Edited and
translated
and with an introduction by Sam Dolgoff.
Nitzan Bichler - 2012 - Capital as Power
Of course, denying the problem does not solve it.
And, so, for those who remain fearful, the experts promise that whatever the risk, it could easily be defused.
'The good news', announces former member of the Federal Reserve Board, Angell Wayne, 'is that monetary policy never runs out of power'.
'There's a much exaggerated concern about deflation', laments Nobel Laureate Milton Friedman.
'It's not a serious prospect.
Inflation
Differential accumulation 399
is still a much more serious problem than deflation. Today's Federal Reserve is not going to repeat the mistakes of the Federal Reserve of the 1930s. The cure for deflation is very simple. Print money'. The same assumption underlies the soothing speech by Fed Governor Ben Bernanke, given in 2002 to the National Economist Club. In his address, properly titled 'Deflation: Making Sure "It" Doesn't Happen Here', Bernanke explained that 'Deflation is always reversible under a fiat money system'. 'The U. S. government', he assured his audience, 'has a technology called the printing press that allows it to produce as many U. S. dollars as it wishes at essentially no cost'.
(Quoted from various sources in Bichler and Nitzan 2004b: 294-296)
But denial and promises didn't work, so the experts called for action: 'The Federal Reserve has won its long war against inflation', wrote Chief Economist of Goldman Sachs Bill Dudley and Managing Director of Pimco Paul McCulley. 'But to ensure an enduring legacy, Mr Greenspan now needs to solve a different problem: inflation is too low, rather than too high. . . . The inflation rate should be high enough to allow the economy to take a shock without falling into deflation' (Dudley and McCulley 2003).
And Greenspan was more than ready to comply. He quickly reduced interest rates to levels not seen since the 1960s - and equally quickly realized he was pushing on a string. 'In recent months, inflation has dropped to very low levels', he complained to the Joint Economic Committee of the Congress. 'Indeed, we have reached a point at which, in the judgment of the Federal Open Market Committee, the probability of an unwelcome substantial fall in inflation over the next few quarters, though minor, exceeds that of a pickup in inflation' (Greenspan 2003). This was probably the first time since the 1930s that the Fed had pronounced lower inflation unwelcome.
In the end, though, it was the brinkmanship of the Weapondollar- Petrodollar Coalition that saved the day. The coalition managed to put the Bush clan back in the White House, inflame the Middle East, raise the price of oil and provide the necessary spark for inflation. That spark, though, merely helped delay the day of reckoning.
By 2007, storm clouds had started to gather again, and by early 2008 all hell had broken loose. Assets markets have gone into a free fall, followed by crashing commodity prices, collapsing employment and production, and broad inflation indices that are rapidly approaching zero. The threat of defla- tion, having been ridiculed by Nobel Laureates and dismissed by Central Bankers, is back with a bang.
Given the gravity of the situation, governments the world over have suspended their commitment to 'free markets' and 'sound finance' in favour of massive bailout packages for dominant capital, large fiscal stimuli, unprec- edented injections of 'liquidity' and other policy rituals. In addition, there has been some increase in televised violence - from the erupting conflicts of the
400 Accumulation of power
Middle East, to riots in Thailand, Greece and Korea, to promises of simmering discontent in Russia and China.
So far, though, policy and conflict have done little to lessen the deflation scare. Even the U. S. Federal Reserve Board sounds unnerved. Having reduced its interest rates to practically nil, it is now contemplating pleading directly with the public. According to this plan, the Fed will announce a posi- tive 'inflation target'; this announcement will then cheer up the depressed public and lift its inflationary expectations; and the inflation monster, having been invited in so politely, will rear up its beautiful head and give the Fed what it wants most: prices that go up (U. S. Federal Reserve Board 2008; Guha 2009).
These nervous calls to the omens suggest that capitalism again faces a historical crossroads. Renewed inflation will restore differential accumula- tion for dominant capital, initially through depth and perhaps later through breadth. But if the ruling classes are grabbed by panic and the power architec- ture disintegrates into deflation, the effect could be deeply transformative.
And that wouldn't be the first time. During the 1930s, falling prices shook the capitalist world and eventually led to its complete creordering. Back then, the transformation ended up strengthening the state of capital. The imposi- tion of capitalization on almost every aspect of social life, the ascent of domi- nant capital and the growing synchronization of breadth and depth helped create the most powerful mega-machine the world has ever known.
