Suchergebnisse

A one country case study using a historical-institutional balance sheet approach provides a unique vantage point on financialization. By clarifying conceptual distinctions between assets and liabilities in households and banks and representing historical financial data in disaggregated forms, Kurt Mettenheim and Olivier Butzbach offer a significant critical genealogy of the production of money and value in the US.

Monopoly describes a concentration of market share where competition is limited or nonexistent. The term "monopoly capitalism" is used to describe an aspect or stage of capitalism in which monopoly control is widespread and explicit, though the ideological fiction of free markets and competition is still maintained in public discourse. V. I. Lenin observed that it was financial sector gains from colonization that drives the economics of imperialism which is in turn crucial to understanding modern warfare and politics. Financial and monopoly capitalism has involved banks, but technical control is located in stockbrokers (who control trusts) and individual large-scale entrepreneurs (who control cartels). The identification of monopoly capitalism on a worldwide scale also led to the core–periphery model of political and economic power. While it is often thought that monopoly signals a move away from competition, it is more accurate to say that monopolies intensify cooperation among a ruling class and intensify competition between classes.

This article argues that contemporary political theory often contains an obscured supposition that I call the entrepreneurial assumption. This assumption can be seen most clearly when political theorists who do not have economic expertise per se theorize the relationship between their political thought and taxation. In order to explicate the entrepreneurial assumption, the article engages in close readings of John Rawls, Robert Nozick, and Ronald Dworkin. By elaborating on each of these authors' views, the importance of preserving "talent" through a system of taxation, the centrality of the entrepreneurial assumption can be seen more clearly.