Nitzan and Bichler’s Capital as Power suggests that conventional theories of capitalism, Marxist and liberal alike, are unable to answer the question: what is capital? They argue that the basic units of Marxist economics, abstract labour and value, are unobservable and immeasurable, and hence ‘non-existent’ and ‘fictitious’. Against Marxists, they argue that capital is not an ‘economic’ entity, but a symbolic quantification of power.This review contends that what Nitzan and Bichler present as a critique of Marxism (...) as such pivots on an incomprehension of dialectical thinking, and thus misses the mark. Furthermore, this absence in their readings of Marx is strictly correlative to the limits of their own theory-building. Capital as Power simply inverts the vulgar economism it finds in Marxist theories, presenting us with a theory in which capital is financial rather than productive, and symbolic rather than material. In doing so, it reproduces the one-sidedness it criticises, while discarding the possibility of analysing capitalism dialectically as a totality consisting of contradictory, but mutually presupposing, moments. (shrink)

This article analyzes articulations among urban enclaves, finance capital, and glass architecture by exploring MGM’s corporate investments in the Las Vegas CityCenter development and the Chinese enclave of Macau. CityCenter is an unsuccessful $9 billion master-planned urban community financed by MGM and Dubai World. Macau is a former Portuguese colony and Special Administrative Region of the People’s Republic of China which has, since its return to the PRC in 1999, replaced Las Vegas as the world’s most lucrative site of (...) casino gaming revenue. Taken together, CityCenter and Macau are illustrative of the political economy and cultural logics of financialization. Foreign investment from Las Vegas entrepreneurs has vitrified Macau, transforming it into a phantasmagoria of glass resorts. Macau in turn plays a crucial functional role in capitalism’s recomposition in East Asia, similar to the autochthonous role of the Italian city-states of Venice and Genoa in the historical origins of capitalism. In order to ‘read’ the cities of Las Vegas and Macau, I explore intertextual legibilities among fictitious capital that relies on glass fiber-optic technology to enable grand architectural projects; expressionist fictional representations of glass architecture and its utopian transformative potential; and glass buildings that themselves dissimulate in a manner not unlike fiction. (shrink)

The global financial crisis, triggered by the subprime mortgage crisis in the USA, raises an important issue—namely, private production without the control of private property. The credit system has concentrated increasingly large social assets into the hands of financial institutions governed by a few people. This paper argues that the use of social capital for private production has played a key role in causing the subprime mortgage crisis. The credit and banking systems have abolished the private nature of (...) class='Hi'>capital and have instead provided a basis for organizing and implementing social production. However, these systems have not “overcome the antithesis between the character of wealth as social and as private.” Therefore, it behooves us to explore what we can learn from the US financial crisis concerning how best to protect social interests, i.e., how to make the social capital produce for society. (shrink)

The relevance of Marx’s theory of value and his ‘law of the tendency of the rate of profit to fall’ to the analysis of the financial crisis of 2007–8 and the ensuing global slump is affirmed. The hypertrophic growth of unproductive constant capital, including the wages of ‘socially necessary’ unproductive labour and tax revenues, is identified as an important manifestation of an historical-structural crisis of capitalism, alongside the increasing weight of fictitious capital and the proliferation of (...) class='Hi'>fictitious profits in the lead-up to the financial crisis. These phenomena have obscured the deepest roots of the global slump in the long-term profitability problems of productive capital – that is, in a crisis of surplus-value production. With these considerations taken into account, a better empirical assessment of trends in the composition of capital becomes possible, and with it a more accurate understanding of the impact of the ongoing displacement of living labour from production on the average rate of profit and the future of US and global capitalism. (shrink)

To grasp current trends within capitalism without abandoning the framework of Marx’sCapitalwe need to return to the category of ‘fictitious capital’ and make it central to our explanations. Based on the 2012 Isaac and Tamara Deutscher Memorial Lecture, this essay combines reflections on Marx’s account of ‘fictitious capital’; an investigation of the role of bills of exchange; and an analysis of the recent turmoil in British and US banking. It looks at the way the opium trade, (...) financed through the London bill market, integrated a constellation of interests in the City with the labour of peasant households in India as parts of a unified accumulation process. Opium was vital to the fortunes of British capitalism for most of the nineteenth century. The merchant banks that were the mainstay of Britain’s form of capitalism were also the key element in the re-emergence of global finance in the postwar period. The concluding part of the paper deals with the current banking crisis and follows Hilferding in arguing that by providing liquidity to the markets for fictitious capital, speculation plays a crucial role in sustaining profitability for the bigger capitals. (shrink)

This article considers the status and meaning of the category of value in the wake of the financial crisis that began in 2007. I argue that value is best understood as a form of social wealth constituted by a spatially and temporally generalising social relation of equivalence and substitutability under, and specific to, capitalism ‐ and that a categorial focus shows that despite massive ‘devaluations’, the value-relation is not itself in crisis. On the contrary, it is running at near full (...) capacity, erasing the difference between ‘financial’ and ‘real’ capitals, values, and assets. Consequently, attempts to understand the crisis that rely on material distinctions between ‘real’ and ‘fictitious’ values and capitals overstate the extent and depth of the crisis for capital, and underestimate the virtually uninterrupted consolidation of the rule of the value, i.e. the territorial and historical imperative of equivalence and substitutability. (shrink)

The article develops a dialogue between the works of Marx, Husserl and Heidegger, about the problem of mathematization in its double perspective: scientific and economic. At first, we show the way in which ideation as well as real abstraction involve a forgetting of the world of life will be exposed. In a second moment, we will focus on the dissolution of the gold standard and on fictitious capital, to show the contemporary expression-in an economy obsessed with the reproduction (...) of abstract wealth-of the aforementioned oblivion. (shrink)

