Politics

Summary

On paper, the U.S. government is free to legislate its path and determine its policies. In principle, there is little to prevent a resolute U.S. administration from challenging the power of the country’s dominant capital and clip the wings of its largest firms.

But it would be good to remember that the U.S. government---like most other governments---has become part and parcel of an increasingly global state of capital. This integration has undermined the de facto autonomy of governments everywhere. Whether willing or reluctant, many if not most policymakers have become pawns of a global mode of power they cannot control and that forces them to tranquilize the increasingly vulnerable population that dominant capital helps create. Government spending has inflated, but this inflation betrays weakness, not strength.

Larger-yet-weaker neoliberal governments are the alter-ego of bigger-and-meaner dominant capital. It is hard to think of any important sector or aspect of society, in the United States and elsewhere, where dominant capital does not dominate. It is true that, faced with increasing resistance, the rising power of dominant capital in the United States has slowed down significantly over the years and seems to have stalled completely in recent times (Figure 1). But the level of this power is still greater than ever, and it is yet to show any meaningful decline. Finally, and importantly, the stalling advance of U.S. dominant capital makes it extra vigilant against any serious challenge.

Prediction: if the current U.S. government delivers on its promise to curtail the might of the country’s largest corporations, it will face the wrath of the most powerful megamachine the world has ever seen.

---Shimshon Bichler and Jonathan Nitzan, authors of the Capital as Power, the power theory of value

• https://ideas.repec.org/p/zbw/esprep/242968.html
• https://www.econstor.eu/bitstream/10419/242968/1/20210930-bn-dominant-capital-and-the-government-rn.pdf