But the transformative outcome of deflation was not predetermined then, and it isn't predetermined now. If prices start to fall in earnest, dominant capital might be seriously weakened - perhaps to the point of losing control over its very mode of power and the mega-machine that sustains it. Whether it can continue to rule, though, and in what way, remains an open-ended question. The answer to this question depends not only on what dominant capital does and how it does it, but also on the creativity, ability and courage of those who resist it in the hope of creordering an alternative, humane future.
References
Abrahams, Paul, and Alexandra Harney. 1999. High Output, Low Profits. Financial Times, June 2, p. 15.
Abramovitz, Moses. 1956. Resource and Output Trends in the United States since 1870. New York: National Bureau of Economic Research.
Agassi, Joseph. 1969. Leibniz's Place in the History of Physics. Journal of the History of Ideas 30 (3, July-September): 331-44.
---- 1990. An Introduction to Philosophy. The Siblinghood of Humanity. Delmar, NY: Caravan Books.
al Otaiba, Yousef. 2008. Our Sovereign Wealth Plans. Wall Street Journal, March 19, p. A16.
Alder, Ken. 1995. A Revolution to Measure: The Political Economy of the Metric System in France. In The Values of Precision, edited by M. N. Wise. Princeton, NJ: Princeton University Press, pp. 39-71.
---- 2002. The Measure of All Things. The Seven-Year Odyssey and Hidden Error that Transformed the World. New York: Free Press.
Alemi, Piruz, and Duncan K. Foley. 1997. The Circuit of Capital, U. S. Manufacturing and Non-Financial Corporate Business Sectors, 1947-93. Monograph: 1-23.
Altvater, Elmar, and Ju? rgen Hoffmann. 1990. The West German State Derivation Debate: The Relation Between Economy and Politics as a Problem of Marxist State Theory. Social Text (24): 134-55.
Anderson, Perry. 1974. Lineages of the Absolutist State. London: N. L. B.
Anievas, Alexander, Allex Callinicos, Gonzalo Pozo-Martin, Benno Teschke, Hannes Lacher, John M. Hobson, Adam David Morton, Kees van der Pijl, Pieter van Houten, Michelle Pace, and Jesper Gulddal. 2007. Global Capitalism and the States System: Explaining Geopolitical Conflicts in Contemporary World Politics.
Special Issue. Cambridge Review of International Affairs 20 (4, December). Anonymous. 1968. [1986]. Paris: May 1968. Originally published by Solidarity.
London: Aldgate Press.
---- 1989. What Ever Happened to the Fortune 500 Top 50 of 1954? Fortune, April
24, p. 88.
---- 1998. The Trouble With Mergers, Cont'd. The Economist, November 28, p. 17. ---- 1999. Fear of the Unknown. The Economist, December 4, pp. 61-62.
---- 2002. Global Investing. Comparing Hedge Funds and Oranges. Financial Times,
January 8, p. 26.
Arestis, Philip, and Malcolm Sawyer, eds. 1994. The Elgar Companion to Radical
Political Economy. Aldershot Hants, UK: Edward Elgar.
402 References
Arnsperger, Christian, and Yanis Varoufakis. 2005. A Most Peculiar Failure. On the Essence of Neoclassical Economics, its Response to Criticism, and its Remarkable Capacity to Turn Explanatory Failure into Theoretical Triumph. Monograph. http://www. econ. uoa. gr/UA/files/1367110811. . pdf. Accessed on December 3, 2007.
Arrighi, Giovanni. 1993. The Three Hegemonies of Historical Capitalism. In Gramsci, Historical Materialism and International Relations, edited by S. Gill. Cambridge: Cambridge University Press, pp. 148-85.
---- 1994. The Long Twentieth Century. Money, Power, and the Origins of Our Times. London: Verso.
Arrighi, Giovanni, Kenneth Barr, and Shuji Hisaeda. 1999. The Transformation of Business Enterprise. In Chaos and Governance in the Modern World System, edited by G. Arrighi and B. J. Silver. Minneapolis, MN: University of Minnesota Press, pp. 97-150.