This paper assesses the current world economic crisis in terms of crucial transformations in global capitalism throughout the neoliberal period. It argues that intense social and spatial restructuring after the crises of 1973–82 produced a new wave of capitalist expansion that began to exhaust itself in the late-1990s. Since that time, new problems of overaccumulation and declining profitability have plagued global capitalism. Interconnected with these problems are contradictions related to a mutation in the form of world-money, as a result of (...) its complete de-linking from gold after 1971, which stimulated a fantastic growth in financial instruments and transactions, and generated a proliferation of esoteric 'fictitious capitals' whose collapse is wreaking havoc across world financial markets. The intersection between general conditions of overaccumulation and a crisis in financial structures specific to neoliberalism has now produced a deep world-slump. Inherent in this crisis is a breakdown in forms of value-measurement that is throwing up intense struggles between the capitalist value-form and popular life-values, the latter of which comprise the grounds for any real renewal of the socialist Left. (shrink)

Global capitalism’s specific contradictions and antagonisms and their threats for mankind Around 1990-1992, world capitalism opened for itself a new period of expansion, marked in particular by the incorporation of China. But the movement whereby “capitalist production overcomes its immanent barriers, but does so only by means which again place these barriers in its way on a more formidable scale” is under way. New contradictions and antagonisms are discernable, alongside earlier ones. The consequences of the relationship between “man and nature” (...) developed under capitalism, will now impinge on the accumulation process directly and indirectly. Given the external economic foundations of US hegemony, the scale on which it has accumulated fictitious capital and its dependency on energy, the situation is ripe with financial crises and with military conflict. (shrink)

Critical analysis of the biotechnological reproduction of biological life increasingly emphasises the role of value-producing labour in biotechnologically reproductive processes, while also arguing that Marx’s use of the terms ‘labour’ and ‘value’ is inadequate to the critical scrutiny of these processes. Focusing especially on the reformulation of the value-labour relation in recent work in this area by Melinda Cooper and Catherine Waldby, this paper both critiques this reformulation and questions the explanatory efficacy of the category ‘labour’ in this context. Emphasising (...) the contemporary global expansion of capital relative to value-producing labour – specifically, the expansion of fictitious capital and debt on the one hand, and of global surplus populations on the other – it argues that this reformulation misrepresents the mediated capacities of capital as the immediate capacities of labour. This reformulation, moreover, is indicative of broader tendencies in the contemporary theorisation of labour, tendencies exemplified by autonomist Marxism. (shrink)

El individuo tirano refiere al sujeto empoderado por la tecnología digital que, obsesionado con la autoafirmación y el control a través de las redes sociales, impone sus preferencias y opiniones sin considerar las consecuencias sociales, éticas y políticas. Esta conducta, sumada a un régimen de posverdad, fomenta el descreimiento en las instituciones, el aislamiento y la no aceptación de lo distinto, propiciando que los individuos descarguen entre sí de opiniones infundadas e instaurando una lógica amigo-enemigo que hace emerger la actitud (...) antipolítica y daña el tejido democrático. En paralelo, el capitalismo actual se caracteriza por el volumen masivo de capitales especulativos, generando crisis e inestabilidad. En este "capitalismo especulativo", el neoliberalismo desde abajo emerge como estrategia de adaptación de grupos sociales, evidenciando cómo el emprendedorismo ha cooptado a la clase trabajadora. Este artículo propone analizar cómo la convergencia del individuo tirano, el emprendedorismo y el capitalismo especulativo genera una torsión en las subjetividades contemporáneas. Esta se manifiesta en la precariedad de sus condiciones de vida, la aceptación pasiva frente a la incertidumbre, la autoresponsabilización ante el fracaso, el individualismo extremo y la credulidad en narrativas que exigen apostar al riesgo en busca de un futuro mejor. (shrink)

It was in the days when European society was in the throes of expanding industrial capitalism that Abraham Kuyper formulated his basic ideas about the pitfalls of the free enterprise system and the need for a structural make-over of society. Already two decades before his mature address of 1891 on the social question, he urged the church to concern herself seriously with the plight of the working classes. In 1874 he railed against “fictitious trade” and mere “paper assets.” In (...) an extensive commentary on his political party’s program he repeated his fundamental objection to the “fictitious expansion of capital”, calling for legislation to curb such excesses and to create a better balance in incomes between the different classes making up society. He argued for equity and justice rather than charity and philanthropy, and for wages and salaries proportional to effort, skill and education. Yet while the gap between rich and poor cried out to heaven, the first step toward solving the social question, according to the youthful Kuyper, was not to focus on the poor but to provide employment opportunities so that the able and willing working man could earn a living wage. He proposed raising import duties and protective tariffs, replacing taxes on necessaries with taxes on luxuries, abolishing government-run lotteries, and lifting the ban on organizing trade-unions. To achieve these reforms, it was essential that the lower classes be given greater representation in parliament and that selfish greed make way for neighbourly love and mutual solidarity. (shrink)

