Putting Power Back Into Growth Theory

Putting Power Back Into Growth Theory
Fix, Blair. (2015). Review of Capital as Power. Vol. 2. No. 1. pp. 1-37. (Article - Journal; English).

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Abstract or Brief Description

Neoclassical growth theory assumes that economic growth is an atomistic process in which changes in distribution play no role. Unfortunately, when this assumption is tested against real-world evidence, it is systematically violated. This paper argues that a reality-based growth theory must reject neoclassical principles in favour of a powercentered approach. Building on Nitzan and Bichler’s Capital as Power hypothesis, I argue that hierarchy formation is an integral part of the growth process. I hypothesize that the role of capital accumulation (through profit) is to facilitate hierarchy formation by legitimizing the authority of capitalists.



Publication Type

Article - Journal


BN Power
BN Production
BN Region - North America
BN Value & Price
BN Business Enterprise
BN Capital & Accumulation
BN Civilization & Social Systems
BN Conflict & Violence
BN Distribution
BN Growth
BN Institutions

Depositing User

Jonathan Nitzan

Date Deposited

25 Jun 2015 03:29

Last Modified

09 Apr 2016 20:19



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