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The Ritual of Capitalization

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  • Fix, Blair

    (York University)

Abstract

For more than a century, political economists have sought to understand the nature of capital. The prevailing wisdom is that there must be something ‘real’ — some productive capacity — that underpins capitalized values. This thinking, I argue, is a mistake. Building on Jonathan Nitzan and Shimshon Bichler’s theory of capital as power, I argue that capitalization is an ideology. It is a quantitative ritual for converting earnings into present value. Although the ritual is arbitrary, it gives rise to astonishing empirical regularities, reviewed here.

Suggested Citation

  • Fix, Blair, 2021. "The Ritual of Capitalization," SocArXiv cf5xv_v1, Center for Open Science.
    • Handle: RePEc:osf:socarx:cf5xv_v1
    DOI: 10.31219/osf.io/cf5xv_v1
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