continent. 1.1 (2011): 22-25. The Author gratefully acknowledges the financial support of CAPES (Coordenação de Aperfeiçoamento do Ensino Superior), Brazil. From the multifarious subdivisions of semiotics, be they naturalistic or culturalistic, the realm of semiotics of value is a ?eld that is getting more and more attention these days. Our entire political and economic systems are based upon structures of symbolic representation that many times seem not only to embody monetary value but also to determine it. The connection between monetary (...) and linguistic exchanges is self-evident: the former requires the latter and develops in direct relation to it. Creative experimentation and design of digital systems of value exchange are blossoming on the web. Dr. Gilson Schwartz, an economist turned media theorist and professor at the University of São Paulo, adopted the concept of Iconomics, originally created by Michael Kaplan, an author concerned with the linguistics of economic value. Empowering local communities and unlocking new levels of value creation and representation via digital technologies are the main goals of Dr. Schwartz’s projects, aiming at the re-designing of our relationship to the economic value of imagination and the social control of property. Schwartz is Assistant Professor at the School of Communication and Arts of the University of São Paulo, a former Chief Economist at BankBoston, Brazil and Advisor to the President of the National Social and Economic Development Bank (BNDES). FURTHER READING: Kaplan, Michael. “Iconomics: The Rhetoric of Speculation.” Public Culture . 15.3 (2003): 477-493. Renata Lemos-Morais: You have recently produced and directed a short documentary about Creative Currencies in Latin America. Could you tell us a bit about its process and its findings? Gilson Schwartz: The “Creative Currencies” project is a work-in-progress platform which unfolds as an action research agenda connected both to the production of audiovisual content and the development of social currency software. The initiative dates back to 2003 when I led an experimental project supported by the Presidency of Brazil. At that time, we issued paper currency in a small, touristic village in the Northeast Region which stimulated local cultural projects. But it was only in 2009 that the Central Bank of Brazil acknowledged “social currencies” as a legitimate economic agenda, calling for more debate at the I Financial Inclusion Forum. This year, the monetary authorities organized a second forum that also opened the room to discussions on mobile payment systems and new perspectives on poverty alleviation via State subsidies. The Ministry of Culture funded the “Creative Currencies” project in 2009-2010 and our next stage in this discovery process is to be supported by the National Social and Economic Development Bank (BNDES). In short, there is genuine interest among public officials in different areas and public funding for social currencies is on the rise in Brazil. However, after all these years we are still at a very early stage of research and practice. Some of the most successful initiatives (such as Banco Palmas) actually evolved out of local monetary creation to become correspondent banking operations for commercial banks and other financial groups. After eight years of price stability and social inclusion, Brazil stands out as a major opportunity for social experimentation, even the Grameen Bank is now entering the Brazilian market and many NGOs are geared towards different forms of entrepreneurialism in the base of the pyramid, riding solidarity economic models, microfinance and microcredit for local development. It is yet to be seen, however, whether these developments are just one more stage of “bankarization”, that is to say, an extension of regular banking services or actually a new form of social and symbolic self-determination at the local level. So far, the Central Bank of Brazil is open to new forms of credit and local finance as long as they are strictly territorial and very close to barter among the poor. In other words, whether the process of monetary creation could be made to fit an open source paradigm is yet to be seen. Community banking and social currencies might as well end up as just another channel for access to and use of banking services. The “Creative Currencies” project aims at promoting the discussion of more fundamental issues, such as the limits of central banking, the prospects for local financial development and the possibility of creating and managing financial icons as cultural assets. The purpose of this project is to produce short documentaries that will bear testimony to this evolving regulatory framework while inducing more discussion about the fundamental iconomic issues concealed in the process of money and wealth creation. RLM: What new potential is there in applying digital technologies to currency creation? GS: Globalization is a result of the virtualization of money, that is, the overcoming of illusions such as the “gold standard”. Money is an icon created by institutions, not on supposedly natural or material foundations but out of political and financial interests. The “dollar standard” is an outstanding evidence of this phenomenon and Kaplan´s paper, the first to use the expression “iconomics”, insists on the rhetoric and semiotic effects associated to a supposedly scientific model of money creation and management. This is a fundamental change that was perceived and discussed much before the digitalization of the world by unorthodox economists such as John Maynard Keynes since the early 20th century. The digitalization of global financial flows accelerated this immateriality and the creation of the Euro was yet another evidence of the political foundations of currencies. The banking establishment, however, is keen on the idea that scientific formulae hold the key to sound money creation. Keynesianism has been repeatedly associated to “inflationism” while the supposedly sound monetary policies of the Orthodoxy serve well the political and financial interests of a technocratic elite. Corporate media also serve this fictitious depiction of the monetary process despite the cyclical bust of monetary rules and financial regulations. The internet, however, has created numerous opportunities for the disintermediation in industries such as film, music and commodities. There is no reason to doubt that the financial industry can also be transformed by Peer-to-Peer (P2P) infrastructures. Money is media as well. Credit is but confidence. Once people realize that the distributed computing power of networks can also be the platform to weave new monetary and credit operations, there is room for grassroots emancipation out of the established owners of monetary institutions. So far, however, there has been a privatization of monetary management and there is not a clear path or model for the emergent (P2P) property democratization that is inherent to the internet. Digital assets, however, clearly have an inherent potential to escape central control and proprietary regulatory frameworks. RLM: How are social networks transforming the ways in which we exchange value? Do you believe that online influence and reputation might be translated into a new kind of currency? GS: The foundation for social currencies as envisaged by solidarity economics is the territory. Authorities are willing to concede local monetary creation as long as it is restricted to poor neighborhoods, as a proxy to barter. In this relevant but limited context, reputation, personal knowledge and informal ties form the matrix of local or “proximity” finance which are expected to keep credit and leverage to a sustainable level. Anything beyond that should and would lead to an integration of local finance into the established banking system. However, inasmuch as the internet promotes virtual territories and reputation is now