Un modelo CcP del mercado de valores
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 histó... Ver más
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UNIVERSIDAD EXTERNADO DE COLOMBIA |
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Colombia |
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Revista de Economía Institucional |
| title |
Un modelo CcP del mercado de valores |
| spellingShingle |
Un modelo CcP del mercado de valores Bichler, Shimshon Nitzan, Jonathan temor sistémico capitalización de mercado precio de las acciones mercado de valores sabotaje estratégico systemic fear strategic sabotage Stock market market capitalization stock price |
| title_short |
Un modelo CcP del mercado de valores |
| title_full |
Un modelo CcP del mercado de valores |
| title_fullStr |
Un modelo CcP del mercado de valores |
| title_full_unstemmed |
Un modelo CcP del mercado de valores |
| title_sort |
un modelo ccp del mercado de valores |
| title_eng |
A CcP model of the stock market |
| description |
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.
|
| description_eng |
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.
|
| author |
Bichler, Shimshon Nitzan, Jonathan |
| author_facet |
Bichler, Shimshon Nitzan, Jonathan |
| topicspa_str_mv |
temor sistémico capitalización de mercado precio de las acciones mercado de valores sabotaje estratégico |
| topic |
temor sistémico capitalización de mercado precio de las acciones mercado de valores sabotaje estratégico systemic fear strategic sabotage Stock market market capitalization stock price |
| topic_facet |
temor sistémico capitalización de mercado precio de las acciones mercado de valores sabotaje estratégico systemic fear strategic sabotage Stock market market capitalization stock price |
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19 |
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36 |
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Núm. 36 , Año 2017 : Enero-Junio |
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Universidad Externado de Colombia |
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Revista de Economía Institucional |
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https://revistas.uexternado.edu.co/index.php/ecoins/article/view/4885 |
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Español |
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Article |
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https://creativecommons.org/licenses/by-nc-sa/4.0/ info:eu-repo/semantics/openAccess http://purl.org/coar/access_right/c_abf2 |
| references |
<p>Aitmatov, C. The day lasts more than a hundred years, trad. de J. French y prólogo de C. Clark, Bloomington, in, Indiana University Press, 1983. New York Times. “Fisher sees stocks permanently high. Yale economist tells purchasing agents increased earnings justify rise”, 16 de octubre de 1929. Bichler, S. y J. Nitzan. “Contours of crisis: Plus ça change, plus c’est pareil?”, Dollars & Sense, 29 de diciembre de 2008. Bichler, S. y J. Nitzan. “Contours of crisis ii: Fiction and reality”, Dollars & Sense, 28 de abril de 2009. Bichler, S. y J. Nitzan. “Systemic fear, modern finance and the future of capitalism”, monografía, Jerusalén y Montreal, julio de 2010, pp. 1-42. Bichler, S. y J. Nitzan. “The asymptotes of power”, Real-World Economics Review 60, 2012a, pp. 18-53. Bichler, S. y J. Nitzan. “Capital as power: Toward A new cosmology of capitalism”, Real-World Economics Review 61, 2012b, pp. 65-84. Bichler, S. y J. Nitzan. “No way out: Crime, punishment and the limits to power”, Crime, Law and Social Change 61, 2014, pp. 251-271. Bichler, S. y J. Nitzan. “Capital accumulation: Fiction and reality”, Real-World Economics Review 72, 