Arrighi, Giovanni, and Beverly J. Silver, eds. 1999. Chaos and Governance in the Modern World System. Vol. 10, Contradictions of Modernity. Minneapolis, MN: University of Minnesota Press.
Aston, T. H. , and C. H. E. Philpin, eds. 1985. The Brenner Debate. Agrarian Class Structure and Economic Development in Pre-Industrial Europe. Cambridge: Cambridge University Press.
Averitt, Robert T. 1968. The Dual Economy. The Dynamics of American Industry Structure. 1st edn. New York: W. W. Norton.
Bakunin, Mikhail Aleksandrovich. 1872. [1980]. On the International Workingmen's Association and Karl Marx.
Edited and translated and with an introduction by Sam Dolgoff. In Bakunin on Anarchism, edited by S. Dolgoff. Montre? al: Black Rose Books.
Banzhaf, H. Spencer. 2001. Quantifying the Qualitative: Quality-Adjusted Price Indexes in the United States, 1915-61. History of Political Economy 33 (Supple- ment): 345-70.
Baran, Paul A. 1957. The Political Economy of Growth. New York: Modern Reader Paperbacks.
Baran, Paul. A. , and Paul M. Sweezy. 1966. Monopoly Capital. An Essay on the Amer- ican Economic and Social Order. New York: Modern Reader Paperbacks.
Barbon, Nicholas. 1690. [1905]. A Discourse of Trade. Edited by J. H. Hollander, Reprints of Economic Tracts. Baltimore, MD: The Johns Hopkins Press.
Barnet, Richard J. 1980. The Lean Years. Politics in the Age of Scarcity. New York: Simon and Schuster.
Baumol, W. J. , A. S. Blinder, and W. M. Scarth. 1986. Economics. Principles and Poli- cies - Macroeconomics. Canadian edn. Toronto: Academic Press Canada.
Baumol, William J. 1974. The Transformation of Values: What Marx "Really" Meant (An Interpretation). Journal of Economic Literature 12 (1, March): 51-62.
Bechler, Zev. 1991. Newton's Physics and the Conceptual Structure of the Scientific Revolution. Dordrecht: Kluwer Academic Publishers.
Becker, Gary Stanley. 1964. Human Capital. A Theoretical and Empirical Analysis, with Special Reference to Education. New York: National Bureau of Economic Research; distributed by Columbia University Press.
Bell, Daniel. 1973. The Coming of Post-Industrial Society. A Venture in Social Fore- casting. New York: Basic Books.
Bentham, Jeremy. 1825. The Rationale of Reward. London: John and H. L. Hunt.
References 403
Bentov, Itzhak. 1977. [1988]. Stalking the Wild Pendulum. On the Mechanics of Consciousness. Rochester, VT: Destiny Books and Harper and Row.
Bergstrom, Theodore C. 2001. Free Labor for Costly Journals. The Journal of Economic Perspectives 15 (4, Autumn): 183-98.
Berle, Adolf Augustus, and Gardiner Coit Means. 1932. [1967]. The Modern Corpora- tion and Private Property. Revised edn. New York: Harcourt, Brace & World.
Berndt, Ernst R. , and Jack E. Triplett, eds. 1990. Fifty Years of Economic Measure- ment: The Jubilee of the Conference on Research on Income and Wealth. Studies in Income and Wealth, Vol. 54. Chicago: University of Chicago Press.
Bernoulli, Daniel. 1738. [1955]. Exposition of a New Theory on the Measurement of Risk. (Originally published in Latin in 1738 as 'Specimen Theoiae Novae de Mesura Sortis'. ) Translated by Louise Sommer. Econometrica 22 (1, January): 23-36.
Bernstein, Peter L. 1992. Capital Ideas. The Improbable Origins of Modern Wall Street. New York and Toronto: Free Press and Maxwell Macmillan Canada.
---- 1996. Against the Gods. The Remarkable Story of Risk. New York: John Wiley & Sons.
Bhagat, Sanjai, Andrei Shleifer, and Robert W. Vishny. 1990. Hostile Takeovers in the 1980s: The Return to Corporate Specialization. Brookings Papers on Economic Activity: Microeconomics: 1-85.
Bichall, Jonathan. 2007. Soft Soap. Financial Times, September 10, p. 7.
