweetser, Eve 187
tangible vs intangible assets 173-8, 182, 182, 227-9, 229, 253-6; see also goodwill, fixed assets
taxation: early capitalist 292-5; pre-capitalist 288
Taylor, Alan M. 353-4
Taylor, Frederick 74 Technodollar-Mergerdollar coalition 393-5 technology 15, 43, 196, 218, 222-3, 227, 232,
264-7, 364; in institutionalism 222; in neoclassical economics 5, 82, 133, 172, 173, 176, 351, 352, 369-70
tendency of the falling rate of profit 51, 118, 123; see also profit (in Marxism)
Thompson, E. P. 29-30
Tilly, Charles 58
Tobin, James 174, 204, 343
Tobin's Q 174-7, 180, 343-5; in US 174-7, 180,
343-5
Tonak, E. Ahmet 112, 114-15, 116-18, 120,
144
Toynbee, Arnold 9
transaction costs 340
transformation problem 89-109, 221 Traven, B. 210, 218, 270
Tsuru, Shigeto 102
Tuchman, Barbara Wertheim 283, 288, 290,
293
uncertainty 13, 197-200, 202, 205, 208-11, 255; in feudalism 283-4; see also risk
United Kingdom: inflation in 866-8
United States: accumulation in 177-8, 181-2,
320, 322-4, 338-9; accumulation crisis in 398-400; accumulation crisis in, Marxist interpretation of 18, 322-3; armament companies 121, 236, 392-4; breadth in 338-9, 343-5, 384-6, 387-9, 394; capital imports 300; corporate profit in 273-4, 357; Consumer Price Index (CPI) 298; differential capitalization (DK) in 320-1; dominant capital in 316-18, 320-3, 334-7, 339, 342, 345, 347-8, 350, 359, 383, 364-5; earnings
438 Index
per share (EPS) in 186, 188, 212, 371-2; excess capacity in 331; foreign investment from 357-9; foreign investment in 356-8; GDP 338, 357; green-field investment in 338-9, 343-5; hegemony 277; industry vs business in 236, 237-9, 251-2, 257-8; inflation in 366, 367, 368, 370-4, 375, 377-8, 384-5, 388-9, 398-400; and Iraq 301-2; mergers and acquisitions in 338-9, 343-5, 359-60, 384-6, 381, 388, 393-5; military 163-4; 'national interest' 301-2; ownership of financial assets in 315; political parties in 28; population in 251-2; productivity 251-2; Tobin's Q in 174-7, 180, 343-5; trade 357-8; sabotage in 234, 237-40, 252, 257-8; unemployment 243, 384-5; urbanization rates 152
University of Chicago 46, 76-7
unskilled labour see skilled vs unskilled labour urbanization 151-2
use value 88, 103, 111, 114-15, 116, 117,
118-20, 138-9, 221
U. S. Defense Advanced Research Projects
Agency (DARPA) 163-4
US Treasury bills 25, 208
utility theory of value 6-7, 13, 15, 28, 30, 42, 46,
75, 81, 82, 91, 109, 111, 124-5, 128-36, 138, 144, 147-50, 170-1, 196, 201-3, 208, 210-11, 218-20, 234, 279, 308, 313, 370-1; see also marginal productivity, marginal utility
utils 6-7, 13, 90, 109, 124, 125, 128-9, 131-4, 144, 148, 170-1, 201-2, 203; see also utility theory of value
value: in Marxism 12, 13, 27, 29, 30-2, 47, 50, 51, 63, 84, 86-90, 110-24, 138-44, 148-50, 169-70, 221, 259, 313
Varga, Eugen 123
variable capital 85-6, 96-9, 108; see also
organic composition of capital Veblen, Thorstein 14-16, 102-3, 219-32,
236-41, 243, 248-50, 252, 264, 308, 314, 342-3
warfare, modern 163-4, 289-94, 378, 388, 390-2, 393-5; see also arms exports
Weapondollar-Petrodollar coalition 392-5, 399
Weber, Max 280
Weberianism see institutionalism 'West', the 34-5
Weston, J. Fred 360
Whewell, William 37
Wicksell, Knut 77, 81
Wolff, Edward N.