subject to all sorts of digital manipulation and stardom becomes an everyday cultural process among teenagers and elders alike, the territorial “foundation” is substituted for more complex patterns of solidarity, cooperation and exchange that reach beyond the physical territory and even the “human.” Digital assets embody knowledge, technology, cultural and educational values that are exchanged at a global scale beyond the control of democratic States (Chinese-like intervention is the exception, not the rule). Hacktivism is unstoppable and so is monetary hacktivism. Especially in the Third World, mobile communications fast became conveyors of money transfers and other appropriation strategies. Banking and telecom sectors already battle for the control of these emerging markets and, as a matter of fact, have so far contributed to the containment of these processes. Governments serve these moguls and have usually adopted a wait-and-see attitude. If open source hardware and grassroots social movements combine to challenge these proprietary battles, then social networks may evolve into new forms of social capital and thus form the ground on which to design and implement social currencies. The global financial crisis, as well as the dollar demise, are an event of such a proportion that social networks may open the path for emancipator subjects to seize the opportunity. RLM: What are some of the social experiments that you think are revolutionizing the way in which value is exchanged? GS: There is a broad evolution of economic systems towards the valuation of intangible assets such as knowledge, reputation and sustainability. There are many examples of local as well as global events that call the traditional systems of exchange into question, from carbon credits to educational bonuses, digital barter frameworks and locally based solidarity and fair trade networks. These emerging examples, no matter how different in nature or scale, represent a challenge to the traditional value creation schemes and theories which are based on use and exchange value, supply and demand. This is not to say that utility and labour or scarcity are to be totally dismissed, but there is now an emerging perception that value is also a function of behavioral codes, symbolic patterns and the energy of institutional frameworks. The plasticity of digital platforms is relevant insofar as intellectual property becomes the central source of value creation. But when you discuss the property rights of public goods such as the environment or basic social rights (of minorities or localities), then a new paradigm seems to emerge. RLM: Are gaming and online storytelling digital practices that might have an impact on the way new currencies are created and developed? GS: “Play money” has been one of the early and most intriguing phenomena associated to the diffusion of virtual worlds. These virtual currencies have also been prone to “boom and bust” dynamics, speculation and pure theft (Second Life scams were common and led to “intervention” by the owners of the game). Storytelling is a major source of value, that is, the value of attention and the markets for audience. There are plenty of private monies created and managed by corporate entertainment groups, telecom operators (via mobile virtual network operators) and marketing frameworks. The casino economy, as already depicted by Keynes and other unorthodox economists, is always storytelling about future states of the world, confidence building and leverage of animal spirits. The novelty of current events is not the fictitious nature of any form of capital, but the potential for digital democratization of controls over the imaginary nature of value creation. But this is just a potential, a possibility, a figment that more often than not is appropriated by centralized and opaque private powers. The game industry is a testbed for new connections between storytelling and money creation. RLM: Monetary value was originally connected to the scarcity of precious metals, such as gold. Our entire monetary system seems therefore to function according to a logic of scarcity. Do you believe it is possible to reverse this logic into a logic of abundance? GS: The gold standard was a fiction itself, the “scarcity” is always produced by institutions that regulate confidence and access to credit. The key issue is not to fabricate abundance, but to question the institutions which produce scarcity out of any standard, gold or whatever. Central banks are at the service of private banks in the creation and management of scarcity. RLM: The promise that nanotechnology holds for our future is one of radical abundance (or so say transhumanists). The possibility of creating any kind of material substance through nanoengineering seems each day more feasible. What would this possibility entail in terms of systems of value exchange? GS: Nanotechnology, environmental concerns and grassroots appropriation of distributed knowledge are the frontiers of a new horizon of energy creation and management. Social groups in charge of managing scarcity for the sake of wealth and power concentration must be held accountable for the destruction of our future. Once this key political conundrum is accounted for, new systems of value exchange and even a non-mercantile society will come into existence. Revolutionary theorists such as Marx envisaged transformation via the extreme clash of contradictions between capital and labour. This approach has never led to a change in the systemic logic of scarcity for the sake of social control. We are once again facing the threshold of large scale societal change, but the outcome of the current crisis should come from our imagination, not from yet another paradox of abundance and scarcity. As long as we remain attached to the materiality of value, the illusion of freedom will but reinforce the massive manipulation of necessity. RLM: What do you think is the role of crowdfunding in this context? GS: Crowdsourcing as well as crowdfunding are examples of the peer to peer opportunities that come along with distributed computer power. However, the power structure behind wealth and scarcity creation may or may not be changed by crowd management. But it should not be taken at face value, so to speak. The stock market of course is an early form of crowdfunding without calling into question the proprietary framework of the companies offering their investment projects to the market. Any market is a form of crowdsourcing, that is to say, of distributed forms of supply and demand matchmaking. The wealth of networks, however, depends on the contractual ecosystem, the institutional framework, the channeling of social imagination, not on the purely quantitative distribution of bids and offers. I see economics as supply, demand and code. Once you have access to the code, once openness becomes part of the game, then there is a chance of crowd behavior becoming collective intelligence and sustainable imagination. RLM: Is the development of digital currencies headed towards a pluralistic ecology in which many micro currency systems co-exist, or is it penetrating the mainstream monetary system? If it is affecting the mainstream financial system, what would be its effect in the long-term? GS: The same issue is at stake both at local and global levels. The global system is, as a matter of fact, an unstable ecosystem of “micro currencies” whereas the dollar has so far exerted an overwhelming influence. Local currencies and private monies coexist with national currencies only to the extent that the Central Bank admits, for instance, that grassroots monetary emissions remain territorial and strictly connected to poverty. However, the question of how new developments in digital technologies and nanotechnologies might alter not only our current monetary systems but also our understanding of value in itself, is still an open question. (shrink)