2015a, pp. 47-78. Traducido al español como “Acumulación de capital: ficción y realidad”, Revista de Economía Institucional 17, 33, 2015, pp. 45-71. Bichler, S. y J. Nitzan. “The ccp Project: Past, present, future”, working papers on capital as power, 4 de diciembre de 2015b, pp. 1-29. Bichler, S. y J. Nitzan. The scientist and the church, World Economics Association Books, wea, 2015c. Castoriadis, C. “Value, equality, justice, politics: From Marx to Aristotle and from Aristotle to ourselves”, trad. del francés de C. Soper y M. Ryle, Crossroads in the Labyrinth, Brighton, The Harvester Press, 1984, pp. 260-339. Castoriadis, C. “Power, politics, autonomy”, D. A. Curtis, ed., Philosophy, politics, autonomy. Essays in political philosophy, Nueva York y Oxford, Oxford University Press, 1991, pp. 143-174. Cochrane, D. T. “Who has the power? China’s commodity use and the Canadian mining Business”, Cuarto Foro sobre Capital como Poder “Ampliando la visión”, Toronto, Universidad de York, 28-30 de septiembre de 2016. Damodaran, A. The little book of valuation. How to value a company, pick a stock, and profit, Hoboken, nj, Wiley & Sons, 2011. Damodaran, A. Investment valuation. Tools and techniques for determining the value of any asset, 3.a ed., Hoboken, nj, Wiley & Sons, 2012. Debailleul, C.; S. Bichler y J. Nitzan. “Theory and praxis, theory and practice, practical theory”, working papers on capital as power,febrero de 2016, pp. 1-13. Fisher, I. Mathematical investigations in the theory of value and price. Appreciation and interest [1892], Nueva York, A. M. Kelley, 1965. Fisher, I. “What is capital?”, The Economic Journal 6, 24, 1896, pp. 509-534. Fisher, I. The rate of interest. Its nature, determination and relation to economic phenomena, Nueva York, Macmillan, 1907. Gittelsohn, J. “Gross trying to short credit to reverse decades of instinct”, Bloomberg, 26 de mayo de 2016. Glassman, J. C. y C. A. Hassett. Dow 36,000, Nueva York, Times Business, 1999. Harcourt, G. C. “Some Cambridge controversies in the theory of capital”, Journal of Economic Literature 7, 2, 1969, pp. 369-405. Harcourt, G. C. Some Cambridge controversies in the theory of capital, Cambridge, Cambridge University Press, 1972. Hegel, G. W. The phenomenology of mind [1807], trad. y notas de J.B. Baillie, Londres y Nueva York, Allen & Unwin, 1971. Hobbes, T. Leviathan [1691], A. Martinich, ed., Peterborough, Ont., Broadview Press, 2002. Hunt, E. C. y M. Lautzenheiser. History of economic thought. A critical perspective, 3.a ed., Armonk, ny, M. E. Sharpe, 2011. Hussman, J. Hussman investment research and insight 1, 2, 3 de octubre de 2000. Hussman, J. “The ‘new era’ is an old story (and introducing market Cap/vba)”, Hussman Funds Weekly Market Comment, 18 de mayo de 2015a. Hussman, J. “Rarefied air: Valuations and subsequent market returns”, Hussman Funds Weekly Market Comment, 30 de noviembre de 2015b. Hussman, J. “Far beyond double”, Hussman Funds Weekly Market Comment, 31 de octubre de 2016. Kalecki, M. “Political aspects of full employment” [1943], Selected essays on the dynamics of the capitalist economy. 1933-1970, Cambridge, Cambridge University Press, 1971, pp. 138-145. Kliman, A.; S. Bichler y J. Nitzan. “Systemic crisis, systemic fear: An exchange”, número especial sobre ‘crisis’, Journal of Critical Globalization Studies 4, 2011, pp. 61-118. London, J. The iron heel [1907], Nueva York, Hill and Wangm, 1957. Malik, S. “The ontology of finance: Price, power, and the Arkhederivative”,R. Mackay, ed., Collapse, vol. viii, “Casino Real”, Falmouth, uk, Urbanomic, 2014, pp. 629-811. Malik, S. y A. Phillips. “Tainted love: Art’s ethos and capitalization”, M. Lind y O. Velthuis, eds., Contemporary art and its commercial markets. A report on