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4 - Modern Capitalist Property and Finance

from Part I - The Colours of Power

Published online by Cambridge University Press:  04 January 2024

Alessandro Roncaglia
Alessandro Roncaglia
Affiliation:
Sapienza Università di Roma
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Summary

The chapter concerns the various aspects of a capitalist market economy. The stages of development of capitalism are recalled: primitive accumulation, merchant capitalism, manufacturing capitalism. Managerial capitalism (Berle and Means, Marris) assigns a central role to managers in the (hierarchic) power structure of the firm. Oligopoly (analysed through Sylos Labinis notion of the barriers to entry) and not competition is the dominant market form in this stage. Interlocking shareholdings and interlocking directorship then connect banks and companies in widespread power structures. The financialization of the economy leads then to the dominance of money managers, with a shorter time horizon and different priorities.

Keywords

powermerchant capitalismmanagerial capitalismoligopolymarket formsmoney managers capitalisminterlocking shareholdings
Type
Chapter
Information
Power and Inequality
A Reformist Perspective
 , pp. 70 - 98
Publisher: Cambridge University Press
Print publication year: 2024

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