Review of Nitzan and Bichler's "Capital as Power: A Study of Order and Creorder"

FROM THE REVIEW: "What is capital? In this impressive work, Nitzan and Bichler argue cogently, carefully, and (to my mind) convincingly that we should reject both the neoclassical and the Marxian conceptions of capital, and embrace instead the alternative conception they offer: that capital is power. I admit I was highly skeptical before I read the book, despite my admiration for their previous work, especially their analysis of differential profit rates and other issues in Nitzan and Bichler (2002). I was surprised, then, to find that I was largely persuaded that in some important sense capital is power, and that this view implies a rigorous, empirically sound research program that yields highly useful results. This short review cannot hope adequately to convey the depth and rigor of their analysis, or the encyclopedic knowledge of Marxian and other literature on which it is based; my hope is simply that it inspires or provokes the reader to pick up the book and argue with its ideas."