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- W2275667445 abstract "The unfolding global political-economic crisis has brought both orthodox and heterodox theories of political economy into question. The dominant mainstream framework, neoclassical economics, blames the crisis largely on speculative excesses in the financial system while Marxist accounts of the crisis attribute it to the stagnation tendencies within the ‘real’ economy. Despite the manifold theoretical differences, both frameworks agree on this: there is indeed a crisis, and if we dig deep enough, at the root of it we will find some imbalance between the ‘real’ economy and nominal finance. This paper will suggest that both mainstream and Marxist explanations of the current crisis are off the mark because they ask the wrong questions. Instead of looking at absolute outcomes in the accumulation process—based on either utility (neoclassical economics) or abstract labour (Marxism)—this paper will employ the capital as power framework (see Nitzan and Bichler, 2009) to query distributional outcomes. The paper will begin with a brief review of the mainstream and Marxist accounts of the crisis and from there will examine the crisis in Canada on three levels: first, the redistributional character of crises; second, the performance of dominant capital relative to the corporate universe; and third, the distributional winners within dominant capital itself. Using disaggregate measures and with a view to differential and distributional outcomes, we will be in a better position to determine whom this has actually been a crisis for." @default.
- W2275667445 created "2016-06-24" @default.
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- W2275667445 date "2010-03-01" @default.
- W2275667445 modified "2023-09-24" @default.
- W2275667445 title "Crisis of Capitalism, Crisis of Theory: Dominant Capital and Differential Accumulation in North America" @default.
- W2275667445 hasPublicationYear "2010" @default.
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