Corporate executives, at the behest of Wall Street, have embraced the heresy of upsizing short-term shareholder profits by downsizing the long-term work force. This restructuring of corporate America, which views the corporation as an investment organization rather than a social organization, has created an ethical quandary by removing from the equation a sense of larger-purpose. This paper proposes a new paradigm, LIFESIZING, to address the issues raised by this ethical quandary. The paper will explore the effect the creation of (...) class='Hi'>fictitious personhood (Corporations, Government, Wall Street, Unions, etc.) has had on the concept of personal responsibility and common good when responsible individuals are but transient members of such a legal entity. It will briefly recap the history of downsizing, the practice of treating workers as an expense rather than a capital asset, stakeholder theory, and the rise of a "me-first" culture. It will then define and apply LIFESIZING to both the individual and the corporation in an attempt to provide a sense of balance missing from current discourse. (shrink)

The financial crash of 2008 following the selling of fictitious derivatives was a crisis of both rationality and values whose aftermath has thrown the legitimation of deregulated markets, and governments, into question. This paper critiques the Becker metaphor of human capital and submits that human value is central to and the fulcrum of both economic and social values. It illustrates that Hume and Adam Smith directly countered the Hobbesian hypothesis that human nature is based only on self-interest, distinguishes (...) market values from social values, explicit from implicit values and parallels Sen in adopting an ordinal ranking of what people value rather than a search for cardinality. It draws on cognitive psychology, neural research, revealed preference theory and a principle of implicit verification. It also outlines implications for what Adam Smith centrally valued as concern for the welfare of the whole of society. (shrink)

Some meritocratic defenders of capitalism rely on the principle that cooperators should receive a share of the product commensurate with their contribution. However, such defences of capitalism fail due to a dilemma. Either they rely on an understanding of contribution that arguably will be reflected by the capital-labour split in suitably idealized capitalist economies, but cannot serve as a plausible standard of merit; or they rely on an interpretation of contribution that is a plausible standard of merit, but which (...) won’t tend to be reflected by the capital-labour split in capitalist economies. (shrink)

Brandon Absher demonstrates that the neoliberalization of higher education has led to a paradigm shift in contemporary philosophy in the United States. Neoliberal philosophy aims to produce human capital and profitable knowledge.

This project explores the "contradiction" that critics contend lies at the heart of the Supreme Court's capital sentencing jurisprudence. The doctrine of "guided discretion," represents the Court's attempt to achieve both consistency and individuation in capital sentencing. Guided discretion rejects the unbridled sentencing discretion of an earlier era that resulted in sentencing decisions that were "arbitrary and capricious." At the same time, guided discretion requires juries to give individualized consideration to the facts and circumstances of individual defendants. Critics (...) contend that consistency and individuation are mutually exclusive, and that "guided discretion" is a contradiction in terms. ;The analysis first attempts to isolate the moral dimension of the capital punishment debate, arguing that such analytical clarity is essential to any defensible view of capital punishment. Second, it sets forth and defends the coherence approach to moral and legal justification, according to which the specific moral and legal principles relevant to capital sentencing are evaluated for their compatibility with the principles of the legal system more generally. Third, the analysis canvasses the traditional justifications for punishment, as well as the development of the Court's capital sentencing jurisprudence, and identifies retribution and deterrence as the most promising rationales for the death penalty. Fourth, the claim of contradiction is considered in the context of legal liberalism, which, contrary to critics, has ample resources to accommodate the doctrinal balancing act that guided discretion entails. Moreover, examination of a typical capital sentencing statute establishes that the doctrine of guided discretion is compatible with at least some forms of retributivism and with traditional principles of deterrence. Finally, the analysis recognizes the limits of philosophical consistency. The capital sentencing process presents daunting practical challenges that a theoretical defense of guided discretion cannot fully address. Substantial reforms are needed before the theoretical coherence of guided discretion can be translated into a constitutionally defensible capital sentencing process. (shrink)

The outbreak of COVID-19 has greatly affected university students’ studies and life. This study aimed to examine the possible mediating role of psychological capital and the moderating role of academic burnout in the relationship between problematic social media usage and anxiety among university students during COVID-19. A total of 3,123 undergraduates from universities in Shanghai participated in an online survey from March to April 2020. The results showed that problematic social media usage among university students predicted their levels of (...) anxiety. Mediation analysis indicated that psychological capital mediated the relationship between problematic social media usage and anxiety. Furthermore, for university students whose academic performance had been affected by the COVID-19 pandemic, the effects of both problematic social media usage and the psychological capital on anxiety were moderated by academic burnout. For university students whose academic performance was not affected by the COVID-19 pandemic, academic burnout moderated the effects of psychological capital but not the effects of problematic social media usage on anxiety. The results highlighted the underlying mechanisms in the relationship between problematic social media usage and anxiety. These findings provide practical insights into the development and implementation of psychological interventions when facing a pandemic. (shrink)

The purpose of this research paper is to identify which types of corporate philanthropy (CP): cause-related marketing (CRM) or sponsorship, create higher moralcapital under two conditions: proactive or reactive (following a scandal). Results showed that CP created higher moral capital for a proactive company than for a reactive company. Both CRM and sponsorship were perceived as more sincere in the proactive company than the reactive company. However, CRM was seen as self-serving in the reactive company, but not the proactive (...) company. The study demonstrated that companies need to take into account the different types of CP, as it has an effect on their moral capital. Socially proactive firms should engage in both CRM and sponsorship philanthropy, as both types can generate high moral capital, which creates better company reputation. However, CP may not be the most effective or appropriate strategy for creating moral capital following negative publicity. (shrink)

