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Degrowth and Capitalist Power: A Step Towards a Theory of Change

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  • Vastenaekels, Julien

Abstract

This article explores the relationship between degrowth and the theory of Capital as Power (CasP), aiming to understand how socio-ecological transformations can unfold against capitalist power dynamics. While degrowth scholars have largely overlooked this perspective on capital, CasP argues that capitalism is primarily a mode of power, with capitalisation quantifying power – the confidence in in – the ability to shape society against opposition. Key CasP concepts are brought into dialogue with degrowth research to identify potential implications and offer a step towards a theory of change for degrowth. The article first outlines the CasP perspective, including its notion of power, the process of capitalisation and the conflictual nature of capital accumulation, and highlights links with degrowth research. It then looks at the elements underlying the valuation of capital as power and how they provide entry points for degrowth transformations. The role of dominant capital groups and the concept of “sabotage” in exercising power over society are then addressed. As such, degrowth transformations must challenge the confidence of dominant capital groups in their ability to rule, as these groups inhibit possibilities for socio-ecological change. This dynamic, summarised in a conceptual diagram, provides a first step towards a theory of change for degrowth in the face of capital accumulation. Finally, the conclusion offers potential directions for further research.

Suggested Citation

  • Vastenaekels, Julien, 2024. "Degrowth and Capitalist Power: A Step Towards a Theory of Change," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 2.
    • Handle: RePEc:zbw:espost:284326
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    References listed on IDEAS

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    1. Nitzan, Jonathan & Bichler, Shimshon, 2009. "Capital as Power. A Study of Order and Creorder," EconStor Books, ZBW - Leibniz Information Centre for Economics, number 157973, June.
    2. Bichler, Shimshon & Nitzan, Jonathan, 2020. "Growing through Sabotage: Energizing Hierarchical Power," Review of Capital as Power, Capital As Power - Toward a New Cosmology of Capitalism, vol. 1(5), pages 1-78.
    3. Bichler, Shimshon & Nitzan, Jonathan, 2018. "With their Back to the Future: Will Past Earnings Trigger the Next Crisis," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue 18, pages 41-56.
    4. Tokic, Damir, 2012. "The economic and financial dimensions of degrowth," Ecological Economics, Elsevier, vol. 84(C), pages 49-56.
    5. Pirgmaier, Elke, 2021. "The value of value theory for ecological economics," Ecological Economics, Elsevier, vol. 179(C).
    6. Hardt, Lukas & O'Neill, Daniel W., 2017. "Ecological Macroeconomic Models: Assessing Current Developments," Ecological Economics, Elsevier, vol. 134(C), pages 198-211.
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    More about this item

    Keywords

    capitalism; accumulation; degrowth; ecology; power; sabotage; socio-economic transition;
    All these keywords.

    JEL classification:

    • P - Political Economy and Comparative Economic Systems
    • P1 - Political Economy and Comparative Economic Systems - - Capitalist Economies
    • P18 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Energy; Environment
    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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