Bichler, Shimshon, and Jonathan Nitzan. 1996. Putting the State In Its Place: US Foreign Policy and Differential Accumulation in Middle-East "Energy Conflicts".
Review of International Political Economy 3 (4): 608-61.
---- 2001. From War Profits to Peace Dividends. Hebrew. Jerusalem: Carmel.
---- 2004a. Differential Accumulation and Middle East Wars: Beyond Neo-Liber-
alism. In Global Regulation. Managing Crises After the Imperial Turn, edited by D.
Wigan, L. Assassi and K. van der Pijl. London: Palgrave, pp. 43-60.
----2004b. Dominant Capital and the New Wars. Journal of World-Systems
Research 10 (2, August): 255-327.
---- 2006. Elementary Particles of the Capitalist Mode of Power. Paper read at
Rethinking Marxism, October 26-28, at University of Amherst, MA.
Bickerman, E. J. 1972. Mesopotamia. In The Columbia History of the World, edited by
J. A. Garraty and P. Gay. New York: Harper & Row, Publishers, pp. 49-66. Black, Fischer. 1986. Noise. Papers and Proceedings of the Forty-Fourth Annual Meeting of the American Finance Association, New York, December 28-30, 1985.
The Journal of Finance 41 (3, July): 529-43.
Blair, John M. 1972. Economic Concentration: Structure, Behavior and Public Policy.
New York: Harcourt, Brace Jovanovich.
---- 1976. The Control of Oil. New York: Vintage Books.
Bleaney, Michael. F. 1976. Under-Consumption Theories. A History and Critical Anal-
ysis. London: Lawrence and Wishart.
Blinder, Alan S. , Elie Canetti, David Lebow, and Jeremy Rudd. 1998. Asking About
Prices. A New Approach to Understanding Price Stickiness. New York: Russell
Sage Foundation.
Bliss, C. J. 1975. Capital Theory and the Distribution of Income. Amsterdam: Basic
Books, Inc.
Bloch, Marc. 1961. Feudal Society. Translated from the French by L. A. Manyon.
Forward by M. M. Postman. Chicago: The University of Chicago Press.
404 References
Block, Fred L. 1987. Revising State Theory. Essays in Politics and Postindustrialism. Philadelphia: Temple University Press.
Bohm, David. 1980. Wholeness and the Implicate Order.
Differential accumulation 399
is still a much more serious problem than deflation. Today's Federal Reserve is not going to repeat the mistakes of the Federal Reserve of the 1930s. The cure for deflation is very simple. Print money'. The same assumption underlies the soothing speech by Fed Governor Ben Bernanke, given in 2002 to the National Economist Club. In his address, properly titled 'Deflation: Making Sure "It" Doesn't Happen Here', Bernanke explained that 'Deflation is always reversible under a fiat money system'. 'The U. S. government', he assured his audience, 'has a technology called the printing press that allows it to produce as many U. S. dollars as it wishes at essentially no cost'.
(Quoted from various sources in Bichler and Nitzan 2004b: 294-296)
But denial and promises didn't work, so the experts called for action: 'The Federal Reserve has won its long war against inflation', wrote Chief Economist of Goldman Sachs Bill Dudley and Managing Director of Pimco Paul McCulley. 'But to ensure an enduring legacy, Mr Greenspan now needs to solve a different problem: inflation is too low, rather than too high. . . . The inflation rate should be high enough to allow the economy to take a shock without falling into deflation' (Dudley and McCulley 2003).
And Greenspan was more than ready to comply. He quickly reduced interest rates to levels not seen since the 1960s - and equally quickly realized he was pushing on a string. 'In recent months, inflation has dropped to very low levels', he complained to the Joint Economic Committee of the Congress. 'Indeed, we have reached a point at which, in the judgment of the Federal Open Market Committee, the probability of an unwelcome substantial fall in inflation over the next few quarters, though minor, exceeds that of a pickup in inflation' (Greenspan 2003). This was probably the first time since the 1930s that the Fed had pronounced lower inflation unwelcome.
In the end, though, it was the brinkmanship of the Weapondollar- Petrodollar Coalition that saved the day. The coalition managed to put the Bush clan back in the White House, inflame the Middle East, raise the price of oil and provide the necessary spark for inflation. That spark, though, merely helped delay the day of reckoning.
