Un Modelo CcP del Mercado de Valores (A CcP Model of the Stock Market)

Revista de Economía Institucional, Vol. 19, No. 36, 2017

46 Pages Posted: 25 May 2017  

Shimshon Bichler

Independent

Jonathan Nitzan

York University

Date Written: May 23, 2017

Abstract

Spanish Abstract: La mayoría de las explicaciones de las alzas y bajas del mercado de valores se basan en la comparación de la lógica “fundamental” subyacente de la economía con los factores exógenos que supuestamente la distorsionan. Este artículo presenta un modelo radicalmente distinto, y examina el mercado de valores desde la perspectiva del poder capitalizado y no desde el punto de vista de una economía distorsionada. El modelo demuestra que la valoración de acciones representa poder capitalizado, que el poder capitalizado está entrelazado al temor sistémico, y que estos dos elementos son mediados por el sabotaje estratégico. Este modelo triangular ofrece una base para examinar los límites del poder capitalizado y su relación con la transformación histórica y actual del modo de poder capitalista.

English Abstract: Most explanations of stock market booms and busts are based on contrasting the underlying ‘fundamental’ logic of the economy with the exogenous, non-economic factors that presumably distort it. Our paper offers a radically different model, examining the stock market not from the mechanical viewpoint of a distorted economy, but from the dialectical perspective of capitalized power. The model demonstrates that (1) the valuation of equities represents capitalized power; (2) capitalized power is dialectically intertwined with systemic fear; and (3) systemic fear and capitalized power are mediated through strategic sabotage. This triangular model, we posit, can offer a basis for examining the asymptotes, or limits, of capitalized power and the ways in which these asymptotes relate to the historical and ongoing transformation of the capitalist mode of power.

Notes: Downloadable document is in Spanish.

Keywords: Stock Market, Market Capitalization, Stock Price, Systemic Fear, Strategic Sabotage

Suggested Citation

Bichler, Shimshon and Nitzan, Jonathan, Un Modelo CcP del Mercado de Valores (A CcP Model of the Stock Market) (May 23, 2017). Revista de Economía Institucional, Vol. 19, No. 36, 2017. Available at SSRN: https://ssrn.com/abstract=2972689

Shimshon Bichler (Contact Author)

Independent ( email )

No Address Available

Jonathan Nitzan

York University ( email )

4700 Keele Street
Toronto, Ontario M3J 1P3
Canada

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