current conditions and future scenarios, Berlín, Sternberg Press, 2012, pp. 209-240. Martin, U. “Rational control and the magma of reality”, presentado en la conferencia anual de la Eastern Economic Association celebrada en Filadelfia, 26-28 de febrero de 2010. McKinsey & Co., T. Koller, R. Dobbs y B. Huyett. Value. The four cornerstones of corporate finance, Hoboken, nj, Wiley & Sons, 2011. McKinsey & Co., T. Koller, M. E. Goedhart y D. Wessels. Valuation. Measuring and managing the value of companies, Hoboken, nj, Wiley & Sons, 2011. McKinsey & Co., R. Dobbs, A. Madgavkar et al. “Poorer than their parents? Flat or falling incomes in advanced economies”, McKinsey Global Institute, julio de 2016, pp. 1-99. Nitzan, J. “Price and quantity measurements: Theoretical biases in empirical procedures”, working paper 14/1989, Department of Economics, McGill University, Montreal, 1989, pp. 1-24. Nitzan, J. “Inflation as restructuring. A theoretical and empirical account of the U.S. experience”, tesis de doctorado, Departamento de Economía, McGill University, 1992. Nitzan, J. y S. Bichler. Capital as power. A study of order and creorder, Nueva York y Londres, Routledge, 2009a. Nitzan, J. y S. Bichler. “Contours of crisis iii: Systemic fear and forward-looking finance, Dollars & Sense, 12 de junio de 2009b. Nitzan, J. y S. Bichler. “Can capitalists afford recovery? Three views on economic policy in times of crisis”, Review of Capital as Power 1, 1, pp. 110-155. Ostry, J. D.; L. Parkash y D. Furceri. “Neoliberalism: Oversold?”, Finance and Development 53, 2 2016, pp. 38-41. Piketty, T. Capital in the Twenty-First Century, A. Goldhammer, trad., Cambridge, Mass., y Londres, The Belknap Press of Harvard University Press, 2014. Reinhart, C. M. y C. S. Rogoff. This time is different. Eight centuries of financial folly, Princeton, Princeton University Press, 2009. Shiller, R. J. Irrational exuberance, Princeton, nj, Princeton University Press, 2000. Singh, S. Big bang. The most important scientific discovery of all time and why you need to know about it, Londres y Nueva York, Fourth Estate, 2004. Veblen, T. The theory of business enterprise [1904], Clifton, nj, A. M. Kelley, 1975. Veblen, T. Absentee ownership and business enterprise in recent times. The case of America [1923], Introducción de R. Leckachman, Boston, Beacon Press, 1967. Zweig, J. “Be inversely emotional, not unemotional”, The Wall Street Journal, 26 de mayo de 2009, p. 28.</p> |
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Un modelo CcP del mercado de valores <p>Aitmatov, C. The day lasts more than a hundred years, trad. de J. French y prólogo de C. Clark, Bloomington, in, Indiana University Press, 1983. New York Times. “Fisher sees stocks permanently high. Yale economist tells purchasing agents increased earnings justify rise”, 16 de octubre de 1929. Bichler, S. y J. Nitzan. “Contours of crisis: Plus ça change, plus c’est pareil?”, Dollars & Sense, 29 de diciembre de 2008. Bichler, S. y J. Nitzan. “Contours of crisis ii: Fiction and reality”, Dollars & Sense, 28 de abril de 2009. Bichler, S. y J. Nitzan. “Systemic fear, modern finance and the future of capitalism”, monografía, Jerusalén y Montreal, julio de 2010, pp. 1-42. Bichler, S. y J. Nitzan. “The asymptotes of power”, Real-World Economics Review 60, 2012a, pp. 18-53. Bichler, S. y J. Nitzan. “Capital as power: Toward A new cosmology of capitalism”, Real-World Economics Review 61, 2012b, pp. 65-84. Bichler, S. y J. Nitzan. “No way out: Crime, punishment and the limits to power”, Crime, Law and Social Change 61, 2014, pp. 251-271. Bichler, S. y J. Nitzan. “Capital accumulation: Fiction and reality”, Real-World Economics Review 72, 2015a, pp. 47-78. Traducido al español como “Acumulación de