Modern monetary theory argues that all governments that issue their own currency have the same policy space. The present paper argues that this position is wrong. For it to be valid, abstraction must be made from the gravitational force of the US dollar that stems from its backing mass of...

This study theorizes the relationship between sovereign debt and income inequality and shows that increases in public indebtedness are robustly associated with increases in the income share of the top one percent in the US since the 1960s. First, the paper outlines the mechanisms through which...

The recent period has seen an upsurge in predictions that the dollar's international dominance will soon be challenged by a rival currency, with the euro currently tipped as the leading contender. This paper counters these predictions. It argues that the overestimation of the euro's ability to...

The existing literature on finance, debt and inequality depicts economic elites as a creditor class. According to a popular thesis, over the past four decades, the rich and ultra-rich households in the top 1 percent have experienced a saving glut (excess income), which they have invested in the...

This paper argues that the conceptual framework of Marx's Capital allows for the extraction of a commodity-based theory of capitalist exploitation that is distinct from the traditional labour-value based theory. The rationale for extracting such a theory is that it allows for an explanation of...

In recent years, new biotech companies have emerged hoping to cash in on a medical psychedelics market expected to be worth billions. This article examines the business models of two of the largest such companies. According to conventional wisdom, for-profit players are best positioned to...

The critical literature on monopolies, from monopoly capital to recent contributions, focuses on the organization that concentrates either market power, capital or property rights. I complement this literature by conceptualizing monopolies as a power relation, which enables me to integrate...

Here I map Big Tech clouds focusing on the making of asymmetric relations with the different type of involved organizations. Amazon, Microsoft, Google and Alibaba are cloud hegemons that control every inch of their clouds. The cloud is the main means of adoption of digital technologies. As such,...

I combine quantitative methodologies and in-depth interviews to analyse United States Big Tech different strategies to organize and profit from their AI corporate innovation systems (CIS). I propose 1) "frenemies" for Microsoft, because even Chinese organizations and direct competitors integrate...

The concepts of rentiership and intellectual monopoly have gained increased prominence in discussions about the transformation of global capitalism in recent years. However, there have been few if any attempts to construct measures for rentiership and intellectual monopoly using firm-level...