By 2007, storm clouds had started to gather again, and by early 2008 all hell had broken loose. Assets markets have gone into a free fall, followed by crashing commodity prices, collapsing employment and production, and broad inflation indices that are rapidly approaching zero. The threat of defla- tion, having been ridiculed by Nobel Laureates and dismissed by Central Bankers, is back with a bang.
Given the gravity of the situation, governments the world over have suspended their commitment to 'free markets' and 'sound finance' in favour of massive bailout packages for dominant capital, large fiscal stimuli, unprec- edented injections of 'liquidity' and other policy rituals. In addition, there has been some increase in televised violence - from the erupting conflicts of the
400 Accumulation of power
Middle East, to riots in Thailand, Greece and Korea, to promises of simmering discontent in Russia and China.
So far, though, policy and conflict have done little to lessen the deflation scare. Even the U. S. Federal Reserve Board sounds unnerved. Having reduced its interest rates to practically nil, it is now contemplating pleading directly with the public. According to this plan, the Fed will announce a posi- tive 'inflation target'; this announcement will then cheer up the depressed public and lift its inflationary expectations; and the inflation monster, having been invited in so politely, will rear up its beautiful head and give the Fed what it wants most: prices that go up (U. S. Federal Reserve Board 2008; Guha 2009).
These nervous calls to the omens suggest that capitalism again faces a historical crossroads. Renewed inflation will restore differential accumula- tion for dominant capital, initially through depth and perhaps later through breadth. But if the ruling classes are grabbed by panic and the power architec- ture disintegrates into deflation, the effect could be deeply transformative.
And that wouldn't be the first time. During the 1930s, falling prices shook the capitalist world and eventually led to its complete creordering. Back then, the transformation ended up strengthening the state of capital. The imposi- tion of capitalization on almost every aspect of social life, the ascent of domi- nant capital and the growing synchronization of breadth and depth helped create the most powerful mega-machine the world has ever known.
But the transformative outcome of deflation was not predetermined then, and it isn't predetermined now. If prices start to fall in earnest, dominant capital might be seriously weakened - perhaps to the point of losing control over its very mode of power and the mega-machine that sustains it. Whether it can continue to rule, though, and in what way, remains an open-ended question. The answer to this question depends not only on what dominant capital does and how it does it, but also on the creativity, ability and courage of those who resist it in the hope of creordering an alternative, humane future.
References
Abrahams, Paul, and Alexandra Harney. 1999. High Output, Low Profits. Financial Times, June 2, p. 15.
Abramovitz, Moses. 1956. Resource and Output Trends in the United States since 1870. New York: National Bureau of Economic Research.
Agassi, Joseph. 1969. Leibniz's Place in the History of Physics. Journal of the History of Ideas 30 (3, July-September): 331-44.
---- 1990. An Introduction to Philosophy. The Siblinghood of Humanity. Delmar, NY: Caravan Books.
al Otaiba, Yousef. 2008. Our Sovereign Wealth Plans. Wall Street Journal, March 19, p. A16.
Alder, Ken. 1995. A Revolution to Measure: The Political Economy of the Metric System in France. In The Values of Precision, edited by M. N. Wise. Princeton, NJ: Princeton University Press, pp. 39-71.
---- 2002. The Measure of All Things. The Seven-Year Odyssey and Hidden Error that Transformed the World. New York: Free Press.
Alemi, Piruz, and Duncan K. Foley. 1997. The Circuit of Capital, U. S. Manufacturing and Non-Financial Corporate Business Sectors, 1947-93. Monograph: 1-23.
Altvater, Elmar, and Ju? rgen Hoffmann. 1990. The West German State Derivation Debate: The Relation Between Economy and Politics as a Problem of Marxist State Theory. Social Text (24): 134-55.
Anderson, Perry. 1974. Lineages of the Absolutist State. London: N. L. B.
Anievas, Alexander, Allex Callinicos, Gonzalo Pozo-Martin, Benno Teschke, Hannes Lacher, John M. Hobson, Adam David Morton, Kees van der Pijl, Pieter van Houten, Michelle Pace, and Jesper Gulddal. 2007. Global Capitalism and the States System: Explaining Geopolitical Conflicts in Contemporary World Politics.