With the gradual deepening of environmental problems and the increase in consumer awareness of environmental protection, many enterprises have already begun to pay attention to green supply chain management. However, the price of green products is higher than that of nongreen products, which is an enormous challenge for many small- or medium-sized enterprises. To study the pricing and coordination of green supply chains under capital constraints, a model consisting of a manufacturer and a capital-constrained retailer is established; the (...) manufacturer invests in green products and provides a deferred payment contract. Setting the situation without capital constraints as a benchmark, this study explores the impact of the retailer’s capital constraints on the manufacturer’s product greenness design; an interesting result shows that deferred payment can help encourage the retailer to order more products and improve the profit of the manufacturer and the efficiency of the entire supply chain as well as the product’s greenness level simultaneously. However, the profit of the retailer will be hurt by the deferred payment contract. Therefore, to guarantee the profit of the entire channel and to make the two agents obtain a win-win outcome, a new two-way revenue-sharing contract is designed to coordinate the green supply chain. (shrink)

Arash Abazari's Hegel's Ontology of Power is a superb study of the relevance of Hegel's logic to Marx's theory. Hegel is often dismissed by Marxists as an ‘idealist’ denying the reality of the world, as if Hegel were Bishop Berkeley with a German accent.1 Abazari recognizes this is not the case: ‘(T)he logical categories are not self-standing, but shadow, or track, the empirical world’ (Abazari 2020: 7). But the world in its full actuality does not simply consist of the objects (...) we sense or perceive. It is intrinsically intelligible, and its intelligibility can be comprehended only in thought. When it is, the ‘idealist’ thesis of the identity (in difference) of thought and being holds. Anyone asserting a truth claim implicitly asserts this identity. In so far as Marx asserts that Capital comprehends the capitalist mode of production, he too is an ‘idealist’ in the Hegelian sense of the term. (shrink)

We show unintended consequences of quota regulations to get women on boards. Board members may have different characteristics, and even among women, there are variations. We assume that the characteristics of the board members have an influence on their contributions to boards, to businesses as well as to society. In this paper, we argue that different types of societal pressure to get women on boards have an influence on the social capital characteristics of the women getting multiple board memberships. (...) The paper is drawing on institutional theory and social capital theory, and we distinguish between mimetic, normative, and coercive types of pressure. Through a cluster analysis of 58 Italian “golden skirts”, we show that different types of societal pressure may lead to differences in social capital characteristics. The study has implications for the ongoing international debate about women and diversity on boards, and we propose developing a pressure theory for getting women on boards. (shrink)

Research suggests that ethical leadership influences employees’ behavior and organizational functioning. Thus, the purpose of this study is to investigate the role of ethical leadership in the improvement of employees’ innovative performance. Specifically, this research developed and tested a framework about the intermediating mechanism of social capital in the relationship between ethical leadership and employees’ innovative performance. The current study integrated assumptions of social learning and social exchange theories, which postulate that the leadership has a direct effect on the (...) employees’ conduct, principally through role modeling and the reciprocal landscape. Data were collected through in-person administered questionnaire-based survey from 297 employees working in the manufacturing sectors of Pakistan. The conceptual model of our research was analyzed applying Structural Equation Modeling (SEM). The results exhibited that the ethical leadership plays an important role in fostering employees’ innovative performance. The present study also found that social capital plays an intermediating role between the ethical leadership and employees’ innovative performance relationship. The current study contributed to the leadership and innovation literature and provided insights in examining the ethical leadership-employees’ innovative performance relationship through the intermediating mechanism of social capital. (shrink)

The last several decades have produced a slew of important studies by Marxists of the logic of capital, as well as numerous explorations by postcolonial theorists of the narratives that structure racial and ethnic discrimination. Far too often, however, these two currents have assumed different or even opposed trajectories, making it all the harder to transcend one-sided class-reductionist analyses and equally one-sided affirmations of identity that bypass or ignore class. In light of the new reality produced by the deepening (...) crisis of neoliberalism and the looming disintegration of the political order that has defined global capitalism since the end of the Cold War, the time has come to revisit theoretical approaches that can help delineate the integrality of race, class and capitalism. (shrink)

This study aims at contributing to literature by investigating characteristics of Generation Z's social media uses and gratifications and the moderation effect of economic capital. Specifically, we employed online survey as the main research method to examine the connections between the young generation cohort's online motivations, social media practices, and economic capital. A total of 221 Chinese Generation Z social media users were recruited in the survey. Results indicated that Generation Zs have different social media engagements depending on (...) whether they were connected for daily routine alternatives or socialization; the young cohorts from upper-mid-income families demonstrated a more instrumental-rational habitus to use social media more frequently as a communicative tool than those from low-income families; and motivations and family income interacted to influence Generation Z's social media practices. Findings here provide empirical reference to deepened understandings of the interactions between social media and digital generations, and their connections with digital social inequalities. (shrink)

This paper investigates how the business models adopted by single-owner women farmers are impacted by the entrepreneurial ecosystem in which they operate. We explored these interactions from the perspective of entrepreneurial capital to better understand the challenges faced by women entrepreneurs starting their own farms. We conducted semi-structured interviews with 19 single-owner women farmers in Quebec. Our results indicate that single-owner women farmers often start farming at a mid-point in their careers, are motivated by strong social and agroecological values, (...) but must navigate a traditional and gendered entrepreneurial ecosystem that limits opportunities to leverage financial, social and symbolic capital to grow their mostly alternative business models. However, single-owner women farmers also mobilize entrepreneurial capital and innovative business strategies to assert their identity as women farmers and grow their businesses with varying degrees of success. This was often achieved by developing strong partnerships with key stakeholders and by marketing through alternative channels, such as short food supply chains. We derive several research propositions to guide future research on this topic. (shrink)