capital: ficción y realidad”, Revista de Economía Institucional 17, 33, 2015, pp. 45-71. Bichler, S. y J. Nitzan. “The ccp Project: Past, present, future”, working papers on capital as power, 4 de diciembre de 2015b, pp. 1-29. Bichler, S. y J. Nitzan. The scientist and the church, World Economics Association Books, wea, 2015c. Castoriadis, C. “Value, equality, justice, politics: From Marx to Aristotle and from Aristotle to ourselves”, trad. del francés de C. Soper y M. Ryle, Crossroads in the Labyrinth, Brighton, The Harvester Press, 1984, pp. 260-339. Castoriadis, C. “Power, politics, autonomy”, D. A. Curtis, ed., Philosophy, politics, autonomy. Essays in political philosophy, Nueva York y Oxford, Oxford University Press, 1991, pp. 143-174. Cochrane, D. T. “Who has the power? China’s commodity use and the Canadian mining Business”, Cuarto Foro sobre Capital como Poder “Ampliando la visión”, Toronto, Universidad de York, 28-30 de septiembre de 2016. Damodaran, A. The little book of valuation. How to value a company, pick a stock, and profit, Hoboken, nj, Wiley & Sons, 2011. Damodaran, A. Investment valuation. Tools and techniques for determining the value of any asset, 3.a ed., Hoboken, nj, Wiley & Sons, 2012. Debailleul, C.; S. Bichler y J. Nitzan. “Theory and praxis, theory and practice, practical theory”, working papers on capital as power,febrero de 2016, pp. 1-13. Fisher, I. Mathematical investigations in the theory of value and price. Appreciation and interest [1892], Nueva York, A. M. Kelley, 1965. Fisher, I. “What is capital?”, The Economic Journal 6, 24, 1896, pp. 509-534. Fisher, I. The rate of interest. Its nature, determination and relation to economic phenomena, Nueva York, Macmillan, 1907. Gittelsohn, J. “Gross trying to short credit to reverse decades of instinct”, Bloomberg, 26 de mayo de 2016. Glassman, J. C. y C. A. Hassett. Dow 36,000, Nueva York, Times Business, 1999. Harcourt, G. C. “Some Cambridge controversies in the theory of capital”, Journal of Economic Literature 7, 2, 1969, pp. 369-405. Harcourt, G. C. Some Cambridge controversies in the theory of capital, Cambridge, Cambridge University Press, 1972. Hegel, G. W. The phenomenology of mind [1807], trad. y notas de J.B. Baillie, Londres y Nueva York, Allen & Unwin, 1971. Hobbes, T. Leviathan [1691], A. Martinich, ed., Peterborough, Ont., Broadview Press, 2002. Hunt, E. C. y M. Lautzenheiser. History of economic thought. A critical perspective, 3.a ed., Armonk, ny, M. E. Sharpe, 2011. Hussman, J. Hussman investment research and insight 1, 2, 3 de octubre de 2000. Hussman, J. “The ‘new era’ is an old story (and introducing market Cap/vba)”, Hussman Funds Weekly Market Comment, 18 de mayo de 2015a. Hussman, J. “Rarefied air: Valuations and subsequent market returns”, Hussman Funds Weekly Market Comment, 30 de noviembre de 2015b. Hussman, J. “Far beyond double”, Hussman Funds Weekly Market Comment, 31 de octubre de 2016. Kalecki, M. “Political aspects of full employment” [1943], Selected essays on the dynamics of the capitalist economy. 1933-1970, Cambridge, Cambridge University Press, 1971, pp. 138-145. Kliman, A.; S. Bichler y J. Nitzan. “Systemic crisis, systemic fear: An exchange”, número especial sobre ‘crisis’, Journal of Critical Globalization Studies 4, 2011, pp. 61-118. London, J. The iron heel [1907], Nueva York, Hill and Wangm, 1957. Malik, S. “The ontology of finance: Price, power, and the Arkhederivative”,R. Mackay, ed., Collapse, vol. viii, “Casino Real”, Falmouth, uk, Urbanomic, 2014, pp. 629-811. Malik, S. y A. Phillips. “Tainted love: Art’s ethos and capitalization”, M. Lind y O. Velthuis, eds., Contemporary art and its commercial markets. A report on current conditions and future scenarios, Berlín, Sternberg