capitalcentrism

Capitalcentrism is a term used in political economy to describe a mode of organizing economic and social life around the primacy of capital accumulation and market valuation. In a capitalcentric framework, decisions about investment, production, governance, and public policy are judged primarily by their effects on capital owners, investors, and financial markets, with returns on capital treated as the principal measure of value. This orientation tends to shape laws, regulatory regimes, corporate governance, and public institutions to privilege property rights, contract enforcement, and market-based mechanisms.

Origins and usage: The term is an analytic category employed by scholars and critics of neoliberalism and financialization rather than a formal doctrine. It highlights how institutions and discourse privilege capital interests and frame social outcomes in terms of capital efficiency and profitability. Mechanisms include a focus on shareholder value in corporate governance; deregulation and privatization; monetization of public services; financialization of the economy; and policy designs that rely on market incentives and privatized provisioning of goods and services.

Impacts and critique: Proponents argue capitalcentrism can promote efficiency, innovation, and growth through competitive markets. Critics contend that it can distort political priorities, exacerbate inequality, undermine public goods and social protection, and weaken democratic accountability by giving capital owners outsized influence. Empirical indicators often cited include the rising share of income going to capital, the growth of financial sectors, and the privatization of public functions. Responses from alternative perspectives emphasize stronger labor rights, public provisioning, broad-based taxation of capital, and more participatory or stakeholder-oriented approaches to governance.

Related concepts include capitalism, neoliberalism, shareholder value, financialization, and market fundamentalism.