Family financing has become a powerful channel for entrepreneurs to obtain entrepreneurial funding. How do family members use intent and quality signals to select new ventures to provide lending support? Building on the signaling theory, this study provides the first quantitative evidence using a sample of 166 samples of family lenders in China. Our findings reveal that psychological capital can support entrepreneurs to obtain family lending. As an intent signal, psychological capital becomes more influential when quality signals, corporate (...) competitive advantage, and firm performance perform more positively. This study emphasizes that family financing support is not only out of love or altruism and extends the literature concerning the influence of positive psychological capital in financial investment decisions. (shrink)

In the process of rapid urbanization, urban heat island effect has been showing more and more significant impacts on human well-being. Therefore, a more detailed understanding of the impact of three-dimensional building morphology on UHI effect across a continuum of spatial scales will be necessary to guide and improve the human settlement.This study selected 31 provincial capital cities of mainland China to analyze the impacts of the 3D building morphology, including the number, area, height, volume, and the surface area (...) of the buildings, on the land surface temperature. By exploring how the influence of 3D building morphology on LST changes with the increase of spatial scale, this study finally recognized which 3D building morphology index is the most significant index affecting LST in different cities, and which spatial scale these 3D building morphology indexes have the most significant impact on LST. The results showed that the building area is the most important 3D building morphology parameter affecting the LST, while the building height has the slightest influence on the LST. These effects are more significant in the spatial scale of 150 m–540 m, and the spatial scale increases with the increase of building areas in developed cities. These results highlight the necessity of considering fine-grained management in the governance and alleviating of the urban thermal environment through urban planning and urban renewal strategies. (shrink)

Due to the outbreak of the Coronavirus Disease-2019 pandemic and consequent confinement measures, young people are vulnerable to mental health problems. The current study compared a group of 440 young adolescents and a group of 330 emerging adults to investigate the extent to which perceived social support and psychological capital were differentially associated with mental health problems. Participants were asked to report their current psychosocial adaptation status during the COVID-19 pandemic, and data were collected via online questionnaires during a (...) relatively severe period of COVID-19 in China. Results of the multi-group path analysis indicated that the effect of perceived social support on mental health problems was mediated by PsyCap for young adolescents, but not for emerging adults. These results were discussed with respect to the mechanism of how social support and PsyCap serve as protective mental health factors for youth in the context of the COVID-19 pandemic. (shrink)

Van de Vliert embraces a model of human needs, underplaying a model whereby individuals, motivated by psychological needs, develop coping strategies that help them meet their personal goals and collectively exert an influence on social and economic systems. Undesirable climates may inflate the value of financial capital, but they also boost the value of social capital.

Farmers are key actors in the transition towards sustainable agricultural practices. Therefore, it is important to understand farmers’ motivations to encourage lasting change. This study investigated how farmers from the two different social contexts of the northeast US and Denmark perceive sustainability. Twenty farmers constructed Fuzzy Cognitive Maps to model their practices and perceived outcomes. The maps were analyzed using social capital as an analytical framework. The results showed that sustainability perceptions differed between US and Danish farmers. Specifically, Danish (...) farmers focused mainly on environmental sustainability while US farmers distributed their focus more evenly across environmental, social, and economic factors. Further, US and Danish farmers had different notions of community engagement. US farmers emphasized the importance of interdependence with their non-farmer community members, where farmers contributed to the wellbeing and livelihoods of non-farmers and vice versa. For Danish farmers, the importance of community engagement lay mainly in localizing food systems, the public image of farming, and the cultural value of farms. Differences in the dominant types of social capital (farmer-to-government vs. farmer-to-non-farmer-community) can explain this pattern. We argue that understanding social capital and primary level of influence can lead to more effective and efficient policies. (shrink)

This book examines what we can gain from a critical reading of Marx's final manuscript and his conclusion of the "systematic presentation" of his critique, which was the basis for Engels's construction of the third volume of his infamous 'Capital'. The text introduces the reader to a key problem ́of Marx's largely implicit epistemology, by exploring the systematic character of his exposition and the difference of this kind of 'systematicity' from Hegelian philosophical system construction. The volume contributes to establishing (...) a new understanding of the critique of political economy, as it has been articulated in various debates since the 1960s - especially in France, Germany, and Italy - and as it had already been initiated by Marx and some of his followers, with Rosa Luxemburg in a key role. All the chapters are transdisciplinary in nature, and explore the modern day relevance of Marx's and Luxemburg's theoretical analysis of the dominance of the capitalist mode of production. (shrink)

Cet article vise à contribuer à l’élaboration d’une théorie critique du capitalisme global. Il s’appuie pour ce faire, d’une part, sur une relecture serrée des deux ouvrages cosignés par Sandro Mezzadra et Brett Neilson, La Frontière comme méthode (2013) et The Politics of Operations (2019). Il esquisse d’autre part un diagnostic historique de la séquence enclenchée par la crise de 2008. L’article se développe en trois temps, l’un sur le « multivers capitaliste », où sont considérées les dimensions spatio-temporelles de (...) la dynamique capitaliste, le second de critique de la violence politique nécessaire à la reproduction élargie du capital, le troisième ouvrant sur des problèmes de stratégie politique sous le prisme d’une reproblématisation actualisée des « soviets » et du « double pouvoir ». (shrink)

In this article, the authors examine how the debate over women's executions during the nineteenth and early twentieth century funneled and in various ways processed the contrary demands of gender and capital justice. They show how encounters with capital punishment both reflected and reinforced dominant interpretations of womanhood and as such contributed to the intricate web of normative strictures that affected all women at the time. At the same time, however, the often heated debates that accompanied such cases (...) pried open some of the contradictions inherent in the dominant interpretations and, as a result, came to challenge the boundaries that separated not only women from men but also women from each other. Rather than viewing gender as a unidirectional influence on capital punishment, the authors argue that gender is best approached as an evolving social category that gets reconstructed, modified, and transformed whenever it is implicated in social practices and public debates. (shrink)