Special Issue. Cambridge Review of International Affairs 20 (4, December). Anonymous. 1968. [1986]. Paris: May 1968. Originally published by Solidarity.
London: Aldgate Press.
---- 1989. What Ever Happened to the Fortune 500 Top 50 of 1954? Fortune, April
24, p. 88.
---- 1998. The Trouble With Mergers, Cont'd. The Economist, November 28, p. 17. ---- 1999. Fear of the Unknown. The Economist, December 4, pp. 61-62.
---- 2002. Global Investing. Comparing Hedge Funds and Oranges. Financial Times,
January 8, p. 26.
Arestis, Philip, and Malcolm Sawyer, eds. 1994. The Elgar Companion to Radical
Political Economy. Aldershot Hants, UK: Edward Elgar.
402 References
Arnsperger, Christian, and Yanis Varoufakis. 2005. A Most Peculiar Failure. On the Essence of Neoclassical Economics, its Response to Criticism, and its Remarkable Capacity to Turn Explanatory Failure into Theoretical Triumph. Monograph. http://www. econ. uoa. gr/UA/files/1367110811. . pdf. Accessed on December 3, 2007.
Arrighi, Giovanni. 1993. The Three Hegemonies of Historical Capitalism. In Gramsci, Historical Materialism and International Relations, edited by S. Gill. Cambridge: Cambridge University Press, pp. 148-85.
---- 1994. The Long Twentieth Century. Money, Power, and the Origins of Our Times. London: Verso.
Arrighi, Giovanni, Kenneth Barr, and Shuji Hisaeda. 1999. The Transformation of Business Enterprise. In Chaos and Governance in the Modern World System, edited by G. Arrighi and B. J. Silver. Minneapolis, MN: University of Minnesota Press, pp. 97-150.
Arrighi, Giovanni, and Beverly J. Silver, eds. 1999. Chaos and Governance in the Modern World System. Vol. 10, Contradictions of Modernity. Minneapolis, MN: University of Minnesota Press.
Aston, T. H. , and C. H. E. Philpin, eds. 1985. The Brenner Debate. Agrarian Class Structure and Economic Development in Pre-Industrial Europe. Cambridge: Cambridge University Press.
Averitt, Robert T. 1968. The Dual Economy. The Dynamics of American Industry Structure. 1st edn. New York: W. W. Norton.
Bakunin, Mikhail Aleksandrovich. 1872. [1980]. On the International Workingmen's Association and Karl Marx.
Edited and translated and with an introduction by Sam Dolgoff. In Bakunin on Anarchism, edited by S. Dolgoff. Montre? al: Black Rose Books.
Banzhaf, H. Spencer. 2001. Quantifying the Qualitative: Quality-Adjusted Price Indexes in the United States, 1915-61. History of Political Economy 33 (Supple- ment): 345-70.
Baran, Paul A. 1957. The Political Economy of Growth. New York: Modern Reader Paperbacks.
Baran, Paul. A. , and Paul M. Sweezy. 1966. Monopoly Capital. An Essay on the Amer- ican Economic and Social Order. New York: Modern Reader Paperbacks.
Barbon, Nicholas. 1690. [1905]. A Discourse of Trade. Edited by J. H. Hollander, Reprints of Economic Tracts. Baltimore, MD: The Johns Hopkins Press.
Barnet, Richard J. 1980. The Lean Years. Politics in the Age of Scarcity. New York: Simon and Schuster.
Baumol, W. J. , A. S. Blinder, and W. M. Scarth. 1986. Economics. Principles and Poli- cies - Macroeconomics. Canadian edn. Toronto: Academic Press Canada.
Baumol, William J. 1974. The Transformation of Values: What Marx "Really" Meant (An Interpretation). Journal of Economic Literature 12 (1, March): 51-62.
Bechler, Zev. 1991. Newton's Physics and the Conceptual Structure of the Scientific Revolution. Dordrecht: Kluwer Academic Publishers.
Becker, Gary Stanley. 1964. Human Capital. A Theoretical and Empirical Analysis, with Special Reference to Education. New York: National Bureau of Economic Research; distributed by Columbia University Press.