Press, 2012, pp. 209-240. Martin, U. “Rational control and the magma of reality”, presentado en la conferencia anual de la Eastern Economic Association celebrada en Filadelfia, 26-28 de febrero de 2010. McKinsey & Co., T. Koller, R. Dobbs y B. Huyett. Value. The four cornerstones of corporate finance, Hoboken, nj, Wiley & Sons, 2011. McKinsey & Co., T. Koller, M. E. Goedhart y D. Wessels. Valuation. Measuring and managing the value of companies, Hoboken, nj, Wiley & Sons, 2011. McKinsey & Co., R. Dobbs, A. Madgavkar et al. “Poorer than their parents? Flat or falling incomes in advanced economies”, McKinsey Global Institute, julio de 2016, pp. 1-99. Nitzan, J. “Price and quantity measurements: Theoretical biases in empirical procedures”, working paper 14/1989, Department of Economics, McGill University, Montreal, 1989, pp. 1-24. Nitzan, J. “Inflation as restructuring. A theoretical and empirical account of the U.S. experience”, tesis de doctorado, Departamento de Economía, McGill University, 1992. Nitzan, J. y S. Bichler. Capital as power. A study of order and creorder, Nueva York y Londres, Routledge, 2009a. Nitzan, J. y S. Bichler. “Contours of crisis iii: Systemic fear and forward-looking finance, Dollars & Sense, 12 de junio de 2009b. Nitzan, J. y S. Bichler. “Can capitalists afford recovery? Three views on economic policy in times of crisis”, Review of Capital as Power 1, 1, pp. 110-155. Ostry, J. D.; L. Parkash y D. Furceri. “Neoliberalism: Oversold?”, Finance and Development 53, 2 2016, pp. 38-41. Piketty, T. Capital in the Twenty-First Century, A. Goldhammer, trad., Cambridge, Mass., y Londres, The Belknap Press of Harvard University Press, 2014. Reinhart, C. M. y C. S. Rogoff. This time is different. Eight centuries of financial folly, Princeton, Princeton University Press, 2009. Shiller, R. J. Irrational exuberance, Princeton, nj, Princeton University Press, 2000. Singh, S. Big bang. The most important scientific discovery of all time and why you need to know about it, Londres y Nueva York, Fourth Estate, 2004. Veblen, T. The theory of business enterprise [1904], Clifton, nj, A. M. Kelley, 1975. Veblen, T. Absentee ownership and business enterprise in recent times. The case of America [1923], Introducción de R. Leckachman, Boston, Beacon Press, 1967. Zweig, J. “Be inversely emotional, not unemotional”, The Wall Street Journal, 26 de mayo de 2009, p. 28.</p> application/xml Universidad Externado de Colombia Revista de Economía Institucional https://revistas.uexternado.edu.co/index.php/ecoins/article/view/4885 Español https://creativecommons.org/licenses/by-nc-sa/4.0/ info:eu-repo/semantics/article Artículo de revista http://purl.org/coar/resource_type/c_6501 http://purl.org/redcol/resource_type/ARTREF info:eu-repo/semantics/publishedVersion http://purl.org/coar/version/c_970fb48d4fbd8a85 info:eu-repo/semantics/openAccess http://purl.org/coar/access_right/c_abf2 Text application/pdf text/html Núm. 36 , Año 2017 : Enero-Junio temor sistémico 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. Bichler, Shimshon Nitzan, Jonathan capitalización de mercado precio de las acciones mercado de valores sabotaje estratégico 36 19 Publication A CcP model of the stock market systemic fear 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. Journal article strategic sabotage Stock market market capitalization stock price 2017-05-22T00:00:00Z 2017-05-22T00:00:00Z 2017-05-22 https://revistas.uexternado.edu.co/index.php/ecoins/article/download/4885/6883 10.18601/01245996.v19n36.02 https://revistas.uexternado.edu.co/index.php/ecoins/article/download/4885/5884 0124-5996 56 11 2346-2450 https://doi.org/10.18601/01245996.v19n36.02 https://revistas.uexternado.edu.co/index.php/ecoins/article/download/4885/5811 |