A questão que se coloca nesse texto é refletir sobre as contribuições que Marx formula para pensar a respeito da educação, a escola e a luta trabalhadora. Nosso intuito é, pois, a partir do “beber da fonte” da filosofia de práxis, pensar em que medida, o projeto de emancipação social, tal como propôs Marx, se realiza numa escola em crise, aonde muita coisa, aliás, muda na aparência para manter a essência íntegra. Nossas reflexões se voltam para compreender também, como por (...) meio do trabalho, as experiências de autoformação política da classe trabalhadora passam por uma radicalização vertiginosa do direito ao acesso, comprometedora, no entanto, do saber produzido socialmente. (shrink)

At present, high-tech enterprises are mainly organizations engaged in the production, research, and development and service of high-tech products. The current development of high-tech industries in various countries in the world is of great significance to improving social productivity and overall national strength. This article mainly introduces the modeling and analysis of the complex system of human capital accumulation in high-tech enterprises based on big data. This paper proposes a theoretical analysis of corporate human capital data and proposes (...) regression analysis and analytic hierarchy process to calculate and analyze the process of corporate human capital accumulation and collect and analyze the data using questionnaire surveys and other methods. In addition, complex systems were modeled based on big data, and a cloud computing-based human capital big data analysis platform was established. The experimental results show that complex system modeling based on big data has a positive impact on the human capital accumulation of high-tech enterprises. For high-tech companies at different stages of development, the relationship between various types of human capital and corporate performance is inconsistent with the market economy. In contrast, the current salary system of some high-tech companies still has many drawbacks. The cost of using human resources controlled by the wage system accounts for more than 24%. (shrink)

According to Gérard Genette, the chief function of an authorial preface is to ensure that the text is read properly. In other words, the purpose of the preface is to attract the reader’s attention and to steer him or her toward a particular understanding of the book. A preface, then, aims to get readers to read the book and often on certain terms, i.e., the author’s. As such, the authorial preface of Marx’s Capital (1867) is especially important — it (...) allows us to understand how Marx himself hoped to be understood by his readers. Commentators, whether hostile or sympathetic, usually focus on the postface to the second edition of Marx’s work. We will instead focus on the preface to the first edition, as to uncover Marx’s immediate political aims and ethical concerns. (shrink)

Making investment decisions is usually considered a challenging task for investors because it is a process based on risky, complex, and consequential choices. When it comes to Investments in human capital, such as startups fundings, the aspect of decision-making becomes even more critical since the outcome of the DM process is not completely predictable. Indeed, it has to take into consideration the will, goals, and motivations of each human actor involved: those who invest as well as those who seek (...) investments. We define this specific DM process as multi-actor DM since not a group is making decisions but different actors, or groups of different actors, who – starting from non-coinciding objectives – need to reach a mutual agreement and converge toward a common goal for the success of the investment. This review aims to give insights on psychological contributions to the study of complex DM processes that deal with IHC to provide scholars and practitioners with a theoretical framework and a tool for describing the complex socio-ecological systems involved in the DM processes. For this purpose, we discuss in the paper how the third generation of activity theory could be used as an appropriate model to explain the specificities of MADM construct, focusing on the particular case of startup funding. Design thinking techniques will be proposed as a methodology to create a bridge between different activity systems. (shrink)

Se aborda aquí el problema del petróleo desde un enfoque más amplio y clarificador que permite visualizar la verdadera encrucijada en que se encuentra la civilización industrial. Se propone en este artículo una metodología para el cálculo del coste físico en términos energéticos del coste de reposición del capital mineral del planeta y como criterio para determinar la sustentabilidad de la explotación de un recurso mineral hasta el cierre del ciclo de materiales, considerando así los costes de extracción y (...) reposición. (shrink)

The COVID-19 pandemic has caused major changes in the psychological capital structure of individuals and groups, especially among members of the upper echelons of Chinese mixed-ownership reform enterprises, who are more sensitive to the environment. Based on prospect theory. In order to further study the changes in the psychological capital structure of upper echelons of the mixed ownership reform of state-owned enterprises under the influence of the COVID-19, and what impact it has on the decision-making behavior of the (...) upper echelons and the development performance of the mixed ownership reform enterprises, this paper introduces the system dynamics research method into the research field of the upper echelons for the first time, and studies the psychological capital structure of the upper echelons through simulation. This paper puts forward new research ideas for the research on the psychological capital structure of upper echelons. Using the system dynamics method, this study investigates the changes induced by the COVID-19 pandemic, on the psychological capital structure of the upper echelons of Chinese mixed-ownership reform enterprises; and assesses the concept model of behavioral psychological capital adjustment. The impact of COVID-19 on communication strategies among upper echelons, directly affects the evolution results of the decision-making system. The psychological capital structure in the upper echelons has evolutionary stability strategies in three cases. In some cases, the system evolution presents periodic characteristics. The higher the probability of group communication, the more stable the psychological capital structure, and the greater the fluctuation of behavioral integration. There is a significant correlation between the level of efficacy and resilience of upper echelons psychological capital structure and upper echelons decision-making behavior. Under the condition of improving the communication probability among upper echelon members, there is a positive correlation between the level of hope and optimism of upper echelon and the power structure of upper echelon and the development performance of mixed reform enterprises. Develop the psychological capital structure of upper echelon of mixed reform enterprises, improve the level of financing development decision-making ability and improve decision-making performance. (shrink)