Bell, Daniel. 1973. The Coming of Post-Industrial Society. A Venture in Social Fore- casting. New York: Basic Books.
Bentham, Jeremy. 1825. The Rationale of Reward. London: John and H. L. Hunt.
References 403
Bentov, Itzhak. 1977. [1988]. Stalking the Wild Pendulum. On the Mechanics of Consciousness. Rochester, VT: Destiny Books and Harper and Row.
Bergstrom, Theodore C. 2001. Free Labor for Costly Journals. The Journal of Economic Perspectives 15 (4, Autumn): 183-98.
Berle, Adolf Augustus, and Gardiner Coit Means. 1932. [1967]. The Modern Corpora- tion and Private Property. Revised edn. New York: Harcourt, Brace & World.
Berndt, Ernst R. , and Jack E. Triplett, eds. 1990. Fifty Years of Economic Measure- ment: The Jubilee of the Conference on Research on Income and Wealth. Studies in Income and Wealth, Vol. 54. Chicago: University of Chicago Press.
Bernoulli, Daniel. 1738. [1955]. Exposition of a New Theory on the Measurement of Risk. (Originally published in Latin in 1738 as 'Specimen Theoiae Novae de Mesura Sortis'. ) Translated by Louise Sommer. Econometrica 22 (1, January): 23-36.
Bernstein, Peter L. 1992. Capital Ideas. The Improbable Origins of Modern Wall Street. New York and Toronto: Free Press and Maxwell Macmillan Canada.
---- 1996. Against the Gods. The Remarkable Story of Risk. New York: John Wiley & Sons.
Bhagat, Sanjai, Andrei Shleifer, and Robert W. Vishny. 1990. Hostile Takeovers in the 1980s: The Return to Corporate Specialization. Brookings Papers on Economic Activity: Microeconomics: 1-85.
Bichall, Jonathan. 2007. Soft Soap. Financial Times, September 10, p. 7.
Bichler, Shimshon, and Jonathan Nitzan. 1996. Putting the State In Its Place: US Foreign Policy and Differential Accumulation in Middle-East "Energy Conflicts".
Review of International Political Economy 3 (4): 608-61.
---- 2001. From War Profits to Peace Dividends. Hebrew. Jerusalem: Carmel.
---- 2004a. Differential Accumulation and Middle East Wars: Beyond Neo-Liber-
alism. In Global Regulation. Managing Crises After the Imperial Turn, edited by D.
Wigan, L. Assassi and K. van der Pijl. London: Palgrave, pp. 43-60.
----2004b. Dominant Capital and the New Wars. Journal of World-Systems
Research 10 (2, August): 255-327.
---- 2006. Elementary Particles of the Capitalist Mode of Power. Paper read at
Rethinking Marxism, October 26-28, at University of Amherst, MA.
Bickerman, E. J. 1972. Mesopotamia. In The Columbia History of the World, edited by
J. A. Garraty and P. Gay. New York: Harper & Row, Publishers, pp. 49-66. Black, Fischer. 1986. Noise. Papers and Proceedings of the Forty-Fourth Annual Meeting of the American Finance Association, New York, December 28-30, 1985.
The Journal of Finance 41 (3, July): 529-43.
Blair, John M. 1972. Economic Concentration: Structure, Behavior and Public Policy.
New York: Harcourt, Brace Jovanovich.
---- 1976. The Control of Oil. New York: Vintage Books.
Bleaney, Michael. F. 1976. Under-Consumption Theories. A History and Critical Anal-
ysis. London: Lawrence and Wishart.
Blinder, Alan S. , Elie Canetti, David Lebow, and Jeremy Rudd. 1998. Asking About
Prices. A New Approach to Understanding Price Stickiness. New York: Russell
Sage Foundation.
Bliss, C. J. 1975. Capital Theory and the Distribution of Income. Amsterdam: Basic
Books, Inc.
Bloch, Marc. 1961. Feudal Society. Translated from the French by L. A. Manyon.
Forward by M. M. Postman. Chicago: The University of Chicago Press.
404 References
Block, Fred L. 1987. Revising State Theory. Essays in Politics and Postindustrialism. Philadelphia: Temple University Press.
Bohm, David. 1980. Wholeness and the Implicate Order.
