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• W1542579678 abstract "The new configuration of the capitalist classes over the last thirty years took place in the context of two prominent changes. First, the consolidation of finance capital operated through three main channels that radically shifted the trajectory of capitalism. At the macroeconomic level, the debt trap that initially plagued the developing countries, and since 2007 the core countries, reflected the victory of lenders over debtors, and created massive and permanent flows of revenues for creditors. In terms of the firm, ‘shareholder value’ became the main operational objective for corporations (‘shareholder value’ being quite distinct from, and possibly at odds with, the creation of ‘added value’). And at the level of individual social agency, international and national government policies contributed to the ‘commodification’ of social relations, undermining existing systems of social security and steadily replacing them with schemes that made individuals increasingly dependent upon financial markets.Second, the continual process of the internationalization of capital since the Second World War gained momentum over the last few decades. Globalization provided capital with the opportunity to act with a maximum of freedom at the world level. Money-capital, for example, was made hyperliquid due to the deregulation of institutions and financial innovations. This was also true for large non-financial transnational corporations (TNCs), which have, in reality, become world-scale financial groups with industrial activities. They form a global web, with a mix of collusion and competition, structuring commodity chains and controlling a significant share of the world production of value and trade. The combined effects of outsourcing and offshoring, with the associated pressures on second- and lower-tier supplier firms, have aggravated the imbalance of power and distribution of value between capital and labour.This essay documents the considerable increase in the concentration of income and wealth by a tiny share of the population. The major role played by rentier incomes and the financial sector is then connected to the new configuration of the capitalist class. The political economy of the contemporary capitalist class is then analyzed demonstrating that, as social relations are territorially bounded and politically built, the realization of a transnational capitalist class (TCC) is still a long way off even in the case of the European Union (EU)." @default.
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• W1542579678 date "2014-01-01" @default.
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• W1542579678 title "The new configuration of the capitalist class" @default.
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