The Commodification of Social Relationships: What Is Capital?

Timothy Wunder

Journal of Economic Issues, 2015, vol. 49, issue 2, 511-518

Abstract: Mainstream economics relies on a production function definition of capital, wherein the payments to capital represent a return to its usefulness. This vision of capital contrasts with more heterodox definitions, clarifying that capital actually represents social relations of power. Mainstream economic texts and prominent practitioners continue to give the production function view central importance in the theories they advance. An issue arises for those who espouse the mainstream view, when looking at certain types of non-collateralized debt obligations, such as student loans. If those owning student debt own capital, which seems true, then what exactly do they own? Using student debt as a crucible, I explore the issue of which definition of capital has better explanatory power. I endeavor to demonstrate that capital can only be capital when the state’s use of force can be called upon by the owner of that capital to divert income to the capital owner’s use.

Date: 2015
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/00213624.2015.1042797 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:mes:jeciss:v:49:y:2015:i:2:p:511-518

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/MJEI20

DOI: 10.1080/00213624.2015.1042797

Access Statistics for this article

More articles in Journal of Economic Issues from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().