Much of the economic analysis of banking crises focuses on the interplay between concentration and stability. A common theory is that concentration is associated with greater stability, whereas competition is associated with instability. In this view, there is a trade-off between, on the one...

Rapid technological change is often touted as a fundamental reality of capitalist societies. It is also often presented as concrete evidence for the supposed progressive improvement of material well-being that characterises the capitalist system of social order. Since its emergence in the...

The capital as power framework, developed by Jonathan Nitzan and Shimshon Bichler, argues that the aim of business is not ‘profit maximization’ but the differential accumulation of social power. Using this framework as a theoretical starting point, I analyze the differential accumulation...

Few will argue with the claim that shortages are socially harmful. Shortages, by definition, imply a lack of something – not enough stuff to go around. A shortage of food implies hunger; a shortage of electricity implies darkness. But are shortages harmful to everyone equally? And if they are...

When it comes to social institutions, not-for-profit organizations (NFPs) allegedly strike a balance between the private and public realm. While privately owned and operated, not-for-profits are distinguished by their ostensibly public purpose – in eschewing private profits, they claim to make...

FROM THE ARTICLE: At the end of November 2023, the New York Times published an editorial: Why Are Nonprofit Hospitals Focused More on Dollars Than Patients? It is certainly a valid question. Most people might assume that not-for-profit (NFP) organisations focus on providing a public benefit...

According to the capital as power framework, pecuniary earnings, or profits, are a symbolic representation of the struggle for power between different capitalist groups. In this struggle, capitalists measure their own power differentially - that is, relative to other capitalist entities. The...

According to the capital as power framework, pecuniary earnings, or profits, are a symbolic representation of the struggle for power between different capitalist groups. In this struggle, capitalists measure their own power differentially - that is, relative to other capitalist entities. The...